1) I am Akash Kalra an aspiring entrepreneur, I have run few small businesses I have started and I am a student at the University of Florida. I am a car enthusiast and have a lot of experience within the car community. My aspirations for a business include the development of a system of brokers for car buying. I see this as a good opportunity because many people do not know the value of different cars and often have a hard time negotiating price.
2) With this service, I am offering to the customer a more positive car buying experience by giving help to those looking to buy a car. This service would assign a "car broker" to each client and they would assist them in finding the right car and negotiating the price for the buyer. The service would be online and potentially in person. The car buyer would pay a fee based on how difficult the car was to find/ price and how much money the broker saved the buyer. This helps the car buyer with the difficulties they might otherwise face.
3) It is clear that the customer is all people looking for a car, so obviously the market is massive. I would say though it is based a lot on the age and financial means of the buyer so there are some boundaries to the potential consumer biases. All customers are looking for a car to buy and need to consider options and prices.
4) Customers care, because they want an easier shopping experience that is more personalized. They also could look forward to getting better prices with this service. A 2016 study showed that 87% of Americans dislike the car buying experience at a dealership. It also showed that 52% of car buyers bought from the dealership that gave the best experience over the best price. With the service I would be providing the consumer would get both a great experience and price.
5) This business idea is different from nearly all other at the moment, because the system is not generic, but rather a more personalized experience for car shopping which sole purpose is to find the best car for the best price possible. Other services currently available only give ca options with somewhat set prices. A "car broker" can check various sources ask if there are any specifics the buyer wants, and then negotiate prices with dealerships or sellers.
I think my elements for the business idea fit together well, and that the idea has the potential to work smoothly. The need is unmet and the opportunity is very available as there is currently not a product or service the provides both the tools to find the right car and tools to get a good price. The biggest appeal to the idea is that the buyer is getting the car the want for a better price than they would have otherwise.
Akash, I believe you've thoroughly gone through all the aspects that willl make your business take off. You've identified a need that is clearly present in the car purchasing market and have a plan to remedy it. While the idea itself is not the most original in the world, I'm certain that this business is sorely in need of some new competition.
ReplyDeleteAkash,
ReplyDeleteYou nailed the boundaries of your opportunity and I feel I have a good understanding of your idea just from this post. The research you included certainly adds to its plausibility as well. Your idea is not something I think many people would immediately think of, but would love if they had the option for such a service. Best of luck and great work!
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ReplyDeleteAkash,
ReplyDeleteFrom the beginning I have thought that your opportunity of a better car buying service including brokers has been strong and unique. I like how you identified your difference compared to competitors by stating how it is a personalized car buying experience with brokers to help make the buying experience of a car much easier. The need is indeed unmet and I agree that your elements fit well together as a whole.
Hey Akash,
ReplyDeleteI think you did a great job of identifying a need and creating a feasible business plan. The opportunity for a better car buying service would definitely be utilized by many people because as you said, most Americans dislike their car buying experience. Good luck with this great idea!