60-second start-up: Finance A Car

0-5 seconds: Sum your business up in a sentence

Finance A Car is the World's 1st car finance comparison website

5-10 seconds: What's the business model?

Finance A Car is the only website that can instantly find the cheapest car and then match it with the best monthly price to finance that car. It compares nearly a million prices for 6,000 cars in seconds.

10-15 seconds: Who are your competitors?

We have no direct competitors because existing comparison engines only compare personal loans based on APRs (which represents only 1 in 5 car finance contracts) while we show our users the cheapest monthly prices for ALL major car finance products.

15-20 seconds: What's your USP?

Finance A Car is the only full comparison website for car finance. It is the only website that answers a fundamental question for consumers: "What is the cheapest monthly price I need to pay to drive the car that I want".

20-25 seconds: How have you funded it so far?

We have bootstrapped until now and have invested around £100,000 into the business. We have also just won Seedcamp which means that they will invest €50,000 into our company.

25-30 seconds: What were you doing before?

My business partner Mark Peatey has been in media for more than 10 years and he was head of itv.com for almost 5 years. I have always been an entrepreneur and built a Moneysupermarket equivalent in Latin America.

30-35 seconds: Where did the idea come from?

We looked at more than 30 different ideas before having the idea of Finance A Car during a brainstorming session. We thought that car leasing was bound to grow in the recession because it decreases consumers' capital outlay. We ended up realising that there was nowhere to compare all major car finance prices which is why we started working on this idea.

35-40 seconds: What's the smartest thing you've done so far?

To leave our profitable consulting business in late 2008 and invest in a start-up in an industry which was experiencing its worst recession in decades. It's the best decision because the timing was perfect to enable us to lay the foundations for a strong business when market growth returns.

40-45 seconds: What's the stupidest?

Outsourcing development of our beta product offshore was definitely our worst decision so far. This set us back at least six months. However, we learnt many valuable lessons and after we brought development back to the UK we launched our new product and are now well on track.

45-50 seconds: If your business was a biscuit, what would it be?

We would actually be a biscuit shop offering 6,000 different biscuits from different bakeries. People can add extras (a little bit of chocolate, caramel or cream) and the customer knows they will get their biscuits at the best possible price which makes them taste even better!

50-55 seconds: Which idea are you a bit jealous of?

Jealous is not the right word. However, there are a couple of concepts we looked at (in the online video, mobile and even food industries) but did not follow up on that have gone on to become enormous success stories. However, as they say in the classics: "C'est la vie"

55-60 seconds: Where are you going to be in 12 months' time?

Things have already grown very quickly.  We have very experienced car industry people involved with our business and we are getting good traction. It is our mission to reinvent car shopping and this is already happening because we provide car shoppers with information that they simply have not had before (ie; the cheapest monthly price to drive the car that they want). Therefore, for the 80% of people that use finance to buy their new car, rather than shop for cars based on the total retail price of the car, they should shop based on what is the cheapest monthly price.  Therefore, in 12 months we expect to be well down the track in helping thousands of British drivers get the car of their dreams for the best possible monthly price.

Find out more about Finance A Car

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