60 second start-up: carwow.co.uk

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

carwow is a comparison site for buying brand new cars which saves the average user £3,000.

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

We charge dealers for each new car sold on carwow. So, it's free for users and there's no cost to dealers until they sell a car.

10-15 seconds: Who are your competitors?

Telephone based car brokers who are all small one-man bands. They've all been around for about 10 years plus and haven't grown in all that time.

15-20 seconds: What's your USP?

For users, it's that they can compare discounts on new cars from the best dealers without any hassle and with full transparency. For dealers, it's no cost until they sell a car and it's low workload.

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

We raised a £250k angel round from some amazing angels in May 2013, then in February 2014 raised a £1.3m seed round from Balderton Capital, Episode 1 and Samos Investments.

25-30 seconds: What were you doing before?

I studied finance at university, then after graduating did an internship at a fund management company which put me off the world of finance. I then worked as a ski guide for a bit and decided that it was a great time to start a business, as I had no commitments and could live at my parents’ house rent free! 

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

We launched originally as a car review aggregator, helping people choose which new car to buy, and kept getting users complaining about how painful it is to buy a new car. We looked into why it was such a bad experience and started talking to dealers, experts in the industry and lots of consumers to find out what the best approach would be.

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

Finding two great co-founders. Alexandra Margolis who is Head of Design and David Santoro who is CTO. Together we've made the best way to buy a new car.

40-45 seconds: What's the stupidest?

The first ever version of the site was built by an agency. They took 10 months to build a simple site and every tiny change was hundreds of pounds and took weeks to do.

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

An Oreo. We've got consumers on one side and dealers on the other, with us in the middle providing the best bit!

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

Airbnb. It's not so much the idea, but the execution was amazing. The trust they've built in their brand and product is incredible, they've managed to convince millions of people to let complete strangers stay in their house.

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

Selling more cars across more markets. We want to expand further in the UK new car market and expand into business cars, used cars and into other European countries.

To find out more about carwow.co.uk click here. You can also like them on Facebook or follow them on Twitter.

Catch up with our previous 60 Second Start-Up: Love the Sales 

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