Striving to become the Amazon.com of the automotive sector, CAROL is the online platform for all car related needs. Having built a prototype and advanced discussions for market-leading partners, the company is now fundraising to launch nationwide and reshape the £32bn after-sales industry.
There are over 31m cars registered in the UK, growing at about 1% annually (DVLA). Every car owner is faced with multiple obligations relating to their car; insurance, MOT, service, tax and more. Traditionally, customers have to research, shop and manage all of these, often dealing with multiple providers. The after-sales sector, comprised of the insurance and maintenance industries, generates over £32bn in revenues per annum.
CAROL aims to be a one-stop-shop marketplace for all car related needs; to help motorists save time and money, and service providers to increase retention and improve profitability.
The offering will be marketed mainly online, focusing on social and affiliate channels. The Company will generate revenues primarily through commissions on partners’ products and services sold, as well as premium financing solutions and leveraging of the market data generated through the platform.
CAROL began at the end of 2016 as an end-of-year project at UCL and the team has since:
- surveyed 4,500 motorists in the UK
- built a prototype
- completed a full UX/UI design of the platform
- advanced discussions for a network of strategic partners across all verticals of the offering.
This fundraising will allow the company to grow its team, complete product development, and bring the offering to the market. We aim to launch the platform on the app store within 6 months of funding.