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112%
Raised
£338,170
Investors
206
Target
£300,000
Equity
14.78%
Pre-money valuation
£1,950,000

Operating in a £21bn UK market, of which only 5% is currently online, Glovebox Direct is an online automotive parts, accessories and merchandise marketplace. Since a successful 2017 Crowdcube raise, the company now works with a growing list of leading brands and has a growing 100k+ social following.

  • Customers sales average £45 per basket
  • Team is ex eBay, e-commerce for BMW, Nissan, and industry veterans
  • Long-tail adwords currently outperforming Amazon and eBay
  • No stock holding or shipping costs, charging a 15% commission

Idea

Glovebox Direct is an online automotive parts, accessories and merchandise marketplace, focused on offering:

1) the largest online range

2) superior ease of use, and

3) guaranteed 100% authentic product direct from the car and bike brands.

The parts and services market is a £21bn market in the UK, but less than 5% is online. With 6 years experience at eBay and after years of managing marketplace sales for BMW, Toyota, Nissan and others, we understand why consumers can struggle:

- Lack of product availability online

- Ease of use issues and the risks of buying the wrong item

- Authenticity and warranty concerns

Our highlights so far:

- Seed funded on Crowdcube in Nov 2017 to build the concept; 150% over-subscribed in 3 days (£181,670).

- Three further manufacturers now in product development. Suzuki represents c. 1.3% of the market, and with this expansion we will now target more than 8 million cars on the UK roads.

- Product now out of beta

- Customers averaging £45 per basket

- Click & fit enabled so customers buy online and can additionally book their servicing and fitting, a feature that some manufacturers don't have in their online store

- B2B development now underway; proof of concept in place with a top 20 dealer group and in discussions with 5 other brands

- With over 100,000 Facebook followers, our social media following already outperforms some vehicle manufacturers.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Glovebox Direct has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.