Compare every make & model of hybrid & electric car to find & lease your perfect, affordable EV, today.
- 100% digital business with low costs & high margins
- Class leading partners - WPP, Arval, Microsoft & ITV
- Best in class website & established access to global markets
- Market experiencing exponential growth
Carverter is a new business enabling customers to find & lease the perfect hybrid or electric vehicle (EV). We help everyone to ‘Go Greener Sooner’.
Carverter's core target market are considering changing their current car(s) or van(s) to greener models but are unsure where to start. Carverter simplifies this complex process by immediately presenting users with the data & cost comparisons they need to make an informed, correct choice. Our competitive lease deals enable them to drive that brand new green vehicle, sooner. We even deliver it free, directly to their front door.
The UK government recently announced a ban on the sale of petrol & diesel only cars after 2030 & the EU is expected to follow. The car market is changing very quickly & 78% of consumers would now consider leasing to access an EV. Why? Because leasing is more affordable, avoids depreciation & technical redundancy.
Our business model accelerates EV leasing by capitalising on customer demand to ‘Go Greener Sooner’.
Substantial accomplishments to date
Carverter is up & running at www.carverter.com with a platform built by WPP Geometry in partnership with Microsoft, ready to scale globally. Our class leading website includes innovative features on the Microsoft Azure cloud and is fully integrated with SalesForce.
Carverter's unique algorithms bring together over 32 million data points in three simple tools to help users:
1) Carvert: Enter your reg number to convert your existing vehicle into an equivalent low or zero-emission option. It shows users their CO2 emission savings, comparable running costs, charging times & range.
2) Carwizard: Answer a few simple questions to understand which hybrid or electric vehicle could fit your lifestyle.
3) Browse: Get help comparing every car on the market with comprehensive factsheets & 100% independent advice.
Carverter also lets users sell their current car, install a charger & offers guides to all things EV.
World Class Partners:
Arval / BNP Paribas: Carverter has signed & exclusive partnership with Arval, Europe's largest leasing group & part of giving us the best lease deals & immediate access to 22 European countries.
ITV: We have signed a significant marketing multiplier deal with the UK's largest commercial television broadcaster ITV providing us with access to £7m worth of advertising airtime. Please see key information for more details.
WPP: We’re working with WPP to develop a cut-through 360 degrees digital, social & through the line marketing strategy to reach customers efficiently and quickly in the UK and worldwide.
The 2030 announcement has advanced our business model significantly, which was based on 2040. Car buyers must now consider electrification if they plan to sell their car second-hand. Drivers also want to embrace this fun new technology if they can, today.
EV’s are the future & manufacturers are investing heavily in capacity to deliver new models in increased volume. There are 32 million cars in the UK & over 206 million cars in Europe that must all carvert.
Expected revenue streams:
Commission received for leasing vehicles
Revenues received from referrals for charging installation & sale of existing vehicles
Clean energy & other green household solutions to be added
The majority of our costs are born with our partners & most of our support functions are outsourced. This ensures extremely low running costs.
The business is forecast to be extremely cash generative with funds reinvested into expansion. Exit is likely to be to a trade buyer.
Use of proceeds
The executive team are unpaid and in the business for equity gain alone.
10% will be spent on full time junior staff to support the business and help manage growth.
20% of funds will be allocated to the rollout of Carverter into some of the 22 EU countries in which Arval already have offices and operations.
70% of funds will go to an advertising multiplier deal in place with the UK's largest commercial broadcaster, ITV and with WPP.
WPP are using complex data analytics tools helping Carverter to create a highly efficient sales funnel across TV, radio and digital media. Carverter and Arval are then using customer onsite behaviour metrics to establish vehicle demands by group and region. These vehicles are then targeted to customers precisely using price promotions to optimise our overall sales conversion rates.
We aim to hone and maximise the value and conversion from this marketing spend to quickly establish a positive cash flow in the business, for growth.
Please note the business has a success based earn-out facility with Geometry WPP to the value of £150,000. This come out of future revenues. There is currently no set repayment plan.
The business has a commercial agreement with ITV for it's marketing which is structured in the following way:
For every £1 the business spends in the first three years, ITV will provide £2 of additional spend. Combined with further discounts that form part of the agreement this means that for every £1 spent the company receives £5 worth of advertising priced at the public rate.
The business has up to a total aggregate airtime value from ITV of £7 million under this agreement. I.e Carverter can spend up to £2.3m under this deal.
The amount spent by ITV will be repaid by the company from year 4 onwards using 10% of UK turnover. The outstanding balance accrues interest at a rate of 7% per year.
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