Close

Jump to:

  • Navigation
  • Content
  • Footer

MyCarNeedsA.com

Follow

MyCarNeedsA.com provides car owners with a service to get quotes from pre-approved local garages.

103%
 - 
Funded 4 Jan 2019
£900,000 target
£989,580 from 383 investors
More
Less

Business overview

Location Portadown, United Kingdom
Social media
Website www.mycarneedsa.com
Sectors Automotive & Transport Digital Mixed B2B/B2C
Company number -
Incorporation date -
More
Less

Investment summary

Type Equity
Valuation (pre-money) £2.6M
Equity offered 26.12%
Tax relief

EIS

  • Idea
  • Team
  • Updates
  • Investors 383
  • Discussion
  • Documents

Idea

Introduction

MyCarNeedsA.com is an online comparison site for routine car services, maintenance, and MoTs, giving car owners an easy and convenient way to compare quotes from pre-approved (checked for quality) local garages in terms of price, services offered and customer ratings.

With a management estimate of 100m services, MOT and maintenance jobs in the UK every year, the site helps save time, money and hassle through a simple process…. .
· A car owner posts a job on the site for free.
· Pre-approved garages quote for the work.
· The car owner chooses their preferred quote

We have nationwide coverage which comprises of a mix of independent service providers, franchises and chains, including many well-known names in the market.

The service is free to car owners.
MyCarNeedsA.com revenue comes from garages and service providers, paying monthly fees to be on our network plus commission in order to get new business in their local area they would otherwise be unable to attract.

Intended impact

MyCarNeedsA.com was started to meet the needs of two separate sets of customers:

Car owners: Routine car maintenance is a dull, evil necessity. Our experience suggests that most car owners don’t know the ‘fair’ price of most jobs, awareness of garages in the area is often low, there’s a level of mistrust of the trade, and obtaining quotes to allow for shopping around can be difficult and time-consuming.
With minimum effort, and at no cost, MyCarNeedsA.com saves the car owner time, money, hassle, and worry.

Service providers (independent garages, franchised dealers and chains): Our experience in the market suggests that these businesses find it difficult to recruit new customers. Even those with a sound core of loyal business can often lack marketing resources to expand their base, or to attract the most profitable work in a way that suits their workflow schedules. For a monthly subscription, MyCarNeedsA.com can fulfil that marketing function and delivers quote requests that can be selected by Service Providers to suit their own business needs.

Substantial accomplishments to date

Core KPIs since 2014 operational launch:
Network size:
Target: 2000 Service Providers (SPs) Now 2,800
Quote level.
Target: 80% Now 95.7%.
Average quotes per job.
Target: 3 Now 4.5.
Unique Visits passed 250K in 2015, 550K 2017.
Costs per job acquired: from £11 in 2015 to currently £4.54 in 2018.
Revenue growth: £171k (2015) to £425k (2017)*.

Other key milestones:
2015-2018: Building the brand.
Creating recognised brand crucial to credibility with car owners and trade through campaigns online, radio and TV.
2015-2018: Key service provider relationships.
Contracts with Halfords, VW, Autoglass, Formula1, etc.
2016: Optimising mobile site.
67% of business now comes via our mobile site. A Google powered analysis ranked it higher for mobile optimisation in certain areas than certain brands such as AirBnB.
2016: Autoquote.
Developed capability to provide quotes ourselves when service provider is unable to deliver in time.
2018: “Seeded Database” creation.
With repeat jobs critical to growth and profitability, the creation and development of our database of future repeat jobs is of huge significance. Over 430k potential future jobs, harvested daily at minimal CPA, are now visible and form the basis for increased revenue streams.
2016/17/18 - Finalist UK Blog of the Year.
2016 - free Accident Aftercare through a partnership with Accident Exchange.
2017 - MCNA insurance comparison service through Seopa.
2017 - featured Daily Telegraph Business Club.
2018 - MCNA Used Car Search through CarSnip.
2018 - imminent partnerships with HonestJohn.co.uk and CarExpert.

*Source: Unaudited management accounts

Monetisation strategy

Service is free to car owners.

Service Providers pay a monthly fee to join the network and be able to quote for jobs. License fees range from £10-120 per site, dependent on the volume of work available, plus £2.50 fee for every accepted quote. Our price structure is built around a strategy of lower trial period pricing to encourage quality service provider signup, with subscription rates rising as volume of business to each provider rises.

Customer satisfaction and internal marketing are driving a rapid increase in repeat use from existing car owners, thus:
- stimulating overall volume of business delivered to service providers - thus increasing revenues.
- dramatically reducing acquisition costs, from > £10 per new user initially to less than 10p per repeat job - thus increasing profitability.

As the database grows further, we expect that additional revenue streams will become available through the provision of additional services to car owners such as extended warranties, accident management schemes, insurance and used car search.

Use of proceeds

In securing new investment, the company will accelerate the growth of new customers and the future opportunity provided by repeat jobs in the seeded database.

The new investment will provide marketing budget to acquire new car owners, on a linear basis per month, using historical performance and CPA’s per marketing channel. In doing so, the subsequent increase of the database can be projected and utilised to forecast future jobs and network growth.

As Service Provider revenues are linked to the volume of jobs, revenues should also increase accordingly. Investment will also be used to ensure the company has adequate resource to manage the growing network and maximise revenues accordingly.

With increasing repeat jobs at a significantly lower cost per acquisition, the opportunity for further profitability grows exponentially.

Having grown the active database, revenues and profitability, the company will position itself to develop trade-sale opportunities within the automotive, aggregator and publishing sectors.

Open an account to get access to the team members of MyCarNeedsA.com

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Share on:

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £2,636,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Warning

You are following a link outside of www.seedrs.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

ContinueCancel