get\Worth, a new platform for buying and selling cars is launching in South Africa to change the way people buy and sale their cars.
Launching next month, get\Worth, promises to provide consumers with informed decisions that ensure vehicles, or other assets, are bought and sold for what they are really worth.
According to co-founder, Jamie Surkont, the car selling industry is facing huge changes, with many motorists now buying and selling online rather than through a traditional dealership, but that in itself was presenting several challenges to consumers.
After buying and selling more than 60 cars personally over the last 20 years, Surkont, felt that the process had become unpleasant.
“For most people a motor vehicle is a significant financial commitment and the process of selling and buying cars can have a serious negative impact on finances. I’ve been frustrated in the traditional approach for many years and have played with various ideas and concepts to address it,” says Surkont.
After chatting with former colleagues, Mark Ridgway and Colin Morgan, the three realised that the problems in the industry required a very different approach. Deciding against buying a traditional dealership, they began developing something new to offer all the services that a traditional dealership would offer, and more.
“We want to be transparent about the car and we don’t want to push our customers into a purchase they will regret a day later. So we essentially give them a seven day test drive. It’s much better than the traditional 15 minutes down the road and back, and makes a huge difference for any buyer, but particularly those who want to buy online,” explains Surkont.
Aligned to get\Worth, the product for sellers, called get\More, means that the company will pay the seller a cash amount upfront and take ownership of the car and market it for sale. However, the seller sets the selling price of the car and, when it sells, receives the balance of the selling price less the fees that the company charges.
Surkont says the model is best explained by a real-life example. “One of our customers wanted to sell her car, an Audi A1. The best price she was offered by the trade was R185,000. We paid her R175,500 in cash up-front, and listed the car at a price she set. When it sold 40 days later, we paid her a bonus and she came out R27,000 ahead of her best trade offer. And it was easy, convenient and transparent,” says Surkont.
“The get\More product is a global first. There’s some clever stuff under the hood, which we’ve patented,” explains Morgan. “We’ve developed proprietary machine learning models and hooked them up to a portfolio management and pricing system to manage the risks. There will be tools for our customers to interact with us online and get information on the market and their open deals.”
While it’s still early days for the business, the three partners have ambitious expansion plans. “We have a really exciting innovative line of new products and we aim to expand to additional asset classes,” Surkont concludes.