CARVISOR SYSTEM FOR ONLINE PURCHASE
Buying or selling a car may seem like a simple thing, but it is actually a very frustrating and time-consuming process. The average customer needs as many as 85 days to make a purchase, with up to 14 hours spent researching cars online. People are so overwhelmed by commercials, offers and sales ads that it is difficult to separate the wheat from the chaff. The majority of buyers (64%) research car prices online. As the main frustration, 27% indicate price negotiation and 20% the process of searching for the best offer/price. Only 60% are actually satisfied with the shopping experience.
The project goal is to apply the latest artificial intelligence and machine learning technologies, to make this complex process simpler and more efficient for users. The proposed solution is a platform providing buyers/sellers/institutions with reliable estimates of car prices and analyses based on the current market situation. The user only needs to enter basic information about the vehicle and the platform will respond immediately with an estimate of the market price and additional analyzes.
MARKET FOCUS AND POTENTIAL
The prototype platform is currently active in New Zealand (www.carvisor.co.nz). Online vehicle sales websites are the most visited and most profitable of all global online sales websites. The team is focusing on New Zealand, because that market is isolated from the main global players, even though it belongs to the first world economies. At any given time, there are about 100,000 vehicles for sale in New Zealand. Another planned market is Australia with about 400,000 vehicles at any given time.
The entire team behind Carvisor is in Serbia, where the idea came from, but aiming for global goals. The team members have years of experience and proven expertise in various fields, from website and AI-based app development, through corporate finance to video content creation, copywriting and product promotion, thus having complementary technology, management and creative skills to start an ambitious platform such as Carvisor. The team includes 2 PhD experts in machine learning and recommendation systems, and members who built successful businesses in Serbia and abroad.
During its first 6 months in the market, Carvisor has been recognized as a tool facilitating the process of car sale/purchase. The following step is to increase the scope of work in New Zealand, commercialize the product and enter the markets of Australia and Europe, with seed investment needed for this endeavor.