Today, Boston-based Mojo Motors, a company working to turn the auto buying industry on its head, launched today into public beta for Boston and Providence residents. The company’s platform puts more power (or “mojo”) into your hands as a used car buyer, taking all the effort out of both finding and then negotiating the best deal.
Mojo is the new way to buy a car. The company’s technology sources offers for you from local dealers, working to make dealers compete for your business instead of your heckling for the best offer. All you need to do is tell Mojo what you’re looking for, and they’ll find cars fitting that criteria near you. Then, all you need to do is enter your information and watch deals come rolling in from area dealers, of course including things like a complete vehicle history report. After selecting the cars and offers you like most, you can bring the offers right into the dealer with options and leverage right in your hands.
“There is no reason why buying a used car needs to be a painful and time consuming process so many consumers dread,” says Mojo Motors CEO and Founder Paul Nadjarian, an Internet and auto industry veteran from eBay Motors and Ford Motor Company. “Mojo Motors’ goal is to fix the used car buying experience by simply connecting interested buyers directly with pre-approved dealers via a quick and easy 3-step process. The service is a ‘no-brainer’ when looking for the perfect used vehicle. In fact, in just a few short months, dealers have already offered $1 million in discounts to car buyers through Mojo Motors in the greater Boston area.”
Mojo is backed by the area VC firm Next View Ventures (investors in oneforty, Swipely, InsightSquared, among others), and the company held their launch event last night. Just how big is Mojo’s market? In 2009, over 35 million used vehicles were sold in the US alone, with sales up even more in 2010 thanks to the recession. As for people looking to access and research used car deals online, Mojo speaks to a report from J.D. Power and Associates that reveals the number of these people increased to 68 percent in 2010 – five percentage points from 2009.
On the dealer side of the equation, Mojo provides qualified local buyers who currently have big intent to make a purchase. According to the company, “Since there is no need for on-site negotiation and haggling, the process saves both buyers and dealers time … Dealers pay Mojo Motors a marketing fee to participate and are required to honor offers made to consumers.” Right now the company has 100 quality franchise dealers participating in the beta.
Mojo takes the heckling, barrage of salesmen emails, car history searching, and negotiating out of the process. All it takes to fall in love with your next car while ensuring you get the best deal possible is a few clicks on your part. Right now the company is offering a $50 reward, enough to fill up the gas tank, on any used car you purchase with help from Mojo Motors.
Will you use Mojo Motors next time you’re in the market for a new car? I know I will, and will be spreading the word to my friends!
