Tech Crunch selects company as a Tech Crunch 50 Finalist for 2009.
Company planned to disrupt the buying and selling of used cars by displacing the middle man – a.k.a. the dealer.
Trust and safety are critical factors to the success of a used vehicle marketplace. Validating the condition and value of a vehicle was inconsistent and not easy to do. Additionally, the market of services available to sellers is very fragmented, and there is no single point where a seller can manage a single listing across eBay Motors, Cars.com, AutoTrader, Craigslist, and so on. Dealers could do this, but the average consumer could not.
To resolve trust and safety issues, FreelanceCTO modeled the used car buying process as it happens in the real world. Sellers could follow this process themselves or use the third-party inspection services that FreelanceCTO had integrated into the product. Additionally, pricing tools scoured the Web for dynamic, real-time automotive pricing and applied proprietary algorithms to enable greater price predicting accuracy.
FreelanceCTO centralized the selling process by designing and building marketplace management tools to connect individual sellers with well over 100 million potential buyers – effectively the entire used vehicle market. Custom functionality like CARFAX vehicle history reports, third-party inspections, shopping cart functionality, extended warranties and financing, and more created additional revenue channels.
The company was chosen as a Tech Crunch 50 Finalist for 2009. Additionally, the company was also selected as one of Business Week’s “Most Promising Startups” for 2009.