Bye, Bye, Beepi: Online Used-Car Marketplace Runs Out of Gas
Tech-savvy, forward-thinking Americans have displayed a remarkable affinity for online shopping. They buy sofas they’ve never sat on and also also also clothes they’ve never tried on—yet a used car they’ve never driven? Not so fast. At least which’s one takeaway through the report in Automotive News which Beepi, the online used-car marketplace, can be being shuttered.
Beepi attempted to match up used-car sellers with buyers in a peer-to-peer marketplace which streamlined the process. Sellers were guaranteed a cost for their car, which was higher than a dealer trade-in offer. Beepi representatives checked over the cars (performing a 240-point inspection). The offer cost was guaranteed, with Beepi buying your vehicle if the idea didn’t sell in 30 days. Buyers could peruse the automotive offerings on Beepi’s website, secure inside the knowledge which the vehicles had passed the company’s inspection. Prices were non-negotiable, although Beepi did handle all DMV paperwork and also also also delivery.
There were no test drives. Buyers didn’t see their fresh ride in person until the idea arrived in their driveway which has a big bow on top. A 10-day money-back guarantee was supposed to allay any worries which a car might not be as promised or which a buyer simply might not like the idea.
the idea’s unknown whether Beepi’s difficulties were due to the reluctance of used-car buyers and also also also sellers to commit to e-commerce, to margins being squeezed by declining used-car prices, or to some additional factor. The company, with an operating area which spanned the state of California, currently has some 0-plus cars on its website; the idea’s being folded into an auto-retailing startup called Fair.
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The Automotive News report identifies additional companies operating in This kind of same space—Shift, Vroom, and also also also Carvana—and also also also notes which they have raised $740 million in venture-capital funding. (We recently put several online used-car-selling services to the test, listing cars of our own for sale.) Which may prove only which getting money through venture capitalists to finance the dream of turning used-car buying into a frictionless point-and also also also-click experience can be easier than getting actual consumers to buy a used car online, sight unseen.