New omni-channel startup, where to start?

[trippydealer]

Hey all,

We're a new startup angel funded with 2 co founders that's in the omni channel space (think similar to craigslist, ebay, etc.) but looking to make it a full cycle platform (advertise, inquire, click to buy, full back office compliance) We moving into the car sales space first since its the most anticipated with good amount of traffic. I myself has cofounded before in the car space but more on IoT side (OBD2 product)

Wanted to pick all of your brains a little bit on the compliance piece of the business.

1. We understand Cox is the leading full cycle provider for the dealership industry with less initiative to scale its products better (they're quality in talent and turnover in numbers indicates) if any, are there specific feedback on they're products to be improved as far as they're backoffice platforms goes? (dealertrack- titling, forms, workflow, quality of leads)

2. What workflow for a cash sale or a financing is preferred when it comes to back office from papering the customer in to handing over the keys? (buyers worksheet>IDs and Insurance>Bill of sale>Odo disclosure>Title app>PoA>Buyers Guide>Fee Calculation>Payment Processing/Credit app>Approval>Installment Contract>Submittal to lender>Title to tag>Payment Processing

3. Do you like the current standardization of the legal docs like Reynolds and Reynolds? If not, why and do you use something else you prefer?

 

[DjSec]

Seems like more dealerships would have been interested in this as the more competition the better it is for the dealership.

So your plan is to build a full-cycle platform… not just listings, but everything from marketing to final paperwork?

• Advertising a car
• Buyer inquiries
• Clicking to buy
• Full back-office compliance (legal paperwork, financing, titling, etc.)

Your plan is to compete with Cox Automotive, in the digital retail and compliance space, but with a more modern and potentially more nimble approach:

• Build a full pipeline from advertising a car to post-sale documentation.
• Focus on streamlined workflows, legal compliance, and digital convenience.
• Start with cars because the market is big, fragmented, and legacy systems (like Cox’s) are seen as ripe for disruption.

And your looking for weaknesses or frustrations that dealers may have with Cox (such as lack of innovation, clunky workflows, or overpriced services).

And while Cox Automotive is Ripe for Disruption​

There so big you have to take them on one piece at a time.

Cox has:

• Dozens of mature products
• Massive data infrastructure
• Decades-long dealer relationships
• OEM partnerships
• Billions in revenue

So the only viable path for a startup is to:
Start with one pain point and dominate it.

 

[levin233]

Sounds like you’ve got a lot on your plate. I’d focus first on getting a clear, compliant workflow for cash vs financed sales before worrying about scaling the platform.