London, U.K., 17 September, 2010 – It was announced earlier today that car finance comparison engine FinanceAcar is a 2010 Seedcamp winner. It was selected following a rigorous 9 month process during which 300 investors whittled down 900 companies from 16 different geographies. It is a significant vote of confidence from top investors from all over the world as the company seeks to reinvent car shopping.
FinanceAcar is the world’s first full car finance comparison engine. It fills an estimated £11.5 billion gap left by traditional comparison websites in the UK that only compare car finance prices based on car loans. A car loan is just one form of car finance used by less than 1 in 5 car buyers in the UK. It instantly compares all car finance options (car loans, hire purchase and car leasing) and thereby empowers car shoppers with information that has never been available in one place by answering the question: “What is the lowest monthly price I need to pay to drive the car that I want?”
According to the Finance and Leasing Association and Keynote, at least 80% of all car shoppers use car finance for the average 2 million new vehicles acquired each year in the UK (market of circa £19 billion/year) and until now, most of it could not be compared. FinanceAcar allows a user to select their preferred new vehicle by make and model, by budget and/or by car type and then it tells them the cheapest monthly payment to finance that car from amongst more than 1 million prices. In doing so, it saves consumers a lot of time and often as much as 30% on their car and finance.
Founder Mark Peatey, who launched itv.com and grew it to become one of the UK’s largest websites said “It is truly an honour for FinanceAcar to have been selected as a Seedcamp winner from amongst such a diverse and high calibre group of companies. The standard of the judging panel was amazing with top venture capitalists and business angels participating from all over the world. This is a very positive reinforcement that our business is correctly focussed on its mission to reinvent car shopping and change car ownership”
Co-founder, Nadim Saad added “I have been involved with Seedcamp as an investor and mentor over the last 3 years. It is a great experience to now be on the other side as an entrepreneur and to be selected as a winner by this group of leading investors”.
Market Data Source - Finance and Leasing Association, Keynote
http://www.FinanceAcar.co.uk is a UK car finance specialist. Its new product was selected by Microsoft as its “startup of the day” and it was recently selected by Seedcamp (one of Europe’s largest groups of tech investors) as one of the 10 winners from amongst 900 early stage European companies. Its product is the world’s first comparison engine that compares all car finance products for new cars (car leasing, hire purchase and car loans) in one place making it comprehensive in car finance compared to other comparison engines such as Moneysupermarket that only compare car loans. The website compares finance from top UK lenders for 6,000 vehicles and offers more than 1,000,000 different prices. The site now allows car shoppers to choose their car by make or budget and within seconds it presents the best finance product and best UK monthly price for that car based on the monthly cost of ownership. Once the user obtains the best monthly price, they can get a full personalised quote, obtain a credit check, apply for finance and have their chosen car delivered to their door. FinanceAcar’s team and partners combine more than 30 years of UK car finance experience with more than 30 years of blue chip media, internet and technology knowledge. They draw on experience from launching one of the UK’s largest websites (itv.com) and several international businesses.