Legal Name: Wippy Inc.
Location: Chicago, United States
INDUSTRY – US used cars Industry
Size: 39 million cars sold in 2017 (Source: Bloomberg)
Future: 20 million by 2020
Wippy is making the process of buying used cars seamless and convenient by removing pushy salespeople and middlemen from the used car supply chain. The company lets buyers pick directly from wholesalers, thus ensuring better bang for the buck.
According to a Wippy listing on angel.co, people tend to overpay for their used cars by about $2,000, when bought at a car dealership. This is something that the startup’s founders felt could be completely avoided. Hence, one of Wippy’s strongest value propositions is its ability to deliver the pre-loved rides at 10% less than the market rate. It achieves this price leadership by bypassing middlemen, letting buyers select their car from the wholesalers, and getting the car delivered directly to the buyer’s preferred local dealer.
All potential buyers need to do is sign up on the website with personal details and car preferences. Then the Wippy team goes about locating cars at the wholesalers’ that fit each unique profile. They also offer support with car financing approval and extended service contracts.
“We have focused on building a business that focuses on buyer savings and providing top-notch, no pressure customer service,” stated Brad Wollmer, co-founder and CEO, in a press note. “We do all the work for you and save you money.”
Wippy claims that its services also helps used car wholesalers sell up to 30 days faster, while dealerships end up making the same profit without having to spend on marketing or purchasing the cars.
Origin and Founding Team
Prior to founding Wippy, Scott Clark has led energy companies such as Appalachian Energy, SolTherm Energy, and Enovo Energy. A graduate from the Tuck School of Business, Brad Wollmer also dabbled in the energy sector, serving as the Director of Energy Private Equity at Deutsche Bank, for over three years (2013-16).
Performance and Trends
Its website is also undergoing a complete revamp, reportedly in order to add new features that will make car buying easier. Though Wippy announced on its social media platforms that the new website was expected to launch around October 2017, the reveal is yet to happen.
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