Introduction
CarCarePro is a B2B SaaS solution for automobile service and repair operations that provides high value to service providers and their car owner customers. Company founders are “car enthusiasts” with decades of experience in emerging technology.
"Would a solution that monitors customer vehicle use using a mobile phone app and alerts both you and the vehicle owner about service needs improve your business?” Yes, according to 100% of auto service managers surveyed.
The subscription based solution aims to fill a void in the automotive repair segment for a loyalty, rewards and messaging solution that enables automobile service providers to develop lifetime relationships with their vehicle owner customers. Service and repair is very important to automobile service providers because 50%-100% of their profits come from their service and repair business.
CarCarePro's AI-enabled app requires no hardware to be installed in a vehicle. The solution tracks miles driven to compare with the manufacturer’s recommended service program. Timely, personalized and relevant messages are sent to the vehicle owner who is eligible to earn the coveted CPOV (certified pre-owned vehicle) status for their vehicle when they perform necessary maintenance. CPOV status is transferable when a vehicle is sold, so CPOV car sellers are able to realize higher resale values and CPOV car buyers are comforted knowing they are buying a car that has been properly maintained.
Success To Date
Since forming the company in 2023 we have done the following:
- Entered into an exclusive licensing arrangement for intellectual property owned by BlueConnect Automotive that includes the CarCarePro mobile app.
- Surveyed many vehicle owners and service businesses to determine product-market-fit and found the majority of owners and businesses would use CarCarePro.
- Segmented responsibility for sales and support of CarCarePro by Direct and Indirect sales channel members.
- Established an Indirect Sales Channel and entered into a definitive agreement with reseller Dealership Innovations.
- Completed UX (user interface) development for the automobile service business portal and began mobile app development.
- Auto Tech Outlook has named CarCarePro as one of their Top Ten Auto Tech Startups for 2023.
Problem
Automobile service providers and car owners both have unique problems that they have not been able to solve.
Auto service providers lack effective tools that focus on increasing service and repair profits. Increasing service and repair profits is challenging for Auto service providers because they struggle to convince car owners that their service operations are more than a commodity and they lack effective marketing tools.
Car owners know they can get the same quality of service offered by the auto service provider at a similar cost from multiple automotive repair shops, so customer loyalty and repeat service business is difficult to capture. 50%-100% of an automotive service provider profits come from their service operations, so not being able to secure repeat service business has a direct impact on their bottom line.
Many car owners are uninformed or apathetic about what services are required to maintain their vehicles in optimum condition. Trusted advice on what services are required and when they should be performed is challenging to find. Existing solutions that provide communication between automobile service providers and car owners are often antiquated or cumbersome leading to frustration and nonproductive relationships. Car owners are not incentivized to take proper care of their vehicles. Purchasers of used cars have no way of knowing if the vehicle they are purchasing has been properly cared for.
Solution
We believe CarCarePro is the problem-solving solution that bridges the gap between car owners and automobile service departments.
For service providers, CarCarePro enables the business to provide a free tool with high perceived value to their customers. Unlike car care solutions provided by vehicle manufacturers, the service provider is in complete control of CarCarePro which allows them to own and manage the customer relationship for all customers regardless of year, make or model of their vehicle.
The primary purpose of CarCarePro is to send reliable advice on what vehicle maintenance is required for a specific vehicle at a specific time, with incentives to have the service performed at the provider. However, the robust AI-enabled messaging capabilities available within CarCarePro allow the provider to create any type of campaign for any subset of their customer base to provide ongoing personalized and relevant communications designed to build lifetime customers. Campaign effectiveness is clearly visible through easy to understand reports available on demand.
For car owners, CarCarePro aims to be a trusted service advisor that informs the car owner of what services are required at what time in order to maintain optimum vehicle reliability and performance. The loyalty and rewards component of CarCarePro enables car owners to cumulate points that are redeemable for any products or services their service provider makes available. CarCarePro aims to solve communication issues with their provider by offering a familiar user interface for seamless and effective communications with the service department. CarCarePro also enables the car owner to earn transferable Certified Pre-owned Vehicle status for their vehicle designated by a gold star. The gold star allows car buyers to know that the vehicle they are buying is known to have been properly maintained.
Business Model
CarCarePro is planned to be a recurring revenue B2B SaaS solution that includes a web-enabled loyalty and messaging solution for automobile service providers and a mobile car care app for car owners.
The financial model is very simple: the automobile service provider can pay CarCarePro for each subscription, then they provide the mobile app to their customers for free so long as the customer continues to come back to the provider for vehicle service and repair.
Market
The initial target market for CarCarePro is the 233,000 independent aftermarket service providers and 16,000 new car automobile dealerships in the United States.
Each service provider has the potential to provide CarCarePro subscriptions to their entire customer base. Total number of potential subscriptions for CarCarePro is equivalent to the over 275 million vehicles on the road in the United States. The Total Addressable Market for CarCarePro subscriptions is $10B. Follow-on markets may include Canada and also including Auto Parts Retailers.
Team
Use of Proceeds
If the offering's maximum amount of $400,000 is raised:
| Use | Value | % of Proceeds |
|---|---|---|
| Compensation for managers | $50,000 | 12.5% |
| Software Development | $200,000 | 50.0% |
| Software Testing | $50,000 | 12.5% |
| General & Administrative Expenses | $10,000 | 2.5% |
| Marketing Expense | $40,000 | 10.0% |
| Reserved Funds | $30,400 | 7.6% |
| Intermediary fees | $19,600 | 4.9% |
Terms
This number includes all funds raised by the Company in this round on Netcapital. This is an offering of Common Stock, under registration exemption 4(a)(6), in CarCarePro, Inc. . This offering must reach its target of at least $10,000 by its offering deadline of April 26, 2024 at 11:59pm ET. If this offering does not reach its target by the offering deadline, then your money will be refunded.
If the offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
Financials
These financial statements have been reviewed by an independent Certified Public Accountant.
SEC Filings
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemption 4(a)(6) of the Securities Act of 1933.
We’re also required to share links to each of the SEC filings related to this offering with investors.
Understand the Risks
Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.
Neither Netcapital nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.
The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
More Info
Updates
- Apr 27, 2024Primary offering finalized, selling shares
- Apr 10, 2024We've conducted vehicle owner and service...
- Dec 22, 2023Check out this cover photo from Auto Tech Outlook!
- Nov 14, 2023CarCarePro on the cover of Auto Tech Outlook! ...
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