BURLINGAME, Calif., Feb. 24, 2011 /PRNewswire/ -- San Francisco based CarWoo!, the leading online service and marketplace through which dealers are connected to anonymous buyers and are then able to extend offers and sell vehicles, has identified the number one factor in getting the best deal on a new car.
The recent post in the Woonomics section of the CarWoo! Chronicle, "It's Not About Size, It's About Depth" releases key findings to help save money and time for new car buyers. CarWoo!'s findings disprove the popular myth that increasing the distance that the buyer is willing to travel is the best way to get a great offer. Data drawn from the CarWoo! Marketplace reveals that it is not distance, but number of offers that yields the best offers. Buyers who received nine or more offers received offers that were 41% better than those for buyers with three or fewer offers.
"It makes sense," says Tommy McClung, CEO of CarWoo!. "Even though we initially believed that radius was a critical factor, the latest findings, drawn directly from the ten's of thousands of offers in our Marketplace data repository, makes it obvious that the more offers you get, the odds of getting a truly great offer dramatically increase. This is logical given the realities of dealerships where dealers have many different motivations for selling a car. When you contact enough dealers, you typically find at least one who is more motivated than others."
Unlike many other solutions, buyers receive multiple offers while retaining complete privacy and dealers obtain referrals for buyers that fall outside of the traditional automotive lead system. Through the use of CarWoo!, both the consumer and the dealer win.
CarWoo!, simply the best way to buy a new car with buyers saving over an average of $3,500 from MSRP, was founded in 2009 by serial entrepreneurs, Tommy McClung, Erik Landerholm and Michael Young. It is the first online service that allows buyers to negotiate anonymously with multiple dealers, ensuring the best offers on the car they want. With early funding by Y Combinator, CarWoo! is based in Burlingame, CA and is funded by Blumberg Capital, Comcast Interactive Capital and Interwest Partners. Find us on Facebook at www.facebook.com/carwoo and on Twitter at twitter.com/carwoo.