When local product designer Jesse Thompson first pitched his business idea to join the 2019 RBC EPIC Founders Program, he knew he had a great opportunity on his hands. Throughout the 12-week program, and with the help of the EPIC team and mentors, he was able to learn, grow, and solidify his business idea. Fetch Moto is a platform that streamlines the vehicle buying process by facilitating a reverse auction for the consumer. Vehicle buyers simply specify between 4-8 must-have vehicle features that are most important to them and then dealerships send the consumer competitive offers to one central location that makes it incredibly easy for consumers to compare their options and select their favourite vehicle with confidence; knowing that the competition has ensured a great deal for themselves. The Fetch Moto process saves consumers an average of 15 hours of time spent shopping and negotiating as well as an average of 89 days spent in the market – and it’s completely free!
After winning the RBC EPIC Founders final pitch competition and taking home the grand prize of $3,500, Jesse began building a team and added Brett Hayes as Co-founder and CTO to the team. Shortly after, the team was accepted into the AC JumpStart Program at the Accelerator Centre in Waterloo where they received $30,000 in seed money to continue progress and expand the team further and won the award of Tech Startup of the Year from WEtech Alliance. After lots (and LOTS) of work and refinement, the team is excited to announce that the product will be publicly available on Monday, June 15th.
“The main value we provide to consumers is that we save them time, money, and headaches” explains Jesse. “Anyone who has shopped for a vehicle knows how long it can take and how frustrating it can be. Fetch Moto allows them to shortcut the entire process and get a vehicle they love for a really great price without shopping at all – which is especially valuable right now while consumers are shopping from home without the ability to negotiate in-person with dealerships or private sellers. Many dealerships are offering online buying but that doesn’t ensure consumers that they’re getting the best possible deal. Nobody wants to pay the sticker price”. Jesse also points out that the product is particularly popular with women who aren’t comfortable with test driving or negotiating with strangers and younger generations who don’t have the patience for the traditional shopping process.
At the same time, the product also helps dealerships expand their geographic reach to get more leads while also improving the quality of the leads they receive – which ultimately leads to better conversion ratios and more sales. “Dealerships are accustomed to getting leads from websites like Autotrader, Kijiji, or Facebook Marketplace – which provides leads that are just browsing and are not very likely to convert to a sale” said Jesse. “Buyers on Fetch Moto have already done all their research, figured out what they want, and have come to Fetch Moto as the last step to make a deal. By simply defining their must-have features upfront, consumers are much more likely to have the budget, authority, need, and timing to buy a vehicle NOW – which is why our leads are higher quality and why we are a deal-making machine for dealerships.”
To learn more about Fetch Moto, please visit their website www.fetchmoto.com and don’t forget to follow them on social media for updates and announcements.