KarFarm.com). It simplifies the car buying process and makes the experience more transparent and personalized.
A friend of mine introduced me to the KarFarm concept as it was being developed a couple of years ago. Frankly, I think it's a really neat way for people to car shop, and it might just change the way people buy automobiles.
Here's how it works. KarFarm is an online automotive marketplace where consumers shop
anonymously while dealers do the bidding.
Founded in 2011, KarFarm aims to provide a no-hassle shopping experience
and transparent pricing for consumers looking to purchase cars online.
KarFarm has also developed a suite of products and services focusing on
reducing lead-generation costs for dealers while renders comprehensive
market and data analysis for the automotive industry. KarFarm is free
for consumers and participating dealerships.
By using KarFarm, shoppers make decisions based on the bids they receive back from participating dealers. KarFarm uses sales representatives instead of dealerships, since consumers prefer to purchase vehicles from the person they trust; thus, KarFarm will provide that information via user-generated ratings and reviews of each sales reps. It's pretty slick.
Bay Area dealerships have already seen results from a recent KarFarm beta test with the site generating high-quality leads while reducing costs. During a beta test prior to this launch, KarFarm had 34 percent of its site traffic converted into sales leads, and 32 percent of those leads turned into sales. These results are over 600 percent better than (under 2%) industry averages, according to shop.org.
Based on internal research, KarFarm determined customers defined a superior online and offline car shopping experience included shopping multiple dealers, selecting their own salespeople, and maintaining privacy on their own terms. KarFarm is free to consumers, and they don't have to give up any personal information during the purchase process. The consumer’s identity is only shown to the dealer that wins the bid and when the price is mutually agreed upon.
CEO of KarFarm, Taeyang Yoon says, "We empower consumers to shop multiple dealerships in a hassle-free environment, without having to worry about disclosing too much personal information and then being bombarded with sales calls. Consumers can also communicate with these dealers via real-time chat, having all their questions and concerns answered by helpful dealers, which is an excellent way to build trust."
KarFarm is launching with participating San Francisco Bay Area Nissan dealerships and will be adding Honda, Subaru, Hyundai, and Kia dealers in the coming weeks.
In addition to the website, you can find KarFarm on Facebook and on Twitter. Check it out—it just might be the new way to buy a car.