Bidwizer Demo

Bidweiser: Disrupting the Credit Union Market

Introduction to Bidweiser Technology

• The speaker introduces Bidweiser, a technology aimed at integrating with credit union websites to address significant issues in the auto loan market.

• A major problem identified is that credit unions lose 80-90% of their members to dealers when they shop for cars, resulting in lost loans.

Member's Journey and Benefits

• The presentation outlines the member's journey through the platform, emphasizing its benefits not only for credit unions but also for members and dealers.

• Members are encouraged to watch a demo that explains their journey and highlights how Bidweiser differs from competitors.

Preapproval Process

• All members must be preapproved before using the platform; if not preapproved, they can easily initiate this process through the credit union’s loan origination system.

• Once preapproved, members receive personalized information regarding their loan terms and conditions based on their financial situation.

Trade-In Evaluation

• Members can input details about any trade-in vehicle, including VIN or license plate number, which helps assess equity position transparently.

• The platform provides real cash value for trade-ins rather than book values, ensuring transparency in financial dealings.

Car Shopping Experience

• After evaluating trade-ins, members can begin shopping for cars within their approved budget. The system filters out vehicles outside of their price range.

• Members can specify preferences (e.g., sedan type), allowing them to view all available options that fit within their budget constraints.

Auction Scheduling and Engagement

• The platform significantly reduces time spent on car buying processes from hours at dealerships to just minutes online.

• Members have options to schedule auctions either immediately or within 24 hours; notifications are sent out to dealers about upcoming auctions.

Real-Time Auction Dynamics

• During live auctions, consumers see real-time pricing changes and potential savings displayed dynamically as bids progress. This emotional engagement enhances the buying experience.

Car Buying Revolution: Empowering Consumers

Transforming the Car Buying Experience

• The speaker discusses the challenges of buying a car in American society, emphasizing how their approach makes the process enjoyable and puts buyers in control while ensuring dealers still benefit.

• Dealers are not initially engaged; they can lower prices to re-enter the competition after being knocked out, creating excitement for buyers as they compete against each other.

• A customer successfully shops for 374 Toyota Camry Ellie hybrids, saving $9,700 off the top price and reducing monthly payments by over $100 within two minutes.

• Transparency is key; consumers receive a detailed purchase order showing all costs, including dealer fees and delivery fees, which affect the final price.

• The platform allows real-time adjustments to monthly payments based on down payment amounts and preferences for different vehicle options (e.g., color).

Incentives and Protection

• After selecting a vehicle, customers can view available incentives from Toyota and choose applicable rebates before proceeding with their purchase.

• Extended warranties are highlighted as an investment protection measure. Customers can see potential repair costs without coverage versus having everything covered under warranty.

• GAP insurance is explained simply; it protects consumers from financial loss if their car is totaled. Real-time quotes for these products are provided based on individual buying decisions.

Finalizing the Purchase

• Customers receive congratulations on their savings and have one last chance to review their chosen vehicle before finalizing the deal anonymously—protecting personal information from dealers.

• Consumers can customize their purchase orders by adding or adjusting products according to their preferences before submitting them digitally through DocuSign.

Dealer Interaction and Auction Process

• Dealers access a dashboard that shows new deals in real time. They can quickly accept signed purchase orders from consumers without needing physical paperwork exchanges.

• The digital process streamlines transactions; credit unions fund deals within 24 hours, eliminating unnecessary trips for customers to sign documents at both dealerships and credit unions.

• Live auctions allow dealers to monitor vehicles actively being auctioned. If a car disappears due to pricing issues, they must adjust bids promptly to remain competitive.

Understanding the Dealer's Perspective in Car Auctions

Key Considerations for Dealers

• Dealers primarily focus on two questions regarding any deal: profitability and consumer qualification. They need to ensure they can make money and that consumers are pre-approved to avoid wasting time.

• All consumers using this platform are pre-approved, ensuring that every potential buyer is qualified, which alleviates concerns about consumer readiness.

• The platform generates back-end revenue for dealers, providing them with significant incentives (e.g., $2,700 reasons) to sell cars that have been on their lot for extended periods without incurring additional costs like paying sales staff.

Auction Mechanics

• The auction process allows dealers to adjust their floor price dynamically. For instance, if a dealer needs to lower the price by $200, they can do so easily, allowing their vehicle back into the auction.

• Dealers can monitor multiple auctions simultaneously and track real-time data such as remaining time and competing bids. This feature enhances their ability to strategize during auctions.

Inventory Management

• When dealers access inventory through the platform, it prioritizes units needing urgent sale based on how long they've been unsold. This helps streamline decision-making for dealers.

• The system alerts dealers when there is an active buyer interested in a car from their inventory pool, facilitating quicker sales opportunities even for vehicles that have been stagnant.

Operational Flexibility

• Dealers have control over auction management; they can mark cars as inactive if a customer is currently interested or reactivate them later if needed.

• The platform operates continuously throughout the year, enabling auctions at any hour. Consumers can get pre-approved and run auctions even outside of business hours.

Enhancements and Future Prospects

• Scheduling auctions during business hours increases chances of better deals due to higher dealer participation. This feature empowers consumers while optimizing dealer engagement.

• Before scheduled auctions occur, dealers can review all pertinent details including back-end revenue estimates and trade-in products available for sale.

• The platform aims not just to change how dealerships operate but rather enhance existing business models by increasing revenue streams without necessitating additional staffing costs like salespeople or finance managers.

Post-Sale Process

• Once a deal is pending funding from credit unions (typically within 24 hours), dealers can refresh their memory about transactions via purchase orders available on the platform.

• After funding confirmation, scheduling transport becomes straightforward; all necessary information is pre-filled for efficient logistics management directly from dealership to consumer homes.

Strategic Partnerships

• The company holds 22 patents protecting its innovative technology and has partnered with Meridian Link—a network of 750 credit unions—to expand its market reach nationally.