iSeeCars Makes Used Car Shopping Easier
Sometimes, it can seem like shopping for a used car can be a task comparable to finding a needle in a haystack. Phong Ly hopes to change this stigma with the introduction of iSeeCars.com, a new website that rates used cars dealers depending on the fairness of their pricing, allowing prospective used car buyers to browse a variety of dealerships on a single website.
The idea for the site came to Ly after his own personal search for a used BMW in 2008. Knowing that he could make the process easier for not only himself, but others who were undergoing the same vexing process, iSeeCars came to life. Along with Vineet Manohar, co-founder and Chief Technology Officer, Ly has posted 30 million car listings in the past year, an estimated 75% of used cars sold in the country in a typical year.
“We conduct a holistic analysis to calculate the key stats and insights to arm users with,” Ly said in a recent interview with ABC News. “While consumers want to get a good price, most also care about getting a good running car from a seller that is not out to gouge them.”
The rating each dealer received, which is based on the dealer’s entire inventory, is determined by an analysis engine that exams each listing’s price and the condition the car is in, then comparing it to similar cars on the market. Based on ISeeCars’ data, about one out of every four used car listing is overpriced by over $1,000.
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