Consumer demographics and shopping behaviors are changing rapidly, but in many ways the car-buying experience has remained stuck in the past. The standard experience has typically involved visits to several dealerships and interacting with sales teams in person while hoping to outwit them in order to secure the best deal and financing option. It can be a time-consuming process that many find annoying and certainly doesn’t cater to the preferences of today’s modern consumer. Carbeeza is addressing these pain points and bringing solutions focused technology to market.
“By 2025, Generation X, Millennials, and Generation Z will make up over 70% of the consumer market,” says Sandro, co-founder of Carbeeza. “This is a huge ratio of the population. Their shopping habits have already influenced innovation in the larger consumer market. Online shopping, for example, has become the norm for everything from clothing, to food, to housing. We can’t afford to ignore this important customer demographic.”
A new car-buying experience
According to Sandro, 85% of consumers buying a car require financing – and anyone who has gone through the experience knows that securing financing can be a frustrating experience. Carbeeza technology aims to streamline the process by using artificial intelligence (AI) to eliminate some of the hassle involved. Their app allows consumers to filter through every car make and model, every financing option available to them, and control the experience through their fingertips. It automates and personalizes the experience, reducing the time it takes to purchase a vehicle. It also allows the consumer to navigate the experience anonymously, saving the hassle of unwanted calls and emails. For generations who are used to this type of buying experience in other areas, it is a much-welcome change.
“Younger generations—Millennials, Gen Z— have less credit options available to them. They’re coming out of school needing a car, but they don’t necessarily have the skills to navigate the current system to secure the best option available to them,” says Sandro.
For Carbeeza, the opportunities do not stop at purchasing a car. According to Sandro, Carbeeza’s platform is easily transferable to other industries, including mortgages, small business loans, and commercial land purchases.
“The technology is the star, really. It’s about the experience for the consumer—trying to make those large purchase a bit more comfortable, a bit less daunting and easier to navigate. We’re catering to younger generations, coming into the marketplace for the first time, and it’s difficult to get started. This technology allows them to see what’s available to them and secure it without pressure.”
A leading technology market
Having Carbeeza headquartered in the Edmonton region makes sense. As one of the leading markets for AI in North American, Sandro has no plans to move the company’s operations outside of the Edmonton Metropolitan Region.
“The high level of technology coming out of this region in incredible,” Sandro says. “It really is just on a whole different level.”
Sandro also credits the Edmonton region’s high quality of life as a factor in their decision.
“I’ve lived in other parts of the world. What I’ve come to understand is that I want to build my company somewhere I can live a good life, and where my family can build a future. The Edmonton region is a fantastic community. You can always grow and build out to the rest of the world, but you want to start from a great place. This is it.”
Carbeeza is currently operating in Alberta and Saskatchewan, with plans to expand to the remainder of Western Canada by the end of the year.