Careers at Beepi
Beepi develops and operates an online peer-to-peer marketplace for buying and selling used cars. Its platform enables users to complete transactions entirely through mobile phone applications and desktop browsers.
Beepi was founded in 2013 by Ale Resnik (“Resnik”) and Owen Savir (“Savir”). The idea behind Beepi was born out of an unpleasant experience Resnik had had when buying a used car as a student at MIT. Despite the car being certified, it reportedly caught fire days after the purchase. The seller refused to take the car back and Resnik was forced to file a formal lawsuit in order to get his money back.
Following this experience Resnik began researching the online used car market, and surveyed more than 300 students at MIT to determine whether there would be interest in a fully online marketplace for used cars if refund were guaranteed. It was around this time that Resnik met Savir, who he brought on board to help develop a business model, with the pair quickly deciding that the sale process could be streamlined by effectively eliminating the role of dealer, and instead connecting buyers and sellers directly online.
Beepi received $1.25 million seed funding in 2014 from investors including Rough Draft Ventures and TA Ventures. The Company launched its Series A round of funding later that same year, raising a further $5 million. To date, total investment in the Company stands at just under $149 million from five rounds of funding. Beepi has 35 investors, including Sherpa Capital, Foundation Capital, DTS Global, Comerica Bank and AngelList.
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Business model of Beepi
Beepi provides services to two principal customer segments: car owners that are seeking buyers for their used car, and consumers who are seeking to buy a used car at a reasonable price.
The accessibility of the platform, with sales being agreed and completed using smartphones, and the Company’s leasing and financing option attract buyers and sellers that do not have the time or experience to complete used car transactions independently.
Beepi’s service is currently available only in certain states across US. The Company, however, plans to develop full national coverage in the near future, before expanding its offerings internationally.
Beepi’s principal value to both sellers and buyers is its platform, which makes the transaction process simpler, faster and more efficient. With access to the Company’s marketplace available through mobile and desktop browsers and mobile apps, the entire sale process can be managed by both parties from their computers or mobile devices.
The Company having no showroom costs and only minimal sales costs to cover means that Beepi is able to provide a more reasonable price for vehicles that might be found using traditional methods.
With the addition of its financing and leasing services, Beepi acts as a one-stop shop for those looking buy a car, streamlining the experience considerably.
The Company also provides thorough inspections on all cars, ensuring that they are ‘Beepi Certified’ before being offered to the Beepi community. This ensures that buyers are given an accurate assessment of the vehicle’s condition and can trust the vehicle is up to a certain standard.
If, however, a buyer is unhappy with the product they receive they are afforded 10 days to return the car for a full refund. Additionally, Beepi makes customer support available to its users 24 hours a day through the Beepi website, through an online chat system and over the phone.
The Beepi marketplace can be accessed through the Company’s mobile and desktop sites at www.beepi.com, as well as via its iOS mobile apps. The Company does not currently offer an Android or Windows Phone mobile apps.
For buyers the Beepi service is entirely self-service and requires no direct interaction with Beepi representatives beyond being available to take delivery of their chosen vehicle. Buyers are free to browse the Beepi catalogue and make purchases without intervention and can apply for financing services through an online form.
Sellers can provide details of any car they wish to sell via a self-service online form. They must then interact directly with an inspector, following which their service is entirely automated.
Beepi provides 24-hour support to its customers, available via online chat, email and phone, and provides its customers with additional information through a series of FAQs. Customers are also able to connect with Beepi through the Company’s LinkedIn, Facebook and Twitter accounts.
Beepi develops and manages an online, peer-to-peer marketplace for the sale of used cars. The Company’s platform allows buyers to browse vehicles, select a vehicle and complete purchases all from a web browser or via the Beepi iOS mobile app. The vehicle is then delivered to the buyer at a convenient time.
Prior to sale, Beepi sends a certified inspector to the seller to complete an in-depth inspection of the vehicle to ensure it is up to standard.
Through a network of financial partners, Beepi also provides leasing and financing services to its customers through a simple online application.
Beepi partners with a number of companies, including technology providers, application developers, and financial services firms. The Company’s principal partnerships are with a range of lending partners that provide consumer auto financing products to Beepi customers, including leasing options and loan services.
Beepi’s lending partners include vehicle financing firm Ally Financial, up2drive, a division of BMW Bank of North America, and JPMorgan Chase’s Chase Bank. Beepi has also collaborated with bitcoin payment processing company BitPay to become the first peer-to-peer online marketplace to accept payments by bitcoin.
Additionally, Beepi has partnered with companies on promotional offers as a means of marketing, including a collaboration with ride-sharing app Uber under which the first 100 Beepi sellers received $350 worth of free rides home.
Beepi’s key resources are its software platform, its IT infrastructure, and its personnel. There are no patent applications filed with the US Patent and Trademark Office in Beepi’s name.
The Company’s community of users are also key resources, as they provide the entirety of Beepi’s product inventory.
Beepi’s principal costs relate to the maintenance of its IT infrastructure, the retention of its personnel, and the development of its software platform.
Beepi operates a network of offices across the US, all of which incur costs relating to rental payments and utilities. The Company also incurs costs through its inspection and delivery services.
Beepi generates revenue through commission rates applied to car sales made through its online marketplace. Beepi provides competitive quotes to car sellers of the car, agreeing upon a price with a built in margin of between 3% to cover Beepi’s costs. If a buyer does not come forward during the first 30 days, Beepi buys the car directly from the seller for the quoted price and holds it in inventory until it is sold. During the purchase process buyers are also given the opportunity to buy additional extended service coverage,
Beepi recorded annual revenue of $100 million in 2014 and reportedly expected to generate $350 in revenue by the end of 2015. It is unclear if the Company met this target. According to some reports, Beepi includes the sale price of each car in its revenues as it technically takes ownership of vehicles before they are shipped to buyers. A such disclosed revenue figures could be somewhat misleading.
info: Ale has been Beepi’s Chief Executive Officer since 2013. He has also operated as an angel investor through venture capital fund FJ Labs since 2012. Resnik began his career in 2005 as an analyst at engineering firm Techint. That same year he also founded e-commerce company Global Vitamins, where he served as Chief Executive Officer until 2011. Resnik holds several academic credentials, including a degree in Computer Science from ORT Argentina, an Industrial Engineering degree from the Buenos Aires Institute of Technology and an MBA from the MIT Sloan School of Management.
info: Owen has been a member of Beepi’s leadership team since 2013. Neither the Beepi website nor Savir’s corporate networking profile identifies Savir’s exact role at the Company. Prior to co-founding Beepi, Savir co-founded software company iContact Education Systems, where he worked from 2006. Savir holds Computer Science degrees from the University of Pennsylvania and IDC Herzliya, and holds an MBA from Stanford Graduate School of Business.
info: Tyler joined Beepi in 2014 as a product manager and was promoted to Head of Product in 2015. He held a series of internships during the mid-2000s, including at Potrero Capital Research, Natsource and Frontier Communications, before joining energy technology company General Compression as a full-time business development analyst in 2009. In 2011 he moved to venture capital firm Redstar Ventures where he worked as a research associate for one year before being appointed the company’s Operations Director. Between 2011 and 2012 Infelise also served as a product manager at sales company goSprout. He left Redstar Ventures in 2013 and worked briefly at tech company Loopit before joining Beepi.
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