For many people, the process of buying a new car can be time-consuming, stressful and expensive. While car buyers often have a price in mind that they're willing to pay, dealerships might not align with that price and therefore buyers either pay more than they want to or end up losing out on their desired car. While buyers can negotiate with many dealers, this method involves a lot of back and forth of calling, emailing, visiting dealerships and is often not something that buyers want to do or are comfortable with doing.
LetYouKnow, Inc., a new platform that empowers car buyers to set their own prices, is taking the hassle and discomfort of traditional negotiating out of the process. With LetYouKnow, car buyers can not only select the exact car they want, but they can also set their own price and be matched with a dealership near them instantly. Not only is this method incredibly beneficial for buyers, but it's also revolutionary in terms of how dealerships can sell cars, reach customers and clear their inventory.
While the website only just launched at the end of 2020, LetYouKnow has seen tremendous growth and is poised to become the most convenient and simple way to buy a brand new car. What used to be an hours-long or even days-long process can now happen in just minutes with LetYouKnow.
A new way to buy a new car - on the buyer's terms
Often, car buyers feel at the mercy of dealerships and don't feel comfortable engaging in direct negotiations. This is why LetYouKnow was created - to empower buyers to set their own prices for brand new cars and get matched instantly.
"Unlike everyone else, we're focused on buyer price control," said Boris Zhukov, CEO of LetYouKnow. "Buyers call the shots, rather than the other way around. This doesn't exist anywhere else."
Zhukov said while there are different mediums in the marketplace, LetYouKnow sets itself apart because it serves as the sort of checkout step for buyers. Often, buyers do their research elsewhere in order to come up with the price they want to pay for their desired car. Then, they'll take their price to LetYouKnow to submit their price to get an instant result. Buyers can save hours, and even days, of time that they would have spent visiting various dealerships, viewing cars and negotiating the prices.
By using LetYouKnow, car buyers have negotiating power without the back and forth of dealing with a car dealership or the discomfort that may come with it. It's a major time-saver, as buyers can find themselves matched with a dealership in an exponentially short amount of time and can then pick up their car in as little as two hours after the dealership name is revealed.
Inside the customer journey
Once a buyer enters the LetYouKnow platform, they'll input the details of their desired new car. Buyers can select everything from the year to the model to the color, and all cars are brand new. Once they set their desired price, they'll get an instant result.
If the buyer's submitted price is accepted, the buyer will pay a prepaid fee of $799 that counts toward their final cost. At this point, the name of the franchised dealership is revealed and the buyer has 10 days to complete the purchase and pick up their vehicle. If the price is not accepted, the buyer pays nothing. In this case, the buyer can go ahead and try another bid.
"We make it possible for buyers to simultaneously negotiate with many dealerships and receive instant results when they submit their price," said Zhukov.
Eventually, as part of a new feature the company is working on, LetYouKnow will circle back with buyers if supply opens up at their desired price. Ultimately, the goal of LetYouKnow is to match buyers with their ideal car at their ideal cost, and one of the clearest advantageous aspects of LetYouKnow is the speed at which buyers can secure a new car at their own set price.
"Buyers can complete the entire deal in as little as five minutes, and they can get the car as early as two hours after the deal is completed," said Zhukov. "The car is reserved for you, and LetYouKnow reveals the dealership identity and information."
Closing the deal
After LetYouKnow has facilitated the match for the buyer and dealer, the buyer will then complete the transaction at the dealership. Buyers can finance or pay in full, depending upon their preference, and are encouraged to get pre-approved for a loan prior to starting the process.
At this time, LetYouKnow only matches users with new cars for ownership, not for used cars or leases. Zhukov said they may explore a leasing option in the future.
One of the best and most transparent traits of LetYouKnow is the bundling of the dealer fees (including doc fees) into the price that the buyer sets. Many times, car buyers will visit dealerships and find a car in their price range, only to be surprised at checkout when a few hundred or even a thousand dollars are added in dealer fees. This can add to the stress and burden of paying for the car, especially if the price is already above what the buyer wants. With LetYouKnow, the only excluded costs are the license or registration fees and taxes, which buyers must pay regardless. Zhukov said buyers can also text LetYouKnow on its social media channels to get their own promotional codes.