In a minor alteration to the immortal line from the movie Rainman, “We’re counting cars”!
Its not just cars, its pretty much any high value asset. In fact it’s not just counting either we’ve created an initial 2 applications from 1 product.
The concept for SOAR came from real issues faced in inventory management and monitoring during a long career in the automotive industry. Very simply we believed that we could design a stock checking and auditing product more accurate, efficient, verifiable, transparent, delivering visibility or real time data to clients versus other systems in widespread use. Finally, we charged our selves with delivering this at a significant cost reduction versus other systems offering comparable capabilities. There’s nothing like setting yourself a challenge!
NFC technology proved to be the pivot point for the project to leap from our heads to reality. The next step was to find techy people to translate SOAR into code. One advantage of years working in different functions was the list of contacts we’d built up.
This is how we found Vuepoint, a development company that we’d worked with many times and trusted completely. They understood our concept and also provided value added input in the creation of the system that we wouldn’t have received from a normal 3rd party contractor. It also saved us significant development time and costs. We simply can’t overemphasise just how important having a previous relationship with a partner can be, especially in an area where you’re not an expert.
SOAR works by encoding secure tamper proof NFC tags and applying them to vehicles creating a unique SOAR identity. They are then scanned and reconciled (including their GPS location) to a master database authenticating or highlighting stock discrepancies in real time. This visibility of assets worth on average €20,000 each is invaluable throughout an organisation from finance to sales. The independently verified data can also provide value to financial institutions that in many cases underwrite stock and major asset items.
That’s the first part of SOAR! The 2nd element relates to raising the value of used vehicles. Based on research a full franchise service history adds €1,800 to the value of vehicle, even a partial service history has significant value. Working with manufacturers, our target is to link each NFC tagged vehicle to their franchise aftersales record.
Through simple scanning of an NFC, SOAR provides one of those few tangible WIN WIN occasions for all audiences:
Customers: Realise the full value of their trade-in when they’re selling their car, reducing upgrade costs. Knowing that vehicles have full histories with genuine certified parts ensures increased safety and roadworthiness.
Dealers: Accurately value customer trade-in vehicles minimising the risk of losses. It increases parts and servicing business and enables them to stand over the quality of their vehicles.
Manufacturers: Increase the values of their vehicles and brand perception. Regular contact with the customer database with increased brand sales and parts business.
Motor Industry Bodies: A transparent verification system provides a conduit to route business through the reputable franchised dealers. This also protects an industry worth over 40,000 jobs nationally.
We have already received invaluable support and advice from within the motor industry, from the South Dublin County Enterprise Board (SDCEB), the New Frontiers accelerator programme and from Ron Immink of Small Business Can. Each has been instrumental in us getting through development, product testing and to a point where we launched on Monday 28th April. In many ways going to market is truly the starting point for SOAR, getting in front of people, doing sales pitches and making sales. We know that through our own efforts and everyone’s help, that we have an exceptional product and are on the right path to success. The plan; Ireland, UK and the world!
If you know anyone that needs things “counted and recorded” (cars or not) get them to checkout www.soarsol.com.
PS, special thanks to a number of key pilot dealers who let us use their stock for testing, Hutton & Meade, Agnelli Motor Park, Linders Renault, McGuigan’s of Castleblaney and many others too numerous to mention.Signup to Business Plan Template