Bizzlle has two business models 1) Consumer Model and 2) Business to Business model.
Consumer Model: Bizzlle sells 72-hour online Consumer “Reverse Auctions” where anonymous Automobile Dealers actively bid against one another to sell or lease a vehicle to an anonymous Buyer. Bizzlle’s price to conduct such an auction is just $29.95 to the Consumer and is free to Dealer participants; however only the winning Dealer pays a fee. When the Auction Period concludes, the Consumer may request disclosure of one Dealer and Vehicle Identification Number in exchange for placing a flat $300.00 Vehicle Hold Deposit. The winning Dealer holds the chosen vehicle for an additional 2 Business Days, allowing the Buyer time to visit the Dealership and execute a Buyer Purchase (or Lease) Agreement. The winning Dealers credits back the Buyer’s entire Vehicle Hold Deposit to him / her at the point of delivery. Bizzlle retains the Consumer’s $300.00 as its principal revenue stream, The software for this model is Patent Pending.
Business to Business Model:
Bizzlle provides Automobile Dealers a Web-based alternative to brick and mortar auctions, as well as, their online auction counterparts. Bizzlle uses the dealers existing, used inventory upload services to provide daily updates from dealer stock to its own server. This allows Bizzlle users to purchase and sell used vehicles to one-another in a matter of just a few clicks of the mouse. It also allows Bizzlle to better match wholesale buyers and sellers to one-another by analyzing dealer stocking weaknesses and providing notification when inventory becomes available within the Bizzlle marketplace.
We provide all inventory hosting, auctions themselves, as well as, analytical services free of charge to dealer enrollees. Instead, Bizzlle charges a small buyer and seller fee.
Bizzlle is a portal, not a consigner. Therefore dealers define the start and end times of their auctions, how they will be paid, a minimum bid to start their auction, as well as, provide a vehicle report and maintain a seller’s rating in order to run their own auctions. The product is simple, fast, and inexpensive. Buyers maintain their own ratings as sellers can choose who they sell their vehicle to if at all.
Dealers build a Wish List of vehicles and may choose to solicit multiple Buy Now price bids from potential sellers. Buyer’s provide the maximum mileage desired for their year, make, and model of choice, as well as, define the radius the wish to shop and maintain a buyer’s rating in order to run their own Reverse auctions. The product is simple, fast, and inexpensive. Sellers maintain their own ratings as buyers can choose from whom they buy their vehicle from if any at all.
Bizzlle is not a lead generator, consumers can actually obtain final numbers on a vehicle they wish to purchase, by choosing from the best deal offered by competing dealers. The winning dealer holds the chosen vehicle for pick up by the buyer, at the price offered by the dealer in the Bizzlle auction. The buyer gets the best deal possible for just $49.95, while the dealer doesn’t waste money on a hopeful lead, but only pays for a confirmed sale when the consumer pays a deposit to hold the chosen vehicle.
First among the two founders, Morris developed the idea for Bizzlle when he faced the task of purchasing a new car, and having to visit dealerships with his then 6 months old son. Thinking that there must be a better way to purchase a car rather than spend 3 to 4 hours in a dealership negotiating a price, Morris developed the Bizzlle system to address this problem. Morris background is a former police officer, and Kitchen Remodeling business owner.
Second among the two founders, has a BSc degree in Economics. In his native country, Wallace worked as a Financial Auditor for the firm MLK & Co, where he gained insight on the operating procedures of a wide variety of businesses. Upon relocation to the US, he has worked as a Financial Analyst in the gaming industry specializing in budget projections and preparations. Currently works as an Assistant Controller for a regional hair care distribution company.