Tom Marley and his co-founders transformed a simple idea into a thriving enterprise.
From a humble beginning in a store cupboard, they’ve reached a groundbreaking £20 million turnover.
A Humble Beginning
In a small store cupboard, Tom Marley, alongside his co-founders, envisioned a business designed to disrupt the car buying market. Re-mortgaging homes to fund The Car Buying Group, these founders shared the ambition to create a significant impact. Three years on, the company achieved remarkable growth, securing a £20 million turnover and the title of the fastest-growing company at the Northern Tech Awards.
Tom Marley, a father of three and former cabin crew member, ventured into entrepreneurship after four years of establishing an online car auction platform. His desire for autonomy and rapid decision-making without bureaucratic interference spurred the inception of The Car Buying Group in 2014. Marley’s commitment to carving a niche in a digitally led market was unwavering.
Disrupting the Market
Understanding the dominance of We Buy Any Car, Marley and his team focused on differentiating their business while capitalising on established consumer education concerning car valuation. The Car Buying Group’s unique value proposition lies in offering convenience without the traditional hassle, allowing users to receive valuations online swiftly.
The option for online car sale appeals to those prioritising ease over maximum profit. Online valuations can be completed in minutes, and The Car Buying Group offers free collection and rapid payment, distinguishing itself from competitors who require vehicle drop-offs and offer slower payment timelines.
Nationwide Expansion
Initially trialled in Yorkshire and the South West, the business has grown to cover the entire UK, witnessing a 25% growth month-on-month.
Rather than investing millions in advertising, Marley chose strategic online partnerships with car sales sites and financial firms, reaching potential customers when they’re considering selling their vehicles.
This strategic approach contributed to a loyal customer base, with returning clients appreciating the efficient process and exceptional service.
Innovative Business Model
Customers searching for new cars on websites like Motoring.co.uk can seamlessly access The Car Buying Group’s valuation service. This partnership model offers significant advantages over traditional advertising by integrating services directly where the consumer is already engaged in the buying process.
Although consumer loyalty in car sales is typically low, The Car Buying Group has cultivated a returning customer base through its efficient, user-friendly experience, often exceeding client expectations.
Achieving Exponential Growth
In just three years, turnover soared to an impressive £20 million, with projections aiming for £60 million in the next year. This growth trajectory highlights the firm’s successful disruption of a previously stagnant market dominated by a single major player.
The culture within The Car Buying Group fosters a relaxed and innovative environment where employees are encouraged to express themselves and contribute to the firm’s success. This inclusive environment plays a crucial role in sustaining the company’s growth and achieving ambitious financial targets.
Future Aspirations
With ambitious targets to triple their turnover within a short span, The Car Buying Group aims to cement its place as a leader in the car buying sector. Their mission is not merely to create a small-scale industry but to make a substantial impact with a national presence.
Marley’s vision of growing the enterprise to £60 million turnover by 2017/2018 reflects an audacious yet realistic ambition, driven by the team’s dedication to excellence and innovation.
The Car Buying Group exemplifies innovation and calculated risk-taking.
Their continued growth promises significant industry disruption.