Although negotiating has become a staple of the new car-buying process, it’s often a hassle for both car buyers and dealerships alike. That’s why LetYouKnow, Inc., a new platform that is matching new car buyers with cars based on their own set prices, is revolutionizing the process not just for consumers but for dealerships as well. By joining the LetYouKnow Dealer Network, new car dealers can be matched with highly committed buyers – not just dead-end leads – and sell cars at prices they are comfortable with.
LetYouKnow empowers buyers to submit their own prices and get instant results for new cars, so they can instantaneously negotiate with many different dealerships and buy a car on the go, on their terms. The process is simple. Buyers do their research, get their best price offer, then go to LetYouKnow.com to submit their own lower price to get an instant result. By using the LetYouKnow Platform, the buyer is instantly saving time and money and the dealership is making more sales and expanding into new geographical markets.
A Growing Network of Reliable Dealerships
Not only is LetYouKnow a significant help to car buyers who want to save time and money, but it’s incredibly beneficial to dealerships as well. Many times, salespeople at dealerships are chasing leads that are expensive to have access to and might not even amount to a sale. By joining LetYouKnow’s Dealer Network, highly committed buyers are funneled directly to them at prices they’re already willing to sell.
Currently, LetYouKnow is working with over 30 franchised dealerships in eight states, and they’re aggressively working to add more.
“In the past four months, we’ve nearly tripled our network,” said CEO, Boris Zhukov. “We’re working to add close to five or six more states in the next 90 to 120 days.”
Zhukov said the dealers are sorted into geographical regions so buyers have a radius they can choose from. This is incredibly beneficial for dealerships, as they can now get exposure to customers outside of their usual area and expand their geographical reach immensely. Some of the regions include the Southeast, Northeast, West Coast, Midwest and more.
As far as making sure dealerships are legitimate and trustworthy, Zhukov said they only work with franchised dealerships, which are respected.
“We want to make sure we have a trusted network of dealerships,” he said. “Franchised dealers are usually highly reputable.”
He also said his team takes dealership onboarding very seriously and examines customer reviews and ratings for each dealership before reaching out to dealerships to enroll in its network. At LetYouKnow, it’s all about building solid, long-term relationships with both buyers and dealers in order to keep all parties satisfied in the LetYouKnow ecosystem.
Zhukov said that they focus on solving the price aspect of the car transaction, but recognize that there are other critical elements, including, but not limited to financing, in the car buying experience that matter to consumers. Leslie McGehee, the CAO of LetYouKnow, echoes Zhukov sentiment by saying that while they can’t solve all the problems that face car buyers, we solve the big one for them by empowering buyers to get their deals and we encourage buyers to get prequalified for their auto loans in the amount of the price bid and reach out to the matched dealership for financing options to make the process as quick and smooth as possible.
Alleviating the Usual Pain Points of Car Buying for Consumers
For many people, the process of buying a new car is grueling, tiresome and sometimes frustrating. By using LetYouKnow, buyers can circumvent the pain points of traditional car buying. Instead of spending hours going back and forth and finalizing a deal at a dealership, with LetYouKnow buyers can find their perfectly priced car in just a few minutes.
“Buyers are wary of bait and switch outcomes, lack of price transparency and not being in control of the price,” Zhukov said. “Buyers don’t like time-consuming negotiations with multiple dealers and some don’t like to negotiate in-person at all, as they perceive this process to be painful. Yet, they like to reap the benefits of negotiations without negotiating.”
Zhukov said the whole pricing aspect of the transaction boils down to the buyer submitting their price, which they often arrive at after days or weeks of researching and negotiating. But with LetYouKnow, it’s easy to see how a car buyer will save money by simply applying that research when they go to submit their own price.
“The buyer can save money by finding the lowest price for the car they want, then the buyer goes to LetYouKnow to submit an even lower price,” he said. “If the price is accepted, the buyer saves.”
Listening to Feedback and Evolving Into the Future
At the moment, LetYouKnow focuses on getting the best deals for buyers to build a strong and loyal customer base. “We solve the big problem of price,” he said.
The company makes it a priority to listen to both buyers and sellers by looking at reviews and social media, as well as communicating with them in texts, emails and live chat. For LetYouKnow, the buyer and dealer experience come first, as the company wants to be preemptive by providing services today that buyers and dealers expect to see tomorrow.
As far as the plans for the future of LetYouKnow, the team is not only revamping their website but also preparing to launch an app in the near future. The company is also working on a new Active Matching feature which will allow dealers to modify prices based on nearby real-time buyer-submitted prices. This will also allow buyers to be notified when prices change so they can stay informed.
“We want to incorporate all comments to make sure we provide an excellent experience,” Zhukov said. “We care about our buyers and dealers and we want to make sure both of them are satisfied.”