Ricardo Bonzo Filho, iCarros: Merging vehicle marketing with financing in Brazil
Brazil's largest online vehicle sales portal iCarros, subsidiary of local bank Itaú-Unibanco, is launching its new and improved website in October. Join us in a brief one-on-one with CEO Ricardo Bonzo Filho as he informs us on what to look out for.
What is the objective of the new website?
The idea is to bring our newly developed three-step model to Brazil. It involves searching for cars, evaluating them and determining accurate prices, and then going through with the purchasing process.
What are some of the improvements you will be offering?
Well, we will be evaluating cars in partnership with US-based automobile pricing company Kelly Blue Book (KBB). Currently, Brazil uses the Fipe vehicle evaluation table which is not the best way of pricing cars.
The table only maps out an average and, in many cases, car dealerships end up valuing cars lower than customers. Our idea is to create similar pricing across the board so that both customers and dealers are on the same page. With this, the sale of a car would be more efficient and more likely to occur once a particular car is selected.
Eventually, we would like KBB to be a household name.
But why KBB?
It is more detailed. It has more regional information, more specifics about car models, and more information about mileage. In addition to this, Brazilian companies are usually quite interested in following an American reference. Many dealers attend the National Automobile Dealers Association (NADA) event in Las Vegas every year.
Our partnership with KBB will not only benefit dealers and consumers, but third parities such as OEMs.
Does iCarros help in supporting the financing process?
Yes, we offer a full credit analysis on our website followed by financing options. We know that the credit process can be a headache when done at the dealership so our aim is to qualifying the buyer ahead of time to facilitate a quick and easy sale.
All this is taken care of in the internet. Once qualified, our website issues a buyer voucher which is presented at the time of sale.
Could you give us an idea of how iCarros can specifically help fleet managers?
First of all, iCarros archives a lot of information about vehicle supply and demand. As such, it is a very useful tool for B2B transactions as it helps fleet managers determine when and where to remarket their cars, and at the best price.
One of our services is our trading platform Negocio Alto, and Brazil's largest car rental agency Localiza is one of our main clients. Through the platform, the agency first uploads a list of cars it wants to remarket. We then disseminate this information to all of our listed dealers.
Currently, we are working with approximately 5,000 new and used car dealers.