But Mojo didn't focus on making this a sweet ride for the dealers. Or for advertisers. Or for anyone but the customer.
In my 45 minute chat with Nadjarian, I probably heard, "Our sole interest is making a great experience for the customer," at least a dozen times. That's awesome.
The site is extremely easy to navigate. You just search and find what vehicle(s) you're looking for. After you take ten seconds to create a free account, you can "Follow" any vehicle that you like.
The great thing about "Following" these cars is that you have the option to receive a daily email alert, (so not a barrage of 74 messages), notifying you which dealerships within your given distance lowered the price of the specific vehicle you're following.
According to Nadjarian, used car prices drop every 5 to 15 days, on average, since dealers take into account that cars are depreciating assets for them too.
Another nice feature on the site is that you can see the price history for a specific car. So if the dealer has lowered the price once or twice or 10 times, you'll see each reduction.
In all of the cars that I checked out, I found a CarFax report. However, when I asked Nadjarian about this (because I thought it was standard), he told me that it's up to the dealership to have a subscription with CarFax in order to provide those reports through Mojo Motors.
However, he added that about 60% to 70% or more of these dealers are indeed subscribers.The biggest difference maker? Customer psychology.
After following any given car for several weeks, many customers know what the given market price is for the certain ride they're watching.
Sort of like if you follow the stock market for several weeks or months, you get a pretty general idea about what the market is willing to pay for a given security, say Ford or Toyota Motors (TM), on any given day. This gives the investor confidence when buying stock, by knowing the general price levels that shares are usually at. This works for buyers of physical cars too.
When you see a five year old Cadillac CTS -- made by General Motors (GM) -- with 40,000 miles dropping down to around $15,000, you get the general notion that this is towards the bottom of the range. This gives many prospective buyers confidence when they march (not walk) into the dealership, ready to pick up the keys for their new whip. Nadjarian refers to this as, "shopping like an expert." Hell, he would know, after more than two decades in the business. The bottom line is this: When companies put the customer first, instead of focusing solely on the money, they're usually the ones who come out on top. Mojo Motors is a perfect example of this model.
Currently, they're working to expand their coverage throughout the U.S., but already have a presence in the Northeast, Southeast, Mid-Atlantic and Midwest, as well as several large cities in the other areas. Keep an eye out for these guys and don't be surprised if Mojo Motors becomes a household name in the not-so-distant future.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
-- Written by Bret Kenwell in Petoskey, Mich. At the time of publication the author is long F. Follow @BretKenwell This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.