Examining procurement and sales
Radu Nicodim (Managing Director of My Way), made the switch from consultancy to the automotive industry four years ago, enticed by the changing landscape. “The automotive market is currently undergoing a 180-degree turn, with changes such as electrification and a shift from physical to online sales channels.”
My Way’s business model aligns perfectly with these shifts. Radu: “My Way caters to both B2C retail (My Way) and B2B wholesale (My Way Pro). Customers can buy cars from physical showrooms, or entirely online. In this case, they can choose when and at which My Way location they want their car delivered. My Way maintains a network of 20 dealerships that purchase vehicles and sell them to end customers.”
On the purchasing side, My Way also manages two sourcing channels. “One from D’Ieteren itself and the other involves purchasing cars from various locations across Europe, driven by competitive offers.” The company places great importance on monitoring and optimizing these buying and selling channels, based on data-driven insights within the Belgian market. In this endeavor, My Way heavily focuses on data analysis and dynamic pricing.
From proof of concept to business-wide integration
My Way was looking for a partner to support their vision and found the perfect fit in JP.cars, based on a recommendation from a Dutch client. Radu: “My Way is a startup, and we embrace an agile approach. The decision to start a pilot with JP.cars was swift.”
The most important aspect for My Way? “The accuracy of the data, as the software informs decisions involving millions. If the data is inaccurate, this poses a significant business risks.” During the pilot phase, My Way was highly impressed with JP.cars’ reliability index. “When the confidence index is high, the quality of the data is always correct. This enables us to determine when to rely on the data and when to involve our experts.”
Additionally, the system was perceived as user-friendly. “In the past, we’ve used other tools for analyzing data, but they often provided too much information. This made it complex and hindered adoption.” Based on these findings, My Way decided to roll out JP.cars across the entire business.
The right car for the right price
During the pilot phase, My Way utilized JP.cars for dynamic pricing. Now, it’s time for the next step. Radu: “We will introduce JP.cars into the My Way network of twenty partners, enabling them to price their vehicles more accurately and make their stock more dynamic.”
Looking ahead, JP.cars will also be employed for procurement in the wholesale market. “We receive numerous offers each day for cars on the international market. JP.cars helps us rapidly scan through this vast volume. However, the final decision always rests with one of our experts, someone with real-world automotive experience. But this person is backed by powerful software.”
For Radu, the ‘attractiveness score’ (ETR) is crucial. My Way’s main focus is not just buying cheap cars, but acquiring vehicles that have a strong performance in the market. Using JP.cars, they can conveniently filter out attractive cars, both for B2B and B2C.
“Instead of asking someone to manually inspect and analyze a hundred cars one by one, we use JP.cars to immediately focus on the top 25 most interesting vehicles.”
Radu applauds the collaboration with JP.cars. “The way JP.cars approaches the relationship with the customer, is truly outstanding,” says Radu. “You can see that they are a young and dynamic company as well. They are constantly engaged in guiding the customer to ensure it becomes a success story. That, to me, is very important. For instance, our team initially had a weekly meeting with the expert from JP.cars.”
Looking towards the future
A successful collaboration, indeed, that continues to grow on the business front. JP.cars will play an important role in helping My Way Pro identify the best alternatives at the European level, when cars cannot be sold in their own market. “Currently, we have data for the Dutch and Belgian markets. Together with JP.cars, we plan to expand this in the future to include France, Germany, and more.”
What determines My Way’s success in the long-run? “A tool like JP.cars should assist us in enhancing two KPIs. First off, the turnaround time of vehicles, by purchasing cars with high marketability. We already see a positive trend here. Furthermore, we aim to optimize our profit margins.”