CarClarity loan platform is on the fast track

By Leon Gettler, Talking Business >>

CARCLARITY, Australia’s first true car loan platform with an easy online application process, is set to revolutionise Australia’s auto market.

Zaheer Jappie, the founder and CEO of CarClarity, said the aim was to change the way people buy and finance car purchases.

He said CarClarity gave people the opportunity to examine options for a new car in 60 seconds. 

“It’s quite a different experience because we take into account the customer’s criteria, their credit score, their income, the car they’re buying and we actually give them real options up front,” Mr Jappie told Talking Business.

He said the process of the car dealership space in Australia and the financing of car purchases had not changed in 20 years.

“What we’re seeing in the other market globally is a big shift to more digital plays for buying a car and financing,” Mr Jappie said. “There’s a lot of hot-off-the-press overseas models that are doing very well and listing for big amounts of money and getting a lot of investment because customers’ needs are obviously more digital now and that’s now moving to the car financing space.”

EXPERIENCE TO CHANGE THE GAME

Mr Jappie himself had been in the consumer financing space for 14 years and had worked for a lender and helped build their distribution channel.

He got involved in car loans and helped distribute it Australia wide for finance brokers and got to understand how the system worked.

“What I realised was there was a huge opportunity here, where there is a disconnect between customer experience and expectations versus the reality of what happens,” Mr Jappie said.

The CarClarity company was set up with a lot of support from executives in the fintech world who have advised the business on its growth.

Mr Jappie said the business had been growing well during the lockdowns as a lot of people were buying cars for family trips “because they could not travel overseas”.

People are also looking for the opportunity to buy and finance and car purchase online, he said. 

Second hand utes, SUVs and four wheel drives have been selling well. People were actually paying more for these than new cars as new models were hard to get, Mr Jappie said.

CUSTOMER FEEDBACK IS CRUCIAL

Mr Jappie said customer feedback was a critical part of the CarClarity business model. The company does 10 customer interviews a month and those interviews provided some important guidance.

“The interesting thing was, when we started this process, we wanted to make it all digital, all online and people want that allowance to do that,” Mr Jappie said.

“They want to be able to do that online. But what a lot of our customers appreciate is actually talking to somebody once they have gone to our site, got their loan.

“They actually want to speak to somebody to help them and get the right advice. The customers’ feedback was they love the digital experience.”

CarClarity is now looking to expand and is talking to manufacturers about how it can work with dealership groups.

Mr Jappie said CarClarity was not looking to be disruptive. It just wanted to make the auto industry more efficient for customers.

“When you have a customer, a dealer and a lender, how can we make that triangle there have a really good harmony between all of them and make a better experience for all involved?” he said.

“That’s definitely the medium-to -ong term goal for us,” Mr Jappie said.

“We want CarClarity to be the home for car finance in Australia.” 

www.carclarity.com.au

www.leongettler.com

Hear the complete interview and catch up with other topical business news on Leon Gettler’s Talking Business podcast, released every Friday at www.acast.com/talkingbusiness

Hear Talking Business here: https://play.acast.com/s/talkingbusiness/talking-business7-interview-with-zaheer-jappie-from-car-clar

 

 

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Falcon GTHO Phase III sells for $1.3m and Holden VS GTSR tops $750k

A HSV HOLDEN VS GTSR W1 sold at auction on Saturday for $750,000, at an event billed as Australia’s most collectable line up of classic vehicles ever to go to auction.

Build #017 off the production line,16km on the odometer and the only one finished in the original colour VS GTSR XU3 Yellah, this brand-new car yet to be registered in Australia, was accepting online bidding for about a month on the Lloyds Auctions website. The online competition sparked a bidding war between Holden enthusiasts.

“Holdens just keep going up in value and as we have seen with other collectable Holdens within this auction, people are looking to get their hands on them as they become harder and harder to come by,” Lloyds Auctions chief operating officer Lee Hames said. 

“We had a range of people interested in bidding on these Holdens from enthusiasts and collectors but also investors looking to put their money into something they can also enjoy.”

IN VERY GOOD COMPANY

This Holden wasn’t the only rare model to go under the hammer on Saturday as it was alongside a collection of extremely rare one-of-one Holdens which also achieved record prices.

A build #001 1996 Holden HSV VS GTSR, still wrapped in its plastic, with only 86km on the clock sold for $1,000,000, while a HSV GTSR W1 Maloo Ute reached a hammer price of $1,250,000 but went into negotiations and is expected to sell in the coming days.

BUT A WIN TO FORD INSTEAD

However, in the end it was Ford that took the top honours for the auction in terms of pricing. 

Although negotiations on the W1 Ute that got passed in are expected to exceed the Ford’s record, at the auction itself  the rare Ford Falcon GTHO Phase III, in Yellow Glo, sold for $1.3 million.

In parallel, and in an Australian first, the non-fungible token (NFT) classic car art model of this exact Phase III followed directly after its sale selling for over $50,000.

“Holdens and Fords continue to appreciate in value,” Mr Hames said. “Anything of a limited build, celebrity affiliation, significant history or chrome bumpers just keeps going up in value and we urge any Holden or Ford enthusiast looking for advice to give us a call right now.”

www.lloydsauctions.com.au

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RACV pinpoints Victoria's cheapest cars to operate overall

RACV has revealed Victoria’s most affordable new cars across a range of category types, making it easier for consumers to understand how much different vehicles will cost them to operate each month over a five-year period.

The results were collated as part of RACV’s Annual Operating Costs Survey and found the cheapest car in the Victorian market is the MG3 light hatchback, followed by the Kia Picanto S and the Kia Rio S light hatch in second and third place, respectively. The MG3 Core will cost owners $626.50 a month, the Kia Picanto S $662.93 and the Kia Rio S $705.71.

RACV’s Vehicle Operating Costs Survey highlights the overall cost of ownership of more than 80 of Australia’s best-selling and emerging models and has been running for more than 50 years.

The survey factors in the initial purchase price and loan repayments, registration charges, insurance, auto club membership, fuel or electric vehicle charging costs, tyres, servicing and repairs, all averaged over a five-year period. 

RACV’s calculations are based on a private vehicle with mileage of 15,000km per year, which is about the average distance travelled by Victorian drivers.

RACV head of communications and engagement, Andrew Scannell said the most significant cost of a new car was the up-front purchase price.

“Registration, insurance, and club membership make up about 15 to 20 percent, while fuel takes a 10 and 15 percent slice,” Mr Scannell said.

“Servicing costs consume between three and seven percent of the overall costs and tyres just one to three percent.

“Not surprisingly – and consistent with previous years’ results – light passenger cars are the most affordable vehicle segment.

“If you buy a light hatch, you can expect an average monthly cost of $738.43. Small cars are the second most affordable category with a monthly spend of $903.44, closely followed by small SUVs on $917.60.”

All-terrain 4x4 SUVs are the priciest vehicles to own and run, according to the survey, costing owners an average of $1634.29 per month, while popular 4x4 dual-cab utes were the next most expensive at $1533.62. Large family SUVs were the third priciest on $1404.53.

Victoria’s most expensive car to own and run is Nissan’s Patrol Ti upper-large SUV, which costs $2337.33 a month to keep on the road. The Patrol has a V8 petrol engine and is priced from $85,738 before on-road costs.

Electric vehicles and plug-in hybrid electric vehicles require an average monthly spend of $1280.83, which pleasingly is about $100 less than last year’s survey.

The following table details the average monthly cost of each car category as well as the cheapest model in each category:

Private vehicle average running costs in Victoria

Vehicle category

Average monthly cost

Cheapest model in each category and monthly cost

Light cars 

$738.43 

MG3 Core 1.5 4sp auto Hatch
$625.50

Small cars 

$903.44 

Kia Cerato S 2.0 Hatch 6sp auto
$802.25 

Medium cars 

$1,189.84 

Toyota Camry Ascent 2.5 8sp auto Sedan 
$1,003.74 

People movers 

$1,363.42 

Honda Odyssey ViL7 2.4 CVT
$1,335.28  

Electric 

$1,280.83 

MG ZS EV
$1,128.33

SUV small 

$917.60 

Hyundai Venue (base) 1.6 2wd 6sp auto 

$793.23 

SUV medium 

$1,200.01 

Toyota RAV4 GXL 2.5 Hybrid FWD CVT
$1,117.64    

SUV large 

$1,404.53 

Subaru Outback 2.5 AWD CVT MY21 

$1,224.78 

All terrain 

$1,634.29 

Mitsubishi Pajero Sport GLX 2.4 t/dsl 8sp auto
$1,367.32  

Light commercial 4x2 

$1,303.54 

Mitsubishi Triton GLX 2.4 T/dsl 6sp auto 4X2 Dual cab Pickup
$1190.76

Light commercial 4x4 

$1,533.62 

Mitsubishi Triton GLX 2.4 T/dsl 6sp auto 4X4 Dual cab Pickup
$1,269.34 

 

New South Wales overtakes others in 2021 electric vehicles policy ratings

NEW SOUTH WALES has topped the Electric Vehicle Council (EVC) policy scorecard ratings for the first time, with a rating of 9/10. The ratings are contained in EVC's State of Electric Vehicles 2021 report, launched today.

The report also found 8,688 electric vehicles were sold in the first half of 2021, already eclipsing the 6,900 electric vehicles sold over the whole of 2020.

The NSW Government introduced its nation-leading Electric Vehicle Strategy this year. NSW narrowly beat the ACT (8/10) and the Northern Territory and Tasmania (7/10). 

Queensland, South Australia, Victoria and Western Australia all scored 6/10. The EVC rated the Federal Government the lowest, rated 3/10, after "failing to make meaningful inroads in line with other comparable jurisdictions around the world".

Electric Vehicle Council chief executive Behyad Jafari said with the global shift now undeniable, the question for Australia was one of speed.

"When you consider the rhetoric that was being pushed last federal election, the EV discussion in this country has come a long way quite quickly," Mr Jafari said.

"New South Wales has introduced Australia’s best electric vehicle policy to date. That $500 million of investment and package of incentives to accelerate the uptake of zero emissions vehicles is finally something comparable with jurisdictions overseas. I know the whole industry is buoyant about the effect it will have on electric vehicle availability and sales.

"The movement across most states and territories is now generally positive and that's providing greater confidence to private sector investors, which will pave the way for more places to charge and better services to support e-mobility.

"The chief headwind at the moment is, unfortunately, a continued lack of leadership on electric vehicles at the federal level. After promising a national strategy two years ago, the Federal Government has failed to deliver," he said.

"We need to see more electric vehicle models in Australia, particularly at lower price points. That's happening slowly, but if we want to accelerate the process and attract the globally limited electric vehicle supply, we need policies enacted at the national level, like fuel efficiency standards.

"Australia has more to gain than most countries on electric vehicles. If transition well we'll be able to meet our net zero goals, break our dependency of foreign oil, and improve our air quality." 

 

ARENA's funding for fast charging stations across Australia lauded

THE Electric Vehicle Council has welcomed a $24.55 million commitment announced by the Australian Renewable Energy Agency (ARENA) to expand Australia’s fast charging network for electric vehicles (EVs).

The funding will be distributed to five charging infrastructure companies – Evie Networks, Ampol, Engie, Chargefox, and Electric Highways Tasmania. The companies will build 127 fast-charging stations in NSW, 106 in Victoria, 86 in Queensland, 33 in WA, 29 is SA, 10 in Tasmania, nine in the ACT and three in the Northern Territory.

Electric Vehicle Council chief executive Behyad Jafari said the charging infrastructure announcement was important on a number of levels.

"Obviously these new fast charging stations will provide a practical benefit to EV drivers, but beyond that they will also have a powerful effect on consumer sentiment," Mr Jafari said. 

"We know Australians are very interested in buying electric cars, but there is hesitancy about whether or not the government will back them with infrastructure and supportive regulation. 

"The highly visible construction of hundreds of new fast charging stations across the country should send a powerful message to consumers about the viability and practicality of making the switch to a zero-emission vehicle.

"Mass electric vehicle uptake is strongly in Australia's national interest, given it will clean the air of toxic pollutants, reduce our carbon emissions, and relive our dependence on foreign oil imports.

"If the Federal Government wants to seize the benefits of accelerating EV uptake, it should support this fast charging initiatives through consumer incentives and introducing long-overdue fuel emission standards, akin to those enforced in the US and the EU."

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Rare Holden Torana A9X breaks into record price territory

AN EXTREMELY rare Holden Torana A9X Hatch, one of only 33 ever built and with only 475km on the odometer, has sold for more than $800,000 at auction this weekend, breaking Australian records.

Selling under the hammer at Lloyds Auction House, Holden Torana A9X was subject to a bidding battle between an online and a phone bidder that lasted for over 15 minutes on the single car alone.

“We are not surprised at this result because this is the holy grail of Holden motor collector cars in the country and since the closure of Holden, they have only become all the more popular,” Lloyds Auctions. chief operations officer Lee Hames said. 

"The last Holden Torana A9X GMP&A model that sold at Lloyds, for $500,000 in 2018, shows the significant increase in Holden values in just over two years.

"The Torana has a verified 475km on the clock from new and is arguably one of the most sort after Australian muscle cars in the country. It is build one of just 33 in existence and was the last model of Holden racing before the V8 Commodores began.

"In the last 6-12 months, we have seen rare and significant Holdens increase in value, where the very last Holden off the production line sold for $750,000, a Harvey A9X Torana sold for $910,000 and a special one-of-four Holden Maloo Ute sold for $1,100,000 in January," Mr Hames said. "Now this one of only 33 Torana A9Xs has broken records for over three quarters of a million dollars.  

"These Holden cars are continuously getting rarer to come across, and the demand is seemingly unending."

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Iconic special edition Holden Commodores may break price records

THEY ARE two of the lowest kilometre original mid-80s Holden Commodores left in Australia, and the VL Walkinshaw and VN SS Group A cars are expected to fetch over $1 million at auction this weekend.

“Who knows what these cars will sell for? They are already fetching well into six figures due to their limited build and extremely low kilometres, but we must remember the effect of the Holden closure in Australia where we have seen a trend of records broken since they closed,” Lloyds Auctions chief operations officer Lee Harmes said. 

“When selecting cars for their potential to increase in value it is important to tick several boxes, namely, rarity, heritage, and desirability. The VN Commodore SS Group A up for auction ticks all those boxes."

The iconic VN Group A SS is build number 180 of only 302 constructed in Australia, making it a highly sought-after Holden.

The VL Walkinshaw is in complete original condition and is arguably the most collectable VL Walkinshaw in the country, Mr Harmes said, having travelled just over 1400km.

It was known that in Group A racing any carmaker wishing to compete had to build a run of at least 5000 production cars after which they could then spin off a special racing mode. It had to be built and sold to the public but could possess several special features aimed at making it a better car -- and this was such a car, according to Mr Harmes.

"These were built for racing and highly desirable as it was the last so-called ‘homologation special ‘Holden built for Group A before the rules were changed to the current Supercar V8 formula, which doesn't require any special models to be built in production," he said.

This car along with another 120 American, European and Australian classic cars are up in a national auction on Saturday the April 24 from midday.

www.lloydsauctions.com.au 

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