Question 1

I haven't borrowed for a car in a few decades but as I remember I didn't need to bring any paperwork to the dealer. All they did was run a credit report in order to make a lending decision. What's changed, and how is your system faster or of greater value to the dealer? Thanks!

Accepted Answer

Great question Barnaby!  Lenders require proof of income in a number of different scenarios. Even if a buyer qualifies for a low rate, a lender could ask for proof of income if they have multiple auto loans that they are not trading or if their credit utilization is high. Also, according to Experian’s latest auto market research, between 20-25% of Car buyers are in the subprime credit spectrum. In most of those cases, proof of income will be required. When a lender stipulates for pr...

Question 2

Why is TurboPass limited to the auto industry? What about other industries or buying processes that require income verification?

Accepted Answer

Another great question, Kevin! We are NOT limited to automotive. However, there are some specific nuances of a "credit sale" that allow us to be particularly effective in the retail environment (like auto, RV, Equipment, Motorsport), where the seller or (any seller of goods on credit) has to "certify" that his buyer has the capacity to repay AND is engaged with an "assignee" like an auto lender who is purchasing the "chattel paper". This is even true in the mobile phone business! We don't cal...

Question 3

It's my understanding that the core technology here is provided by FormFree. What is your relationship with FormFree? Do you have exclusivity for the auto dealer sector?

Accepted Answer

Hi Howard!   Thanks for the question.  As with most startups, we are always learning and adjusting.  We've diversified our ability to provide our core functionality (both with our own capabilities plus with a variety of data partners) AND we are focused on solving the problems for our users and customers unique to the auto industry.TurboPass has (2) patents pending for process and design that specifically address our market customers' needs.In our journ...

Question 4

Hi Team, I would like to understand the revenue model. Are dealers paying for each transaction? Do dealers pay a premium for this product as it’s much faster? How do you make revenue? Thank you, Patrick

Accepted Answer

Hi Patrick,  Yes!  Dealers pay for packages that include levels of reports, for example, our $97/month package includes 10 reports.  Reports don't roll over, but if they exceed the included package, they pay a pre-determined price for additional reports...For example, if a dealer goes over 10, they pay $9 per report above 10.If needed dealers can then change their packages based on their usage.  So if a dealer suddenly jumps to 30 reports, upon request, we'd move them...

Question 5

Hello, Who are your competitors (if any) and how do you differ ? Just to reiterate a question below: What is stopping someone coming in and using FormFree in a similar way ? Thank you.

Accepted Answer

Hi Tadhg, Appreciate the question...In the FAQ section, I mention some of the major competition and how we differ... We are committed to data privacy and believe customers will share (contextually) so we don't have (as our business model) continual harvesting of consumer data, unlike our competition.To answer your other question: nobody can stop anybody from doing anything.  As an investor, you should ask yourself if the Turbopass team is ahead of the possible competition (even...

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Paperless and instant way to verify income when buying a car

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