How Car Monkeys Group (CKMY) Benefits from Budget-Conscious Consumers, Aging Automobiles
Founded in 2010, Car Monkeys (formerly the Delaine Corporation) has gained traction as one of the largest and fastest-growing online distributor of used cars, vans and SUV parts distributors in the United States. Selling used car parts may not initially sound like a sustainable business plan, but as more Americans live paycheck-to-paycheck and the average age of cars on the road ticks higher, revenue-generating Car Monkeys finds its business is in high demand.
Utilizing proprietary search technology, Car Monkeys has access to hundreds of thousands of used, high-quality, low-mileage automotive parts which it sells to consumers, retailers, truck and car fleet owners, and auto repair facilities via CarMonkeys.com.
One of the perks of being an online retailer is that the company does not have to invest in or maintain substantial inventory. Rather than stocking warehouses full of auto parts, Car Monkey offers a “virtual ‘just-in-time’ inventory system.” This cost-saving approach uses Internet search algorithms to quickly find, cross reference and price used auto parts from a trusted network of automotive recyclers nationwide. The proprietary search-and-consolidation algorithm enables a superior, vast and detailed online catalog of used auto parts.
When the search results are returned, the consumer is presented with parts offered at competitive pricing based on availability and wholesale cost of each particular part. All parts ordered through CarMonkeys.com ship from one of the company’s numerous distributors and auto dismantling centers straight to the customer or their mechanic.
Purchasing any used item comes with a warranted measure of concern regarding the integrity of the product and its function. Still, the cheaper price, when compared to pricing of new parts, is an obvious allure for the budget-conscious consumer.
Experts estimate that roughly half of Americans are living paycheck-to-paycheck; subsequently, the Department of Transportation reports that an increasing percentage of older vehicles being kept in service for a longer period of time. In fact, in August 2013 report from R.L. Polk shows the average age of all light vehicles on the road at a record high of 11.4 years, long after most warranties have expired.
Dishing out money for costly repairs or maintenance of these vehicles can be a significant set-back to an individual or family with a tight budget, but doesn’t mean the consumer is willing to forego reliability for a lower-cost part. The Car Monkeys’ business approach, however, offers several advantages to give its customers a peace of mind when buying used auto parts.
Car Monkeys’ customers enjoy a five-year unlimited mileage warranty, zero shipping costs, and a generous return policy. In addition, Car Monkeys’ proprietary search technology accounts for the fact that many identical parts and assemblies are shared across multiple models, model years and brands of cars – something most car owners are completely unaware of. Ordinary search engines cannot account for this interchangeability and as a result severely limit the customers’ range of choices.
The company also applies advanced AI techniques to perform a complex analysis to identify parts that are competitively priced as well as of verifiable quality. This component allows Car Monkeys to rapidly analyze all search results and display to its customers the parts of best value. This enables a reasonable profit margin and a predictive quality metric that allows the company to offer free unlimited-mileage warranty on used parts purchased through CarMonkeys.com.
For this reason, as the company puts it, buying recycled parts from Car Monkeys is “quite often a safer choice than buying new parts from its competitors.”
Americans love a good deal, and as the number of older vehicles on the road increases, Car Monkeys expects continued increase in demand for its products and services.
For more information, visit www.carmonkeys.com
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