A NEW tyre price comparison website is to be launched in Leeds in early 2017 that will champion local tyre fitters.
CompareNewTyres.com is the brainchild of Nicholas Smith, who went online to purchase new car tyres and despite hours of searching, he couldn’t find a single website enabling car owners to search through local tyre fitters as all the websites catered to national tyre fitting chains.
Mr Smith’s market research has shown that 76 per cent of car owners would like to use a tyre price comparison website.
The research showed that 48 per cent of car owners would prefer to use a local tyre fitter and a further 34 per cent have no preference as to whether they use a local or national tyre fitter.
Mr Smith has the backing of Raj Dhonota, the former Apprentice candidate from series one, who has invested in the business.
“With our market research showing an overwhelming interest in our service, CompareNewTyres.com Ltd was formed,” said Mr Smith.
“After many sleepless nights and busy days, we created a comprehensive business plan and sought interest from investors to put together the first fully inclusive tyre price comparison website.”
Mr Dhonota met Mr Smith on the online investment platform AngelInvestmentNetwork.co.uk. Following the meeting, Mr Dhonota went on to invest in the business and began mentoring Mr Smith.
“Our intention is to launch our first tyre price comparison website in Leeds in early 2017 and we are looking to encourage car owners and tyre fitters to register their interest on our website prior to launch,” said Mr Smith.
“As a business we have two aims. Our first is to provide car owners with an online platform where they can search car tyre prices from local and national tyre fitters so that they can at least consider using a local tyre fitter.
“Our second aim is to bring local tyre fitting businesses an online platform to showcase their stock and prices putting their prices side by side with national tyre fitting chains so they are on a level playing field again to encourage car owners to consider using local tyre fitters.
“Our platform will remove many of the barriers small tyre fitting businesses face.”
The firm will launch in Leeds where Mr Smith aims to perfect the business locally before expanding nationally to allow car owners and local tyre fitting businesses to benefit.
“Within five years we aim to employ over 60 people, be recognised nationally and to generate a healthy income, some of which will be returned to car owners and tyre fitters in the form of prizes,” he said.
The website will make money by charging businesses a small amount of commission, which is standard industry practice in the price comparison industry.
“If our projections are correct, in five years we’ll turn over £6.8m and with a profit of £4.8m,” said Mr Smith.