The venture, which got listed in the Financial Times as the UK’s second fastest growing company in 2023, defines itself as “a purpose-driven company,” by currently helping 100,000s of UK newcomers get a fairer deal on their car insurance yearly. The company has pulled off this magnificent feat by building its own technology, developing pricing and fraud models that let it cater to its unique customer experiences, and investing time in getting to know the applicants on a deeper level.

Knowing The Vision

Marshmallow, led by twin brothers Oliver and Alexander Kent-Braham, has now joined the ranks as the second start-up owned by persons of colour in the United Kingdom to accomplish the feat of being a unicorn, with Zepz, a money-transfer firm, being the pioneer.

Marshmallow’s USD 1.25 billion valuation, registered in 2023, was a result of a USD 85 million Series B funding round in 2021. The company was born with a four-member team in what the founders called “the cheapest office space.”

Currently, the company has over 170 individuals on their team and boasts hundreds of thousands of users. As per the report from the Standard back in 2023, the company “saw turnover climb 175% to 22.9 million pound in 2022, while profits jumped to 709,000 pound.”

The founders’ mission for the company is to ensure that marginalised communities in the United Kingdom can afford insurance.

“There are millions of marginalised customers out there who find themselves on a different path – either by choice or circumstance. And we know they face unique problems that most companies aren’t even aware of. We believe our future is in helping those people by learning about their experiences, and building our company around their needs. Solving important problems for the people who need it most,” Marshmallow stated on its website.

In March 2024, Marshmallow entered into a partnership with Sky Media. Marking its TV sponsorship debut, Marshmallow’s campaign will drive its brand awareness and consideration among a specific target audience, mainly comprised of people who have recently moved to the United Kingdom, own a vehicle, and are looking for car insurance.

Here Comes The Game-Changing Product

The car insurance provides 45% cost saving for those moving to the United Kingdom with their vehicles. Unlike other industry players, who only care about the driving experience the immigrants gain after they move into the British mainland, Marshmallow’s product covers licences from all countries, apart from providing fairer prices based on the applicants’ driving experience in any country and last but not the least, giving flexible payment options, such as monthly payments.

Marshamallow’s vehicle insurance also comes with extra discounts for a proven record of claim-free driving (accepted from all insurers, no translation needed). Also, the product puts its user into control by allowing the latter to make unlimited changes to his/her details on the app when the person buys the plan directly. Apart from spreading the cost with smaller monthly payments, the user can also review his/her coverage every year and only pay for the exact service the person is availing.

The insurance package comes with benefits like vehicle repairs or replacement after an accident, fire or theft, personal injury costs, third-party cover to drive in Europe, windscreen protection and personal belongings cover up to 250 pound. On top of these, the user can add features like cover for other people to drive his/her car, no Claims Discount protection (claim-free driving discount in case of an accident), breakdown cover, full cover to drive in Europe, motor legal protection and excess protection (100% refund on what the insurance holder pays upon making a claim).

An Award-Winning Car Insurance

The service, so far, has paid out 66 million pound in claims, while registering over 300,000 app downloads.

“Starting a new life in the UK can mean a lot of changes, with different houses, cars, jobs, and people. Buy direct with us to make unlimited updates to your personal details all year. All on the app. With no extra admin fees. Manage your policy, access all your documents, and update your details on-the-go, at any time of day. You can also start a claim, start a Live Chat, and make changes to next year’s cover in seconds. Five stars (or close enough),” the venture stated.

Marshamallow has set up a 24/7 accident phone line, using which the policyholder can contact the start-up about an incident any time of day or night, and the company will start working on the case right away. The service even covers scenarios like the policyholder’s car being hit by an uninsured driver or the vehicle being damaged by vandalism, by protecting the claim-free driving discount, apart from providing the customer a full refund on the amount he/she paid on the initial claim (also called the policy excess).

Apart from covering the car’s damage, Marshmallow also provides financial support for serious injuries. If someone else is involved in the accident, the venture will cover damages to their cars/properties as well, apart from looking into injury-related compensation payouts.

Among the other policy basics, if the customer uses one of Marshmallow’s approved repairers, the venture will get the affected individual a courtesy car during the repair period. When it comes to repairing the car window, the start-up will cover the cost as well, provided the policyholder pays an amount upfront. In case the policyholder’s vehicle gets hit by an uninsured driver, Marshmallow will protect the claim-free driving discount.

Marshamllow has simplified its car insurance programme for its customers, with a high touch of personalisation. One such product is called “Build Your Own Cover,” which lets its user choose from three breakdown plans (roadside assistance, UK-wide recovery and European cover), apart from getting the upper hand in any road-related dispute, since the coverage also takes care of the legal costs required to settle disputes or appeal motoring convictions.

The policyholder can also upgrade his/her “Courtesy Cover,” in case the person prefers a replacement car in a situation of vehicle theft/repair. The person can also make up to two claims a year without affecting his/her claim-free record, protecting the well-earned discount in the process.

“Your excess is the amount you agree to pay if you make a claim (you agree to this amount when you sign up). But with Excess Protection, you’ll get it all back! Regardless of what happened or who was at fault,” the venture explained its award-winning product further in these words.

Any other standard vehicle insurance gives its user third-party only cover in Europe for up to 90 days. With Marshmallow, the person can upgrade that cover to “Fully Comprehensive,” ensuring coverage for injury and damages to his/her, as well as any other person involved in the accident.

A similar insurance product is there for the van drivers as well, where the policyholder can avail of claim-free discount protection if an uninsured driver hits his/her vehicle. The insurance also provides cover for work tools and goods.

A Successful Rebranding

More than one million people move to the UK every year from all around the world. Despite economic opportunities awaiting them, these immigrants face the problem of dealing with antiquated, rigid policies, which make the task of getting insured a difficult and expensive task for these individuals.

Marshmallow has become a challenger insurance company in the automobile front, by ensuring that these new citizens’ previous experiences (when it comes to driving) are taken into consideration and they get fair prices for their insurance coverage. The company backs the exceptions to the rules that every other insurance company refuses to deviate from.

The venture, in 2023, partnered with London-based branding agency Ragged Edge on a new identity that aims to reflect its forward-thinking approach to insurance and appeal to its diverse target demographic. The result was the introduction of a new “Marshmallow Mascot.”

The partnership also led to the development of a unique font called “Marshmallow Youth.” This tool not only conveys Marshmallow’s messages in a friendly manner to a diverse group of multinational customers but also considers the varying levels of English proficiency among the customers.

The post Start-up of the Week: Through flexible deals, Marshmallow is redefining car insurance sector appeared first on International Finance.

It achieves this by offering a fast, hassle-free and transparent approach that sets it apart from traditional methods. Through an easy-to-navigate website and mobile app, users can receive a review of their vehicle in just 15 minutes. This appraisal is based on market prices, vehicle condition and other factors and ensures sellers receive a fair price.

SellAnyCar.com operates physical buying branches in various Middle Eastern cities where sellers can bring their cars for an in-person inspection and receive a cash offer on the spot. Alternatively, they can choose to let SellAnyCar.com manage the entire sales process, from inspection to title transfer, making it a convenient choice for busy individuals.

One of the key factors contributing to the platform’s success is its commitment to transparency. They provide a detailed breakdown of how the appraisal is calculated, giving sellers a clear overview of their car’s value. Additionally, SellAnyCar.com takes care of all the paperwork, simplifying the often complicated process of transferring ownership.

Over the years, SellAnyCar.com has earned a reputation for reliability and trustworthiness in a region where car sales can sometimes be complex and challenging. The platform’s commitment to customer service and innovative approach has not only made car sales easier, but also set a benchmark for the industry, and it continues to grow and expand, providing Middle Eastern residents with a reliable and convenient solution for selling their vehicles.

The brain behind this successful platform is a 39-year-old, Dubai-based German entrepreneur Saygin Yalcin.

Who is Saygin Yalcin?
• Saygin Yalcin was born in Bremen, Germany to Turkish immigrants and later moved to Dubai, where he became a prominent figure after he developed SellAnyCar.com
• He holds a bachelor’s degree in International Business Management from Monroe College in the United States
• At the start of his career, Saygin Yalcin worked in marketing and sales for BMW, and later started his entrepreneurial career by founding a business in Germany
• In 2008, Saygin Yalcin moved to the United Arab Emirates, where he founded Sukar.com, which he sold to Souq.com, and later established SellAnyCar.com
• In 2011, he collected about 10 million euros in an investment round from Polar Light Ventures for his company
• Saygin Yalcin is also a well-known personality on social media, YouTube. He gained widespread recognition for his appearance on the reality TV show Shark Tank
• He is a visiting instructor on entrepreneurship at the Canadian University of Dubai
• Saygin Yalcin has been featured in Forbes Middle East’s list of the ‘Top 100 Executives in The Arab World’ multiple times
• He is also known for his philanthropic efforts and has supported various charitable causes in the Middle East
• According to Bio-overview, as of January 2023, Saygin Yalcin’s net worth is around USD 5 billion

A Developing Internet Entrepreneur

In an interview with Arabia Business, Saygin Yalcin shared his journey and how he thought of getting into the car selling market.

“Before going into any business I’m probably one of the slowest people you could imagine. But when I decide to go into a business, I’m one of the fastest. With SellAnyCar I conducted a lot of research before deciding anything. I did 50 expert interviews with everybody from potential customers, potential sellers, and everybody else. I needed to know if it made sense. I did a lot of calculations – it took months to decide whether or not to go into it,” he said.

“When I’d made the decision I acted very quickly. We’ve already gone into three new markets and are going into the entire Middle East. We are already in nine locations in the UAE. We set out to be a convenient service, and we deliver on our promise – we are everywhere you are. If you live in Ajman, you’ll find us. We’re inside malls in Abu Dhabi to give people a really easy experience. You can drop off the car, go to the shop, and pick up your cheque before being taken home by one of our chauffeurs. It’s a game-changing experience,” Saygin Yalcin added.

Describing himself as a ‘serial entrepreneur,’ Yalcin explains that he’s never looking to reinvent the wheel with his businesses, but rather ‘looking for which wheel will fit in the Middle East’.

The post Business Leader of the Week: Meet Saygin Yalcin, CEO of Middle East’s first car buying service appeared first on International Finance.

The new Azera has reportedly been true to its origins of refined premium quality and luxury since its introduction in the year 1986.

The model comes with bold lines and a list of technologies and novel features to provide superior performances and remarkable levels of comfort for passengers.

Bryan Park, Head of Hyundai Middle East and Africa headquarters, said, “As a beautifully proportioned premium large sedan, the all-new Azera is reborn with a design that transcends generations and preferences with an impressive fusion of art and technology and impressive performance.”

As per reports, the exterior design of the model is both beautifully proportioned and smoothly sculpted, taking inspiration from Hyundai Motor’s vision of future mobility.

The new Azera is 5,035mm long, 45mm longer than the previous generation. With a 10mm longer wheelbase and 50mm longer rear overhang, the vehicle also comes with the added benefit of a roomier interior.

The car’s features like lower height and pushed-back cowl point and C-pillars carry a dynamic and uniquely premium style.

Be it the head to the rear lamps or side body panels, the new Azera presents a smooth and neat appearance. Its frameless and auto flush-type door handles too add to the vehicle’s value.

The new Azera has an interior space with a premium feel, while having a minimalist approach that focuses more on ergonomics, intuitive technologies, and sophisticated user convenience to provide a spacious yet premium feeling that promotes comfort and relaxation.

Along with the style, the premium sedan has also given top priority to the customers’ needs, with its two well-equipped trim levels “Base” and “Calligraphy.”

While the base is characterized by the slim ergonomic design and the reduction of physical buttons to improve usability, the innovation also creates a minimalistic, high-quality emotional space with a broad sense of space.

Talking about Azera’s calligraphy, it boasts a top-tier trim for a flagship large-sized sedan, leading a premium image with differentiated exclusive “Calligraphy–only” interior and specifications.

The new Azera’s interior trim and colours are inspired by nature, while carrying the elements of traditional Korean decoration, apart from favouring eco-friendly materials.

The new Azera also has two engine options. The 3.5-litre GDi engine option provides maximum engine output of 300ps and maximum torque of 36.6kgf·m. The 1.6-litre gasoline turbo hybrid engine option offers a maximum output of 180 ps and maximum torque at 27 kgf·m.

A hybrid electric vehicle variant of the new Azera has adopted ‘E-Motion Drive’, consisting of an ‘E-Comfort Drive’ mode to provide a smoother driving experience and another ‘E-Dynamic Drive’ to enable dynamic and stable performance during vehicle acceleration and cornering.

The new Azera has also adopted Connected Car Navigation Cockpit, Hyundai Motor’s new infotainment system, thereby opening a new chapter in the smart mobility experience.

The post Hyundai launches Azera Sedan in Middle East: All you need to know appeared first on International Finance.

Nearly 2.15 million customers in Japan, whose personal and vehicle information was posted online between November 6, 2013, and April 17, 2023, according to the manufacturer, will be notified about the glitch.

The exposed information reportedly includes registered email addresses, chassis, and terminal navigation numbers specific to each car, the location and time of each vehicle, and films from the car’s “drive recorder.”

“Since discovering this issue, we have taken steps to limit access from the outside, but we are still conducting investigations that include all cloud environments. Again, we apologize for causing our customers and linked parties such difficulty and worry,” the company stated.

Customers whose in-vehicle terminal ID, chassis number, location data, and time may have been compromised, will receive personalized apology letters and notices to the email addresses on file.

The Japanese juggernaut further added, “We will also establish a dedicated call centre to address inquiries and worries from clients.”

The company also claimed that the lack of adequate explanation and detail in the data handling regulations was the primary cause of this event.

A statement said that this time, customer information that would have been viewed from the outside would not be able to identify the customer solely based on this data, even if accessed from the outside.

“We haven’t verified any secondary use of customer information on the Internet by a third party, or whether or not there are any copies left, related customer information that may have been accessed from the outside, since the discovery of this situation,” the statement read.

On the back of the incident, the Australian division of the Japanese car giant has reassured local customers their information is safe.

As per Reuters, the data breach is Toyota’s third in less than 15 months, and has affected almost all Toyota and Lexus owners in Japan.

In Japan, Toyota’s connected services notify customers when their vehicle is due to be serviced, apart from possessing the ability to automatically contact emergency services in the event of a vehicle crash or to locate their cars after being stolen.

A spokesperson for Toyota told ‘Drive’ that the car giant’s latest data breach in Japan does not impact Australian customers.

“Toyota Australia is informed that the cloud service platforms are Japan-based and not linked to any services we offer in Australia and therefore no Australian customer or vehicle data has been compromised,” said the spokesperson.

Toyota’s tryst with data breaches

The latest Toyota data breach represents the third time the Japanese car giant getting affected by a cybersecurity flaw since the start of 2022.

In March 2022, the company was forced to shut down all of its 14 factories in Japan after its key parts supplier, Kojima Industries, was targeted by a major cyber-attack, through the production lines 24 hours after the incident.

In October of that year, almost 300,000 email addresses of Toyota customers in Japan who had signed up for the ‘T-Connect’ mobile app were found to be at risk of a cybersecurity breach.

Toyota Australia, which represents almost one in every five new cars sold annually in the country, has a clean track record, when it comes to cybersecurity, since 2019 when its local head office was targeted, but no customer data was compromised.

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Knowing Cazoo In Detail

Cazoo’s portfolio has a wide range of used cars, be it high-end brands like Audi, Land Rover, BMW, and Mercedes-Benz or common names like Ford, Kia, Nissan and Volkswagen.

Cazoo’s ‘Car Finance’ programme helps its customers to tailor their vehicle finance plans as per their household budgets and then go for the used car fitting in that bill. The buyers can select the vehicles, apply for finance, pay their monthly deposits and complete the paperwork, all online, following which the cars will be delivered either to their doorsteps or they can receive the vehicles from ‘Cazoo Customer Centres’.

Their ‘Car Finance’ programme has two solutions, Hire Purchase (the buyer can spread the car cost by making monthly payments over an agreed term) and Personal Contract Purchase (the buyer can make equal monthly payments over an agreed term. After the contract ends, he/she can decide on whether to hand the car back to the lender or change it for another one/buy the vehicle with an ‘optional final payment’).

Cazoo’s ‘Car Finance’ programme has been drawn in collaboration with European lending giants like Black Horse, Santander and Evolution.

The start-up’s ‘Car Care’ programme covers areas such as warranty extension, thorough car servicing and paint and fabric protection.

For those planning to sell cars, Cazoo states on its website, “You can drop your car off at your nearest Customer Centre for free and in as little as 48 hours, or we can pick the car up from your door with prices starting from £149. The pick-up fee will be deducted from the value of your car. Cars that are valued at £25,000 or more must be dropped off at a Customer Centre for processing due to their value.”

Not Every Vehicle Meets Cazoo’s High Standards

Cazoo doesn’t buy first-hand vehicles which have issues identified by a car history check, contain damages, stolen/scrapped, have mileage discrepancies, lack legal tyres, and have been used for rental and authority purposes/driving lessons. Also, 15-year-old cars, along with the ones with insurance issues and modified automobile parts, are not preferred either.

Cazoo’s Maintenance Check Involves
• To recondition the used cars before handing them over to the customers
• After reconditioning, it displays detailed images of the car on its website
• Cazoo technicians test drive every used car to check its engine performance, steering, brakes and other engineering parameters, before handing them over to the customers
• Executing oil and filter changes on every car with less than three months to go before its next service and listing for sales
• Valet the cars and thoroughly sanitise them before handing them over to the customers, while ensuring the vehicles are having 10 litres of fuel (or 75% of charge, in the case of an electric vehicle) during the deliveries
• During delivery, Cazoo also provides a 90-day warranty and RAC roadside assistance for these used cars
• Its ‘7-Day Money Back Guarantee’ gives the customers a week’s time to drive up to 250 miles, in order to know and get acquainted with the car. Cazoo’s customer care also gets in touch with the customers during the same timeframe to get feedback

Latest Developments Around Cazoo

The company, launched in December 2019, was valued at USD 7 billion (over £5.2 billion) when it was listed on the New York Stock Exchange in August 2021. However, it is facing a market test right now.

In June 2022, the company stated its intention to cut costs by £200 million by 2023 end, which would result in around 750 job cuts.

Cazoo has removed 15 of its 22 used car handover centres from its website, as part of its business restructuring. It has already withdrawn from the European market, apart from axing its car subscription services and selling its Cazana used car data business.

It intends to retail 40,000 to 50,000 used cars in 2023, in order to achieve profitability after delivering 65,000 sales in 2022, down on its earlier 100,000 unit target. Cazoo’s revenues in 2022 had risen to £1.25 billion from £668 million in 2021. The start-up won’t raise additional capital in the next two years, as it ended 2022 with a balance sheet of over £250 million of cash and other assets.

However, Cazoo is showing signs of a rebound in 2023, as its founder and CEO Alex Chesterman commented, “Our January and February retail sales volumes and revenues were in line with expectations and, as we focus on unit economics, we continue to notably improve our retail GPU which is tracking at ~£900 so far this year, up from ~£600 in Q4 2022. The fact that we have now sold well over 100,000 cars entirely online in the UK in the three years since launch demonstrates the continued consumer shift online as they embrace the transparency and convenience of our market-leading digital used car buying and selling experience.”

Jonathan Dunkley, a 20-year veteran in the used car industry, who was working as a strategic advisor to Cazoo since 2021, has been appointed as the company’s Chief Operating Officer, as the business now eyes ending 2023 with over £100 million of assets in its balance sheet.

Image Credits: Cazoo

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September 16, 2016: Zipcar, the world’s leading car-sharing network, announced the launch of its new free-floating car-sharing service in Brussels, Belgium. This marks the seventh major country launch for the brand in Europe and the introduction of its most flexible car- sharing service to date.

The launch is a pivotal milestone in Zipcar’s international expansion, which already includes a well-established presence in the United Kingdom, Spain, France, Austria, Germany and Turkey.  The launch represents a significant innovation in Zipcar’s offerings, and demonstrates a strategic decision to offer a range of alternative car-sharing models according to a city’s requirements.

The new service gives Zipcar members the freedom to pick up and drop off a Zipcar at any location within a set geographical area – a first for the global car club network. The service complements car-sharing models operated in other cities around the world, including round-trip and flexible one-way rentals, allowing the company to deliver on its commitment to work with city authorities and provide consumers and businesses with a practical alternative to car ownership in urban areas and congested cities.

Zipcar’s free-floating fleet will extend from 100 cars at launch to more than 250 within the first month. The Zipcars – all Peugeot 208s – can be picked up and dropped off in and around the Brussels-Capital Region, within a zone that includes 16 of the city’s 19 communes.  The service will also be readily available to Brussel’s Zipcar members travelling to and from Zaventem Airport, the city’s international airport. Members can easily and spontaneously access a Peugeot 208 via the Zipcar app, giving them access to a versatile car that is well suited to life in the city with easy handling, low emissions and room for up to five people.

The free-floating service extends Zipcar’s international offering, which currently serves the needs of its members across 500 towns and cities globally with access to a wide range of vehicles. The car-sharing network also recently reached a milestone of one million members globally, highlighting the adoption of car-sharing services across the world.

Global membership in car-sharing services is projected to grow from less than 5 million in 2015 to 23.4 million in 2024, according to independent figures from Navigant, as consumers and businesses seek a more sustainable and economic alternative to car ownership, particularly in urban areas to supplement public transport infrastructure.

Zipcar International President Nicholas Cole said, “Today’s launch in Brussels marks a significant milestone for Zipcar. Not only are we extending our operations to another world-class city, but we are also excited to be launching our newest service, free-floating car sharing. Our proven ability in offering convenient access to a car, without the hassle of ownership, meets the need of our members to help them more easily navigate the city.” He added, “This development in our offering means that we are the first global car-sharing network to offer a variety of different car club models around the world, according to different cities’ requirements. We look forward to welcoming Belgian members to our network.”

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September 15, 2016: Avis Budget Group, a leading provider of vehicle rental services, announced it has agreed to purchase France Cars, a privately-held vehicle rental company based in France, to significantly expand its presence in the French market. Terms of the transaction were not disclosed.

This purchase will give Avis Budget Group the second-largest light commercial vehicle fleet in France. It is also a key step in affirming the company’s commitment to the local market, further increasing its ability to serve customers of all sizes, from entrepreneurs to multinationals to leisure travelers. The acquisition will add 8,000 cars, vans and light trucks to the Avis Budget Group fleet and will also add more than 60 locations to the Company’s rental network. France Cars generates vehicle rental revenues of approximately €60 million annually.

Mark Servodidio, President, International, Avis Budget Group, said, “We’re excited to announce our agreement to acquire France Cars.  We are committed to strengthening our presence in the local market, and this acquisition will complement our existing operations in the country. France Cars will bring a strong presence in the French local market business and a leading position in the light commercial vehicle segment.”

This transaction represents continued execution on Avis Budget’s strategy to expand its presence in urban and suburban markets within Europe. Last year, the Company acquired Maggiore Group, Italy’s fourth-largest vehicle rental business.

Thierry Jardin, Chief Executive Officer of France Cars, commented, “We are excited by Avis Budget Group’s commitment to acquire France Cars and are looking forward to working closely together.”

Closing of the acquisition is subject to consultation with France Cars’ employee representatives and customary conditions, including merger control clearance, and is expected to be completed prior to the end of 2016. This acquisition does not affect Avis Budget Group’s previously announced intention to repurchase $350 to $400 million of its stock in 2016.

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