The process of buying a car is rarely easy or fast. And with the significant move toward e-commerce, many people are turning to the online world to make car purchases to try and avoid the hassle of visiting dealerships for days or even weeks. While there are several options on the market for those seeking to buy a car online, none offer what LetYouKnow, Inc. does. The new car matching platform allows buyers to set their own price for their desired car and matches them with a dealership willing to sell for that price - all within minutes.
LetYouKnow was made possible by the intricate, sophisticated software and matching system that was developed by a team of experts. And the company isn't stopping there. LetYouKnow has plans to evolve into the future with not only a new website look but also a new matching feature and an app that will make buying and selling cars much easier and faster. With a rapidly growing dealership network, LetYouKnow is poised to change the way people buy cars forever.
How LetYouKnow works
The idea for LetYouKnow was first conjured in 2004 by Boris Zhukov and Aaron Shao, who serve as the company's CEO and CTO respectively. After spending years perfecting the matching the model, the company officially launched its website at the end of 2020. Touted as a revolutionary way to buy a car on one's own terms, LetYouKnow empowers car buyers to choose what car they want and set their own prices based on their research, and then if their price is accepted, which is an instant process, they're matched with a dealership within a buyer-chosen radius.
The buyer will then pay a prepaid fee of $799, which goes toward the set price they've already submitted and will receive the dealership's information. At that point, the buyer will have 10 days to complete the transaction at the dealership and pick up their new car. LetYouKnow currently only facilitates matches with brand new cars for ownership. Buyers can choose to pay outright or finance their vehicles. If there's no match for the price the buyer set, the buyer pays nothing.
The software behind the scenes
The software behind LetYouKnow truly started from the ground up. Shao, who is a programmer and highly experienced in the world of technology, said they used Microsoft and Google technologies to develop the system. LetYouKnow currently has both a buyer website and dealer website to make the process seamless on both ends.
"We designed our products from the ground up using the latest Microsoft frameworks and one of the best UI frameworks that are backed by Google," Shao said. "All of our software is hosted in the Azure cloud for maximum efficiency, flexibility, scalability and stability. Our buyer site lets consumers get the best deal they can find, and our dealer portal site lets dealerships easily list their inventory on the LetYouKnow platform."
In order to make the vision come to life, the LetYouKnow team worked with a roster of talented developers to program all the features, including the buying process that customers journey through. Shao said they spent a lot of time fine-tuning the matching algorithms, which involved a great deal of mathematical modeling.
"On the technical side, we worked with a team of talented developers and programmed all the individual features that make up the straightforward three-step buying experience," said Shao. "We spent a lot of time meticulously perfecting the algorithms to always provide the best deal for our buyers. On the design side, we worked with a renowned digital marketing firm that counts industry heavyweights such as Airbnb, Spotify and Zillow as their clients."
The customer experience and a competitive advantage
Because LetYouKnow's product is unique, having cutting-edge software is crucial in order to maintain simplicity and convenience. Shao said the software they use and the program they've created ensure the customers won't hit any snags.
Currently, LetYouKnow's signature product is trademarked, and Shao said they have a patent pending for their matching algorithm, which is used in variations by all three products. Zhukov said they've also trademarked the phrase "Knowledge Saves," a term that's important to the core goal of empowering buyers to set prices based on the research they've done on cars.
The team at LetYouKnow also uses data extensively to make the experience the best it can be for both buyers and dealers. On the platform, the buyer can choose the search radius that is used to properly map buyer bids to dealers within the desired area. Search radius distances were derived based on distance data gathered from consumers and one product, LightningCarDeals (also known as One Deal Near You), was built by optimizing buyers' distance preferences to offer a static 100-mile radius in order to appeal to buyers who seek convenience of getting a deal on their car within 100 miles.
"We're structuring our vision around quantitative tools and plans," said Zhukov.
Shao also said that data collection, modeling and having the best software makes LetYouKnow a competitive e-commerce business and gives them a leg up on other companies.
What the future holds
As far as the plans for the future of LetYouKnow in terms of software and the buyer experience, the team at LetYouKnow is not only revamping their website but also preparing to launch an app in the near future. The app will make the process more seamless for both buyers and dealers.
A new Active Matching feature is also in the works and will let dealerships adjust prices based on real-time submitted rates. "We want to be steps ahead of everybody for years to come," Zhukov said.