Car ownership in the UK is becoming increasingly expensive, with insurance premiums rising by 58% in 2023 and financing rates doubling to 8.4%. A study has ranked the UK among the least affordable countries in Europe for owning a car. In an effort to change this, entrepreneur Geoff Turral co-founded CarCloud, a digital garage aimed at empowering car owners and saving them both time and money.
Turral, with a 30-year career in the automotive industry that started at Vauxhall and ended as CEO of Porsche GB Ireland, came up with the idea for CarCloud out of frustration with the outdated business model in the industry. He saw that car ownership was fragmented, with important documents scattered in various locations. CarCloud was created to apply the digital convenience that consumers experience in other aspects of their lives to car ownership, which is becoming increasingly complex and expensive.
CarCloud aims to solve the problem of fragmented car ownership by providing an all-in-one solution that combines vehicle, driver, and behavioral data with industry insight. Through a freemium model, users can access web and app services that make processes such as car financing, insurance comparison, and maintenance reminders more efficient. By providing users with their equity position, CarCloud helps them refinance to reduce their outgoings, which can be the single biggest cost element of car ownership.
In comparison to cost comparison sites and competitors, CarCloud’s focus is on car costs such as fuel, insurance, finance, servicing, and repairs, rather than just processing payments like car-parking and tolls. The platform partners with companies like MoneySupermarket and Experian to provide users with access to a wide range of insurers and finance deals. CarCloud also offers the UK’s first consumer vehicle equity calculator, allowing users to track the value of their vehicles over time and make more informed financial decisions.
The process of using CarCloud involves entering vehicle registration information, completing an account, and accessing the user’s personalized ‘garage.’ Users can add up to three vehicles for free, with additional vehicles available for a fee. With over 100,000 vehicles registered in 10 months, CarCloud has raised £1.8 million and recently completed a successful second Seedrs crowdfund. The company is currently targeting institutional funding in 2025 and has signed an NDA for its first European market expansion, which will be announced soon.
Overall, CarCloud seeks to revolutionize the way car owners manage their vehicles by providing a comprehensive and user-friendly platform that helps them save time and money. With a strong focus on whole-life car costs and strategic partnerships with industry leaders, CarCloud is poised to continue its growth and expansion in the UK and beyond.
