NativeAdVice & NativeAdVantage
Search

NativeAdVantage 10-Q2BA:

(10 Questions 2B Answered)

What do you do best?
What makes you the best?
Biggest success?
What are your aspirations?
Most challenging moment?
Favorite Motto?
Favorite People?
Favorite Places?
Favorite Products?
Current Passions?


Featured NativeAdVantage:

Andy Weir: Author of "The Martian"

John Philipson: VP, Six Senses Resorts

Tom Sito: Chair of Animation, USC Film School

Elizabeth Wynn: Broker, Sotheby's RE

Leonard Greenhalgh: Professor, Tuck-Darmouth)

Ryan Blair: NY Times Best Selling Author/Entrepreneur

 

Featured NativeAdVice:

Shai Reshef: Founder of University of the People

Paul D'Arcy: SVP of Indeed

Susan Hatje: GM of Mandarin Oriental, NY

Dan Laufer: Co-Founder of RentLingo

Hilary Laney: President of Tri-Digital

Greg Marsh: Co-Founder of onefinestay

Omar Qari: Co-Founder of Abacus

Gabriell Weinberg: Founder of DuckDuckGo

Stacy Rauen: E-I-C of Hospitality Design Mag

Jon Gray: CRO of HomeAway

Joe Speiser: Co-Founder of LittleThings.com

Ben McKean: Co-Founder of HungryRoot

John Boiler: Founder/CEO of 72andSunny

Wayne Pacelle: CEO of The Humane Society of the US

Tom Guay: GM at The Sagamore Resort

Dr. Alejandro Junger: Founder of The Clean Program

Rob Flaherty: CEO of Ketchum

Neil Thanedar: Founder/CEO of LabDoor

Andy Grinsfelder: VP of Sales/Marketing, Delaware North Resorts

Laura Frerer-Schmidt: VP/Publisher of Women's Health

Avi Steinlauf: CEO of Edmunds.com

Kathy Bloomgarden: CEO of Ruder Finn

Gabriel Flateman: Co-Founder/CTO of Casper

Mark Bartels: CEO of StumbleUpon

Bill Hagelstein: President/CEO of RPA

Adam Singolda: Founder/CEO of Taboola

Jonathan Plutzik: Proprietor of The Betsy-South Beach

Jessica Scorpio: Founder/VP of Marketing at GetAround

Ralph McRae: CEO of Leading Brands

Warren Berger: Bestselling Author

Liz Kaplow: Founder/CEO of Kaplow Communications

Dave Girouard: Founder/CEO of UpStart

Dave Asprey: Founder of BullectProof Executive

Douglas C. Smith: President of EDSA

Val Difebo: CEO of Deutsch NY

Guido Polito: CEO of Baglioni Hotels

Doyle Graham, Jr.: CEO of Valencia Group

Oscar Farinetti: Founder of Eataly

Angelo Sotira: CEO of DeviantART

Ali Khwaja: CFO of Safecharge

Zach Erdem: Proprietor of 75 Main

Jim Beley: GM of The Umstead Hotel

Alexis Gelburd-Kimler: Proprietor of West Bridge

Elie Georges: Proprietor of Hotel San Regis

Kalen Caughey: Founder o VOKE Tab

Michael Friedenberg: CEO of IDG

Donna Karan: Founder of DKNY

Edward Nardoza: Editor-in-Chief of WWD

Scott Dadich: Editor-in-Chief of Wired

Rhona Murphy: Former CEO of The Daily Beast

David J. Pecker: CEO of American Media

Lilian Roten: VP of Swissotel Hotels

Kenny Dichter: Founder/CEO of Wheels Up

Joshua Tetrick: Founder/CEO of Hampton Creek

Paul James: Global Brand Leader of The Luxury Collection

Dr. James Wagner: President of Emory University

Amy Thompson: President of ATM Artists & Management

Neil Gillis: President of Round Hill Music

Brett Matteson: President of Columbia Hospitality

Jonathan Reckford: CEO of Habitat For Humanity

Phil Harrison: President/CEO of Perkins+Will

Chef Bill Telepan

Tony Horton: Founder of P90X

Beth Weissenberger: Co-Founder of The Handel Group

Michael Fertik: Founder/CEO of Reputation.com

Dana Cowin: Editor-in-Chief of Food & Wine

Bob Proctor: Chairman of Proctor/Gallagher Institute

Dennis Turcinovic: Owner of Delmonicos

Vittorio Assaf: Co-Founder of Serafina Restaurant Group

Shafqat Islam: Co-Founder of Newscred

Matt Williams: CEO of The Martin Agency

Bruce Rogers: Executive Chef at Hale & Hearty

Caleb Merkl: Co-Founder of Maple

Candy Argondizza: VP of Culinary at ICC

Neil Sazant: President of The Sagamore

Matt Straz: Founder/CEO of Namely

Terry Couglin: Managing Partner of Marta/Maialino

Andrei Cherny: Co-Founder/CEO of Aspiration

Ronen Nissenbaum: Managing Director of Waldorf Astoria NY

Patrick Godfrey: President of Godfrey Q

Sarah Berman: Founder/President of The Berman Group

Michael Schwartz: Owner of Genuine Hospitality Group

Stephan Aarstol: Founder/CEO of Tower Paddle Boards

Peter Shaindlin: COO of Halekulani Corp.

August Cardona: Founder/CEO of Epicurean Group

Nick Kenner: Co-Founder of Just Salad

Thursday
May112017

Sy Bohy: CEO & Co-Founder, Instamotor

My NativeAdVice:

Bio:

Sy Bohy is the CEO & Co-Founder of Instamotor. Right after graduating from Stanford, Sy joined Nest and was part of the team acquired by Google. He enjoys coding and spending time in the outdoors.

How did you get into the industry?

A few years ago, I helped my mom purchase a used car online. What felt like a great deal ended up being a total scam, and I knew there had to be a better way. Soon after this experience, I connected with our Co-Founder Val Gui on Hacker News and we started discussing the used car space in depth. Together we identified ways the process could be more convenient and reliable for those looking to buy a used car. Within a few conversations, Instamotor was born.

Any emerging industry trends?

The fintech ecosystem has matured over the past several years, allowing companies like Instamotor to start offering financing even though it isn’t a primary competency of ours. We predict that we’ll continue to see more businesses and marketplaces monetize from fintech and insurance offerings.

Also, we have seen a shift over the past few years of people becoming more comfortable with the idea of peer to peer commerce. Airbnb is a prime example of this trend.

Lastly, with the use of artificial intelligence, we are able to expand on what we build and what we offer. Machine learning was previously used only by big players in the space, but now smaller companies are able to deploy arguably advanced technologies within their offerings. Instamotor uses AI for fraud detection and behavioral analysis, just to name a few.

Any industry opportunities or challenges?

Opportunities within the industry overall:

With the application of fintech, car buyers no longer have to go directly to the dealer to receive a loan, which makes the overall experience more convenient.  

The private party sector is becoming more popular and appealing to the average consumer, which is essential for marketplaces like Instamotor.

Challenges within the industry overall:

The macroeconomic environment has been tough for middle class Americans. Since transportation is a major source of spending (and a necessity) for many Americans, the industry has had to respond to the demand for affordable options.

With electric cars becoming more mainstream, the industry can no longer keep the status quo with gas vehicles. We may see an urgency for people to switch to electric and higher efficiency vehicles within the next several years.

Inspiration for the business idea, and your vision for the Business?

The inspiration came after my mom and I were the victims of an online car buying scam. Knowing I wasn’t the first to be scammed, I knew there had to be a better way. I shared my experience on Hackers News forum and was connected with our co-founder, Val Gui. Val had previously managed twelve dealerships with $450 million in combined revenue. During his dealership days, he identified inefficiencies within the system and wanted to find ways to improve them. After a few conversations, we came up with the idea for Instamotor.

Our vision for Instamotor is to create a space where people can transact with each other safely and transparently, and save money along the way. We want to educate our users on used car purchasing so they feel confident they are getting a good deal, and so they know how to prolong their purchase.

What's next for the Business in the near future?

Instamotor will be offering loans in 2017. This way, Instamotor can be a one stop shop for users who want to finance their used car purchase without having to talk to a dealership or bank.

We currently serve San Francisco, San Diego, Los Angeles, Houston, and Dallas. We aim to expand to additional markets in 2018.

Your key initiatives for the success of the Business?

To ensure future success of the business, we will be launching a research platform people can use to better educate themselves on buying a used car. We’ll also be securing additional partnerships with auto lenders.

Your most difficult moment at the Business? (and what did you learn?)

Instamotor’s initial business model entailed someone from our team going to the seller’s house, taking photos of the car, washing the car, creating ads for it, scheduling and facilitating test drives, etc. Think TaskRabbit for selling a car. We quickly realized this business model wasn’t fluid, so we had to be adaptable and find areas of improvement. We made some hard decisions (for example, we had to let our dedicated early employees go while we pivoted), but we knew the decisions we were making were necessary if we wanted this business to scale.

Ideal experience for a customer/client?

An ideal experience for our customers would be for them to have a positive experience overall. We want Instamotor users to be able to find a car they really love, feel good about the purchase, and get easy access to financing at a low rate, all while being educated on how to get the biggest bang for their buck and increase the lifespan of their car.

How do you motivate others?

We genuinely care about the wellbeing of all of our employees. We try to hire top talent people whose goals and passion align with ours. Also, Val and I are as transparent as we can be because we want the team to always know what’s going on. We’re in this together, it’s not an individual effort.

We also focus on making sure that people can grow while they work here. We encourage learning, and provide a $5,000 per year stipend for our employees to go to conferences, take courses, buy books, etc.so that they can actually further their education.

Career advice to those in your industry?

Identify a real problem many people have and come up with a way to solve it. Don’t be afraid to pursue endeavors that are “unsexy”.

https://www.facebook.com/instamotor/

https://twitter.com/instamotor