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Doing business and investing in the USA8 September 2014
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A Snapshot PartsTrader provides a market-proven, easy-to-use, online, marketplace
platform that provides collision repairers with a single source for procurement of parts, connecting repairers with leading Original Equipment Manufactured (“OEM”) dealers, parts recyclers, and alternative parts suppliers
PartsTrader has a contract with a large insurer – an exclusive mandate to all metropolitan collision repairers in State Farm’s direct repair network. Mandated repairers must use the PartsTrader platform (7,800 current repairers - 7,000 mandated and 800 opted in)
The business has momentum in the US (it is operational in all 48 continental states) and has a proven operating model in New Zealand – PartsTrader New Zealand (sister company and licensee) launched in 2006 and now has around 65% market share of collision parts spend
PartsTrader is currently billing and successfully collecting subscription revenue from 7,000+ suppliers – one portion of its revenue model (transaction fees to be launched in 2015)
*PartsTrader platform – current monthly marketplace parts procurement, annualised
your suppliers
your parts
your choice
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Repairer sends Quote Request to suppliers (or Direct Order)
How PartsTrader Works
3 Suppliers submit Quotes4
Supplier Confirms OrderRepairer reviews quotes and then Orders parts5 6
1 2Car owner / Policyholder crashes their vehicle and lodges a claim with their insurance company
The insurance company who mandates /endorses the PartsTrader platform advises a repairer in their repairer network to assess the claim and agree to the policyholder’s preference
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Progress to DatePartsTrader is live in all 48 continental states in the United StatesPartsTrader has currently 9,000+ suppliers and 7,800+ repairers registered on the PartsTrader’s platform
LIVE active repairer states
Top statistics (peak performance to date)
Repairer quote requests per day7,500+
Repairer orders per day12,000+
Supplier quotes per day25,000+
Supplier confirmed orders per day12,000+
Electronic order value per day$4,500,000+
Total number of orders processed 1,800,000+
Confirmed electronic orders$730,000,000+
At present, 10% of US collision repair parts procurement volume is being processed through PartsTrader
NATIONAL COVERAGE
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Setting up Legal entity Tax Banking Employing staff
Lots of very good people Benefits Notice period 2 weeks
Property leases straightforward Getting visas takes time
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Doing business
Big country, geography and economy People work hard and travel a lot Some cultural differences It’s worth doing things properly first time There are many large and powerful
organizations It can take longer to get started but then
things happen quickly
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Be prepared
Leverage connections – impressions count Be well capitalized
Things may take longer There may be more opportunities
Understand that US businesses are used to being number 1
Competition can be strong
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Summary
Big country, big opportunity Be on your game from the get go Have a clear market entry strategy Employ locals as soon as you can
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