About the Business
Beep Auto Service Finder Inc.
Bay 11, 6325 - 12th Street SE
Calgary Alberta T2H 2K1
Beep Auto Service Finder Inc. is an Alberta corporation.
Matthew Horne – Founder and Owner
Matt Horne has been an entrepreneur in the auto service space for more than 11 years. In that time he developed a successful business, as well as the relationships and understanding of the market that would lead to the creation of Beep for Service. Matt is a former Canadian national team athlete, Top 40 under 40 award winner in Calgary, and long standing member of the Entrepreneur’s Organization (EO), a global peer to peer network for entrepreneurs.
Description of Business
Beep Auto Service Finder is an online marketplace, connecting drivers to service providers through the Beep mobile app. Users book auto service through the app, choosing where and when they want the work done, all at a hassle-free fixed price. Service providers gain access to new bookings, along with the support and resources to drive efficiencies and revenue for their business.
Beep focuses on warranty approved, non-mechanical auto services that can be performed in under one hour, and need to be done several times per year. Examples include oil change, jump start and battery service, windshield repair, washing and detailing, and tire service. Users can browse service providers based on location, price, or service rating. The price on the app covers parts, shop supplies, labour and environment disposal fees. Their registered trademark is ‘The price you book, is the price you pay’.
Available for more than a year on iOS for iPhone and iPad, the app currently has 23 Providers offering services in more than 100 locations primarily in Alberta and Saskatchewan. The primary revenue driver of the app is bookings. Users create a profile once, scanning their vehicle’s VIN, creating an account and linking their credit card to it. After each service is completed Beep Auto Service Finder Inc. transfers the payment balance to the service Provider less the booking fee. To date, Beep has achieved more than 33,000 service bookings from three initial service categories, without significant investment in marketing or promotion.
Use of Funds
Beep Auto Service Finder Inc. is seeking to raise a total of $30,000 through their loan on ATB LendR. Funds will be used to promote Beep to potential users and service providers through touchscreen kiosks in retail locations, or other methods as may be appropriate.
Terms of Lender Loans
Loans will have a term of 1 year (12 months), beginning after the loan is successfully funded. Beep Auto Service Finder Inc. will repay the principal plus 12% interest, calculated simply as the original loan amount plus 12%. For example, the full $30,000 loan will be repaid as $30,000 + ($30,000 x 0.12) = $33,600. Beep Auto Service Finder Inc. will make monthly payments of 1/12 the total repayment amount.
Beep Auto Service Finder Inc. has the option to repay the principal balance in full before it is due, subject to a fee if more than 3 months remain on the term. The fee will be the equivalent of 3 months interest.
Beep Auto Service Finder Inc. has been in operation less than two years. There are meaningful financial, operational, and market risk for any young business. There are also specific risks in its business model
• Beep’s success relies on consumers installing and using the app. It competes for distribution and use in a crowded app marketplace, and on the individual users device. Direct or indirect competitors may appear at any time.
• Beep’s marketplace has to satisfy the needs of both users and service Providers. Growing both sides of a marketplace is more complicated than a typical single market business, and brings the risk that a competing marketplace may build scale more quickly and win a dominant position.
This Lending Profile does not contain a statement that, in a material respect and at the time and in light of the circumstances in which it is made, is misleading or untrue and it does not fail to state a fact that is required to be stated or that is necessary to make a statement not misleading.
Certified as of: June 20, 2016
By: Matthew Horne