Monday Interview: Tom Marley, CEO and founder of the Car Buying Group

The Car Buying Group is in its fourth year and has enjoyed year-on-year growth since it launched. CEO and a founding member of the company, Tom Marley, says that the business model centred around offering convenience to consumers has helped it to succeed.

The majority of the firm’s operations are in Wakefield, while a number of the 23 staff members are based in Bradford. It has gone from a £3m turnover start-up business which saw Marley and shareholders re-mortgage their houses, to last year reporting an annual turnover of more than £20m.

Marley feels sure that trend is set to continue, as transactions this month are already 50% up on the previous.

Marley said: “Four years ago, we were looking for areas in a market which were right for disruption. There was one monopoly player in this market and so we went from there.

“At that time, the online section of the industry was in its infancy and we wanted to step in and offer choice and convenience for consumers.”

The Car Buying Group works on the premise that a valuation of a car is completed online and if the consumer is happy with the quote, the firm will arrange to pick the vehicle up directly.

Marley added that the idea was to give the consumer the money for the car there and then, rather than any delays in money being transferred. “Often people just don’t want to go to a dealership and negotiate. The consumer doesn’t want to feel pressurised. People like the anonymity; so it’s about taking the hassle out of bartering.”

Asked what this could mean for car dealerships, Marley said: “I am not saying that this is the death of the dealership, there will always be a need for them.

“Cars are the second most expensive asset that people buy. Often, consumers are cash rich but time poor and that’s where our offering comes in.”

The company has begun to invest in data and technology and will further look at doing this to track customer needs and trends closely, to understand their buying habits fully. “We now want to take the convenience to the next level,” Marley added.

Marley is Bristol born-and-bred but moved to Yorkshire a number of years ago, where he lives with his wife and three children. He said Yorkshire now felt like his home and that it had been the perfect place to set up the business; because the skills were right in the area and also it offered work-life balance that was imperative to him and the staff he employs.

He said: “The tech and digital work that is coming out of Leeds at the moment is very refreshing. It’s great to all of the investment going on in the region – it’s thriving.”

Marley added that he felt there needed to be more funding available for new start-up businesses to thrive and get a chance to shine in the region. “t’s exciting to be in business around Leeds, Wakefield, Sheffield, Bradford and areas and I am sure that will continue.”