Geoff Turral, a former CEO of Porsche GB Ireland, has launched CarCloud, a digital garage aimed at helping car owners save both time and money in the face of rising costs of owning a car in the UK. The country has been ranked among the least affordable in Europe for owning a car, with insurance premiums jumping 58% in 2023 and financing rates doubling to 8.4%. Turral identified the lack of digital solutions in the car ownership industry and decided to create CarCloud to streamline the process for drivers.
Through CarCloud, users can access a range of services, including reminders for MOT dates and the ability to compare and apply for financing and insurance more efficiently. The platform also provides customers with their equity position, allowing them to refinance to reduce outgoings. Turral emphasizes the importance of combining vehicle, driver, and behavioural data with industry insight to deliver a comprehensive solution to car ownership expenses.
Unlike cost comparison sites and competitors that focus on processing payments for items like car parking and tolls, CarCloud’s main focus is on car costs such as fuel, insurance, financing, servicing, and repairs. The platform partners with MoneySupermarket for access to 160 insurers and Experian for a bespoke finance panel to help drivers optimize their finance deals. Additionally, CarCloud offers the UK’s first consumer vehicle equity calculator to help users understand their financial position in relation to their vehicle.
Users can sign up for CarCloud by entering their registration details and creating an account, with the option to add up to three cars for free. Additional vehicle slots can be purchased for £4.99 each. The platform pre-populates car and driver data to streamline the setup process for users. Despite being a relatively new player in the market, CarCloud has already attracted over 100,000 vehicles in just 10 months of operation. The company has raised £1.8 million through crowdfunding and is currently oversubscribed for their recent Seedrs campaign, with plans to raise around £2.2 million in institutional funding by 2025. CarCloud is also planning to expand into the European market in the near future, with an upcoming announcement regarding their first partnership in the region.
