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When Ryan Hartman, co-founder of Chaiz, experienced a major engine failure just six months after his factory warranty expired, he found himself facing a hefty $10,000 repair bill. The incident made him realize the importance of extended car warranties and the lack of a convenient platform to compare and purchase them online.
Frustrated with the traditional process of obtaining quotes either in person from dealerships or via phone from call centers, Ryan saw an opportunity to create a solution that would revolutionize the industry.
The Founding Team
Ryan joined forces with Reto Bolliger, a serial entrepreneur, and Phillip Koenig, a tech and engineering expert, to bring Chaiz to life. Reto had a previous investor who owned car dealerships and highlighted the potential of selling warranties alongside cars. However, the lack of options and confusion among customers regarding coverage prevented optimal sales conversions.
Together, this dynamic trio set out to create Chaiz, the first and only comparison site for extended car warranties.
“‘If only there was a place to compare multiple plans and pricing online at the customer's convenience?’ they wondered. But that didn't exist...yet.”
About Chaiz: Simplifying Extended Car Warranties
Chaiz is a game-changer in the extended car warranty industry. The platform allows users to easily compare different plans and pricing options tailored to their specific vehicle and budget.
Unlike traditional methods, Chaiz enables customers to make informed decisions and complete their purchases entirely online, eliminating the need for time-consuming phone calls or in-person visits. Additionally, Chaiz operates with significantly lower overhead costs, allowing them to pass on savings of up to $1,700 per plan to their customers.
“The best part is we save our customers about $1,700 per plan since we don't have to pay for overhead and sales commissions like our competitors -- and we pass that savings on.”
The Problem it Solves
Chaiz addresses a critical issue faced by car owners: the fear of unexpected and costly repairs after the manufacturer's warranty expires. While car insurance protects against accidents, theft, and other unforeseen events, mechanical failures are 50 times more likely to occur.
Chaiz offers peace of mind by providing coverage for these unforeseen repairs, ensuring that customers are not burdened with exorbitant repair bills. By simplifying the process, Chaiz empowers car owners to make informed decisions and budget effectively.
Target Customer
Chaiz caters to a wide range of car owners who want to protect their investment and avoid unexpected expenses. Whether it's a brand-new car or a certified pre-owned vehicle, Chaiz offers plans that fit various budgets and coverage needs. With an emphasis on transparency and convenience, Chaiz appeals to customers who value time-efficiency and cost savings.
“60% of Americans can't afford to pay a $1K auto repair bill out of pocket. And while most everyone has car insurance that protects your first or second largest asset in the case of a car crash, you are 50 times more likely to have a mechanical failure.”
Revenue Model
Chaiz generates revenue through the sale of extended car warranties. By partnering with leading warranty providers, Chaiz offers a diverse range of plans to customers, earning a commission for each successful purchase made through their platform. This mutually beneficial relationship allows Chaiz to provide customers with a wide selection of options while supporting the growth of their partnering warranty providers.
Traction: Chaiz's Journey So Far
Since its launch, Chaiz has made significant strides in the extended car warranty industry. By offering a one-stop-shop for customers to compare and purchase plans, Chaiz has revolutionized the way car owners protect their vehicles.
The platform has garnered a strong reputation, earning a "Great" rating on Trustpilot, reflecting the satisfaction of their customers. With a focus on customer-centricity, Chaiz has built a loyal user base, establishing itself as a trusted and reliable source for extended car warranties.
Call to Action: Join the Chaiz Revolution
Are you prepared for unexpected car repairs? Don't let a breakdown derail your finances. Visit their website today and discover the peace of mind that comes with having an extended car warranty. With just a few clicks, you can compare plans, find the best coverage for your vehicle, and make your purchase entirely online. Say goodbye to the hassle of dealership visits and phone calls.
Congrats to Chaiz for being featured on StartupStage, a platform to showcase your startup and compete for features across our channels.
