Cardoc, an in-house startup of Korea’s major web portal operator, Daum Communications, announced on July 30th that its cumulative number of auto repair estimates surpassed 40,000, with the total estimate of 20 million dollars, only after 500 days of its official launch.
Cardoc officially launched in February of 2013. Despite only having been in the market for little more than one year, Cardoc became extremely popular among imported-car owners in Korea as a must-have app, resulting in more than 200,000 downloads (equivalent to 10% of the entire imported car owners in Korea).
The Korean venture firm provides auto repair cost estimates through its mobile platform Cardoc, in which car owners submit photos of damages and get instant estimates on the repair and further consultation with experts.
The venture company currently receives an average of 4,000 requests a month, with monthly estimates reaching $3 million in aggregate.
Cardoc’s partnering businesses have also seen significant increases in their sales, from as little as to 10% to as high as 100%. With such extraordinary results, Cardoc plans to make a transition into providing paid services later in the year.
Cardoc also has a very high level of customer satisfaction for its services. On average, it takes only six minutes and thirty seconds to get the first estimate after the Cardoc users send requests to its partnering repair shops. On average, the users receive about 3.9 estimates per request.
The credibility and reliability of the repair shops also appear to be very high, due to Cardoc’s unique reviewing system. The users can only upload reviews once they have used the services provided through Cardoc.
Joon-Noh Lee, the CEO of Cardoc, said in an interview that Cardoc has already gained more than 10% of imported-car owners in Korea as their clients after only 500 days of launching due to its fast and precise cost-estimating service. Furthermore, the CEO announced that Cardoc achieved over 99% customer satisfaction rate, one of most important business objectives for Cardoc.
One of the most important advantages of the service is that all of the provided services can be done without revealing the user’s identity or a separate membership registration. It only requires a minimum of three pictures of the damaged parts to get real-time estimates from participating repair shops and even chat real-time with the mechanics.
Cardoc, which separated from Daum in January 2014, attracted investments from IDG Ventures Korea and BonAngels Venture Partners only three months after its launch. It is set to further expand into the rapidly growing automobile aftermarket worth $85 billion by attracting additional investments.