My Future Business Interview with Nicholas Hinrichsen
#refinance #withclutch # nicholashinrichsen
Hi, and welcome to the show!
On today’s My Future Business Show I have the pleasure of spending time with the co-founder of multiple successful automotive-related start-ups, Nicholas Hinrichsen about saving money on your car loan and what it takes to start a new business.
Nicholas’s first experience as a start-up co-founder, was with a company called Carlypso after graduating from Stanford Business School in 2013. During that time, Nicholas and his co-founder, Chris, went through YCombinator (same start-up accelerator as AirBnb, DoorDash, Stripe, Reddit etc) in 2014, and raised a total of $10M in venture funding by 2015 and sold the business to Carvana.com in 2017.
From there, Chris and Nicholas joined Carvana pre-IPO, went public at a $2.5bn valuation and are now worth $25bn. Carvana is the most valuable used car retailer in the U.S. Nicholas and his co-founder continued on at Carvana for 3 years and left in June 2020 to start a digital auto loan refinancing platform, where their aim is to help Americans with challenged credit to address income inequality.
To give context to today’s call, and to help better explain ‘With Clutch’, 100,000,000 Americans have a car loan and more than 20% of car owners are overpaying on their auto loan rate. In 2019, more than 47% of all funded mortgage applications were refinancing’s. Meanwhile, barely 5% of all funded auto loans were refinances.
On the one hand, Americans simply don’t know that they can refinance their auto loans and save thousands of dollars. On the other hand, the process of refinancing your car loan is far from fast and easy: the process is usually inconvenient, requires several phone calls and emails, and you only find out what your total savings are once you’ve gone through this cumbersome and tiring process.
Enter ‘With Clutch’ which is a fully digital platform that lets car owners like you refinance their vehicle loan from the comfort of their own home and 100% online. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.
The thing that stood out for me when talking with Nicholas, is his approachable manner which, as he mentions, is an important quality to have when working with hundreds of people in a team environment.
This content-rich call has a lot to offer start-up entrepreneurs wanting to learn how to be successful, and also for those who are looking for a better deal on their ride.
To find out more about With Clutch, or to contact Nicholas directly, click the link below.
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Thanks again Nicolas, for being my guest on The My Future Business Show!
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