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There's an instructive lesson here in how both valuation and annual run-rate are meaningless numbers without a sound fundamental business underneath. Beepi was valued at $500MM and had an almost $200MM annual run-rate, yet evaporated and is now worth absolutely nothing. Who else out there has 9, 10, or even 11-figure valuations and high revenues but is actually a worthless business?
What's going on?
I bought a car on Beepi, and it was a great experience, much better than buying a used car from a traditional dealership or a private party (e.g., Craigslist). One thing that struck me as particularly crazy, though, is that they allowed you to charge your entire purchase to a credit card! That was great for me, since I got a ton of credit card points out of it, but it didn't seem very sustainable, and I guess it wasn…
Of course at the time I thought it was incredible that in 2015 I could purchase AND PAY FOR a new car without leaving the comfort of my couch. But in retrospect if I would have paid in dollars and kept the Bitcoin, or waited until 2017, I could have bought a Lamborghini!
There's an instructive lesson here in how both valuation and annual run-rate are meaningless numbers without a sound fundamental business underneath. Beepi was valued at $500MM and had an almost $200MM annual run-rate, yet evaporated and is now worth absolutely nothing. Who else out there has 9, 10, or even 11-figure valuations and high revenues but is actually a worthless business?
Oh weird, this exact comment was also posted on reddit (r/business) What's going on?
Earlier quoted context omitted.
I hope they're doing well. We got a car from them few months ago, it was so much better than going to the dealer.
Same, sold my car through them, and recommended a friend to the same. Great experience all around. The fact they were willing to deal with cars older than 6 years was the only reason I looked at them over Beepi.