The management team of Honcho, the UK’s first ‘reverse auction’ market-place for car insurance has announced that they are “packing up.”
See official statement taken from their website below:
We’re packing things up…
After 3 years of trading and 5 years in the making we’re unfortunately packing up Honcho’s reverse-auction marketplace and placing it in to retirement.
Why you ask? Well, in truth, we’ve found it difficult to acquire customers in a highly space and the economics mean it’s costing more money to run things that we’re making from selling policies.
We’d like to say a huge thanks to those that have supported us from start to end, without your help we’d have never got things off the ground, so we’re extremely grateful.
Hopefully we’ll cross paths again but for now it’s goodbye.
Team Honcho