Engin Yeşil was born and raised in Istanbul, Turkey. At age 17. he was sent away to college in the United States. After studying Finance at the University of Florida, his entrepreneurial endeavours began. He founded several companies in sectors such as e-commerce, telecommunications and computer software, some of which were publicly listed. In 2008, Engin returned to Turkey to take over the family business, Yeşil Kundura, founded by his father Mustafa Yeşil, and to make investments in construction and energy industries, currently operating number of companies in both countries USA and Turkey.
Established by siblings, Mustafa Yeşil and Recep Ali Yeşil, Yeşil Kundura was the first shoe factory in the private sector to produce military boots. The company was a contractor of the Turkish Armed forces and could hardly keep up with the demand. In 1987, Mustafa Yeşil acquired his brother’s shares and proceeded to run the company himself until it was inherited by his children, Engin Yeşil and Emel Yeşil.Yeşil Kundara’s Firsts:
Yeşil Kundura was the beginning of everything for me and one of the most precious periods of my life. It began with my childhood. It was the first business education that would direct me later on in life. When I was child, my father would take me to his factory on the weekends and I would drive around on a forklift and get up to mischief. I learned many life lessons from my father in that period. I want to share a memory of an event, that I could not understand as I experienced it as a child, but today, I would want every child to be given an example from it.
I was making my own kite at home. I'm talking about those old kites with tassel tails, greasy paper and wooden dowels. The string I needed for my kite was the same as the twine used in our factory for stitching, so there were thousands of reels available. My father and uncle were partners at then time, but he would not allow me to take any. “It is not ours” he said, “half of it belongs to your uncle.” Regardless, being a kid, I stole a reel of twine from the factory and hid it under the car seat and brought it home. With many examples like this, I learned about hard work, equality, determination, honesty, and many more life lessons, just by observing my father at work. He was extremely hardworking and a very technical person. He designed and built many machines in the factory himself. I think that my childhood experiences at Yeşil Kundura were a very important contributor to my business life. It is very important to me to keep this company as a fatherly heirloom.
From 1986 to 1996www.1800contacts.com
1800 Contacts was founded by Engin Yesil in USA. 1800 CONTACTS is the world's largest contact lens distribution and online retailer. It was the pioneer of mail order contact lens sales. Even today, it maintains its market leader position and is among the top 500 brands in the US.
"It was my first company launched on July 16th, 1986. At that time, is was called Lens Express Inc. and afterwards the name changed to 1800 CONTACTS. It was my college years. My friend and I partnered 50/50 as a joint venture. He had a two-bedroom apartment and we turned it into our office. We installed two phone lines and two desks and off we began. We put a full-page ad in Cosmopolitan, the most widely circulated female magazine of that time. At the top of the ad we featured a picture of a girl’s eyes. One of her eyes was blue and the other was brown. The copy: We mail all types of contact lenses to you at 70% cheaper than Lens Express, including coloured lenses. As soon as it was published, our phones were ringing off the hook. Our girlfriends took a supporting role as our call centre staff, and my partner and I packed the orders and delivered them to UPS. After 1 month we rented an office and moved. Only 15 days into the business, I turned to my partner and said, "We will be the world's largest contact lens distributor."
When we sold this company 10 years later in 1996, we were selling 80,000 lenses a day and were the world's largest lens distributor. Our closest rival was selling a mere 8,000 lenses. After we sold this company, it changed hands three more times and still, 30 years later, 1800 CONTACTS continue to operate as the world's largest lens distributor. The core of my work experience developed through this company because even in the US, the smaller companies just started using computers. Computer software was expensive and there were no packages available. In order fulfil the needs of our company, we had to develop the software ourselves, completely in-house. The result was a program that held the stock of more than 85 different types of contact lenses, the CRM of over 2million customers, Interactive Voice Response (IVR) technology which was used at a call centre with 200 staff members, integration of logistics companies such as FedEX and UPS and much, much more. We experienced technical difficulties that resulted in legal problems and unfair competition. The giant corporations that supplied us with lenses stopped selling to us because of on-going pressure from ophthalmologists. At the end of a five-year struggle, these giant firms paid over $500 million in fines in 22 different states for unfair competition and were forced to sell lenses to us again. The struggle for survival in this process and the difficulties like this have prepared me for the future. The starting capital of this company was 20,000 TL and I sold my shares for 40 million dollars.
1800 CONTACTS is currently valued at 700 million dollars.
From 1994'den to Presentwww.tel3.com
Tel3 Inc. was founded by Engin Yesil in the USA. Tel3 Inc was marketing based on providing affordable international and domestic telephone services to homes and businesses. Tel3 Inc. quickly became a rival to world giants such as MCI, AT&T and Sprint.Firsts from Tel3:
"During the years before I had sold 1800 Contact, we had about 200 employees working at the call centre. We were incurring on average $250,000/month in phone bills. I decided to pursue a Reseller Agreement with a telecom company called Worldcom. Our first customer was Lens Express. With an individual focused "Network Marketing" system, we converted customer telecom lines to Tel3. They were benefitting from a 50% reduction on their monthly phone bills and at the same time, by giving referrals, they were getting an additional 2% revenue each month from the phone bills of their referred friends. This system was valid up to 8 levels. If, as a customer, you refer 3 new customers and they in turn refer 3 more customers, who also then bring 3 new customers etc. this could reach up to 9840 customers in 8 levels and every single month they would receive 2% cash back from the accumulated revenue. For this reason, I named the company Tel3. I owned 95% of this company and started it with a capital of $1 Million. The Company grew rapidly, reaching 20 thousand individual distributors and a portfolio of 250 thousand customers within 2 years.
I personally designed the proprietary software system which was capable of tracking monthly billing transactions and accurate distributor payments. Unfortunately, during those years, there was no readily available software packages in the market, and our unique process was a live system that needed to be developed and customized continuously. After 3 years, the profit margins of this company started to decline. Companies such as AT&T, MCI, and SPRINT began reducing their monthly charges from 30 cents to 10 cents. As a result, Tel3 became unable to provide rates to customers at the competitive 50% discount level and the business lost its appeal. In search for a solution, I developed a new product for Tel3. – the first smart phonecard. With this card, customers were able to make a call from any phone and pay less for international and long-distance calls. They could also see an itemized list of all their calls on the internet. Additionally, this sim card was tied to the customer’s credit card, and when their balance fell below a certain limit, it automatically recharged by the amount of $25. As a result, during the call, the line was never disconnected. It also came with features such as user recognition, speed dial etc, which can be perceived as a standard today but at the time was innovative. We expanded our software to include these features. With revolutionary developments in smartphone technology with technology such as Skype, WhatsApp etc. the demand for services provided by Tel3 reduced significantly, and consequently revenue levels gradually dropped $3 Million per year. The Company still continues to be operational within the umbrella of Next Group Holdings, a Yesil partnership, even after 23 years."
From 1998'den to Presentwww.tellza.com
Founded by Engin Yesil in the USA. Radiant Telecom started to operate as a company that manufactures and markets phone cards, after which it was finally transformed into a company called Tellza that provided phone card platform services, IP network services and finally IP Softswitch & Billing services.
Today, Tellza is a publicly traded company in the Toronto Stock Exchange, with annual revenues over $500 million.Radiant Telecom Firsts:
Proprietary soft switch with full redundancy
"There are many people with different ethnic backgrounds living in the USA. They use cheap phone cards to call their relatives in their home countries to talk with them. Using our telecom infrastructure know-how from Tel3 and our experience in switch technologies, we decided to enter this market. And with our Radiant brand, we went into the phone cards market.
Within 3 years, we reached a 7% market share in the US with 4,000 distributors and 200,000 sales points. We were selling over 5 million cards a month. The company annual revenues were around $ 100 million. We designed the switching platform ourselves that allowed the cards to work. I developed this into a mega-switching platform that fully integrated functions such as all signalling, timing, pricing, billing, PIN database management, activation, CRM customer services. At the same time, more than 30 Thousand Radiant card users were able to talk on this platform without getting a busy signal.
We developed a system that activates cards and loads phone credits during sales transaction and we called it Radiant POS. With this system, real-time activation was performed at more than 7000 locations at any given time.
In 2001, we established a holding company, Ntera Holding, to provide this platform service to other service providers and we structured 4 different companies under it:
Intelligent Switching & Software, with its inhouse developed proprietary software, created a 100,000-channel switching platform and started providing infrastructure services to other phone card companies.
Numind Software Systems developed software to integrate phone cards and Mobile Top Up Cards into POS systems and provided Radiant Telecom POS integration services in 7,000 locations. With SIP signalling technology, it developed a new switching code software.
Ntera Networks began offering toll quality services for the first time in the US by setting up IP switches in NFL cities. In 2002, it became AT&T's first and largest IP voice network provider.
Over time, the popularity of phone cards decreased. Mobile phones have become cheaper, and in the last 10 years, the trend is mixed. In 2006, I decided to liquidate this company. In later years, we started to use the IP Switching and Telecom Arbitrage system that we were developing in Tellza, the publicly traded company in Canada. Today it has become an industrial IP switchboard platform. The system is capable of handling more than 50,000 conversations at the same time and has a speed of more than 6000 transactions per second. With this system, we provide voice services to more than 1,500 companies, including the largest telecom and mobile operators in the world. One of the most important features of this company is full automation. Although there are less than 30 employees in Tellza, the Company makes more than $500 million in annual revenue. This amounts to $16 Million per employee.
Founded in the USA by Engin Yeşil and Jeff Wilson. The company developed a proprietary software that enables buy/sell trades on the Nasdaq and NY Stock Exchange electronically. The shares of a public company in the US can be traded in more than one stock market. The shares of a company in Nasdaq can be bought and sold from ECN (Electronic Communications Network) such as Archipelago, Instinet, Island, BRUT and Redibook. Due to the system and software developed by STS, Nasdaq and all other ECNs were able to be connected with direct data feeds. When the system displayed the same share on the trader’s screen, the trader could see the price differences between the ECNs and quickly buy the share from one ECN and sell it on the other. The system, Mach I and later called Mach II, Broadway Trading (brokerage firm) and the system's licensor, was able to offer its customers the fastest trading and arbitrage opportunities in the market. Mach II became the most preferred system for stock exchange processors and the daily average volume of transactions through this system was between 1-2bn dollars.
"During those years, there were about 5,000 Day Traders in the US who earned money by buying and selling shares in the stock market during the day (hence the name, day-trading). These Day Traders were making profits by investing in the $20 range of the then popular .com shares. 20% of these 5,000 Day Traders were trading at Broadway Trading. Broadway Trading had 11 offices in cities such as New York, Miami, Los Angeles and Atlanta. These traders were trading their own money, but Broadway Trading was providing them six times the buying power. Traders paid $20 for each buy and $20 to sell, as a fee to use the system. Buy/sell profits or losses belonged to the Trader. Broadway Trading paid $6 of every $20 to a company called Datek, as the software license fee. Such costs accumulated to $3 million levels per month through these trades. I couldn’t believe that a simple use of a license could amount to such exorbitant monthly costs. Jeff Wilson, owner of Broadway Trading, was a very good and close friend of mine. He was very generous and had very strong social skills. His personal relationships with the best Day Traders in the US ensured that they traded at Broadway Trading offices. He was not driven by money and if anybody needed financial help, he would always be there for them. His earnings were $30 million a year and he would spend it all. One day I mentioned to him that I liked a Ford Lightning 4x4 truck model and he gifted it to me on my birthday two weeks later and sent it to my house. Anybody who would need funds for investment or for anything else would knock on his door and I know for a fact that he would have forgotten some of those personal loans ranging from $300,000 to $500,000. In one word, Jeff was a complete stockbroker. He knew the stock markets and the stockbroker mentality very well, but he had no technical knowledge. He did not have the right people around him with sufficient technical knowledge. When I learned that Broadway Trading paid $ 3 million per month for the system usage license fee to Datek, I tried to talk to him trying to convince him that I could write a better software from scratch. Jeff made fun of me and told me I could not do it.
One day I took Jeff to my own telecom company. I gave him a tour of our 6 building complex where 400 people were employed. One of these buildings was a 2,700 sqm Data Centre building, full of computerized systems and I told him that there were only 2 other data centres like this, located in New York and Los Angeles. I also explained to him that we did not pay any license fees to anyone as we wrote our own switching codes. Then I also took him to the building where the software developers were located and of course, seeing these things, he finally believed that I could easily develop the trading software. I made an offer whereby we will set up a company as 50/50 partners and we would each invest $500 Thousand into the company for a total of $1 million and a software team of 14 people would complete the software in 1 year. Thereafter, we would have to buy computer servers by investing an additional $3 million. More than 900 traders of Broadway Trading would be transferred to this system and Broadway Trading would continue to pay $3 million dollars per month to our company, where we are our 50/50 partners, instead of the third party. In a way, $1.5 million would go back to Jeff's pocket and I would have earned $ 1.5 million a month myself. Jeff accepted the offer and I transferred 3 people from the telecom company’s software team to STS. We recruited 11 new software developers and we successfully completed Mach I in a year and Broadway Trading began paying STS $3 Million per month. This lasted for 2 years. Very unexpectedly, unfortunately Jeff Wilson died in a traffic accident in 2002. After that, the best traders soon started to transfer to other competing trading companies, and the offices started to close. Jeff's wife was not well equipped to handle the business. Additionally, the SEC (Securities Exchange Commission) had introduced some new regulations, two of which were major ones. 1. The price level of the stocks had to go down from $ 1.8 to 1 cent. 2. The price arbitrage between ECNs was lifted. These changes made it very difficult for the Day Traders to profit. Broadway Trading closed its doors and STS lost its license agreement.
After that I decided to make the STS system a Block Box solution that can trade on its own (Artificial Intelligence) and I started to develop the system on this level. In the first year, the system made a profit of 800 thousand dollars. However, in the market conditions of the time, the risk was so great that I did not see it to be worth the $800,000 and decided not to continue"
In the meantime, after many years, I found out that Mark Zuckerberg, the founder of Facebook, was a day trader at Broadway Trading before he founded Facebook and had a lot of admiration for Jeff Wilson, which he expressed in his own words in a newspaper report in January 2014.
In 2003, the year Mark Zuckerberg launched Facebook, Jeff was no longer alive. If Jeff had been alive, I'm sure Jeff would have been the first-person Mark would have come for the financing for Facebook. I also believe Jeff would have asked me to join in to invest a few million dollars myself and we would have been the first investor partners of Facebook today.
The Company was created by Engin Yeşil to profit from the buy/sell of shares traded on the Nasdaq and NY Stock Exchange. We trained the hired staff to make profits by trading over the STS system and the profits were split between the trader and the company.
"As STS / Broadway Trading businesses continued, I developed a business model whereby I could benefit from the profits of trading as well, in addition to the per trade transaction fees earned. I basically provided the required capital and the trader was keeping 25% of the profits he earned while I earned 75%. Of course, if there were any losses, I was 100% responsible for it.
We needed smart young traders and unfortunately, I was not happy with the responses received for the job advertisements we offered in the US. I was not able to find the right people and the good candidates preferred companies like Goldman Sachs and Merrill Lynch for their careers. I decided to hire traders from Turkey and contracted Arthur Andersen Istanbul office to find me these candidates. I wrote a newspaper ad saying: “American Trading firm is looking for employees to trade on Nasdaq and NY stock exchanges; all training will be given, H1 visa will be applied for, etc. At the end of the same week, 3,000 applications arrived. Almost everyone in the financial sector in Istanbul applied. People did not tell each other that they were applying for such a job and were keeping it a secret. Arthur Andersen subjected these applicants to 6 different tests and reduced them to 1,000 candidates during the initial screening. After a 4-month period, we chose 30 people and flew them to Miami. I trained them on our Mach II system, and they traded for about 2 years. Almost all succeeded, however due to the changes in the Nasdaq rules, bankruptcies of the .com companies and collapse of the stock markets after the 9/11 attacks, neither they nor I was able to make expected profits. Half of the 30 people returned to Turkey while others started working for my telecom companies at the time and remained in the US.
From 2000 to Presentwww.1800petmeds.com
$3 million was invested in the shares of this publicly trading company on the brink of bankruptcy, at 20 cents by capital increase and ended-up with 70% ownership of the Company. Within 5 years, the company's shares increased by 100 times, from 20 cents to $20 a share.
Today 1800PetMeds.com is the largest e-pharmacy company in the world that caters pharmaceuticals and other needs of pets such as dogs and cats via an online system. The company, which is currently one of the top 500 brands in the US, has exceeded the market value of $1 billion in 2017.
1800PetMeds current share price is $36.
"This company was built by copying the business model of Lens Express. Instead of sending contact lenses via mail to the customer, we were sending pet medications to the customers at a discount. Even the name of the company was PetMed Express. Copying a business model does not always yield the same results. Lens Express was a company that had been founded 10 years earlier and times had changed. After investment was made, I revised all of the company's sales policies and operational processes and changed the company's name to 1800PETMEDS. We started spending a large portion of $3 million capital contributed on TV advertisements. With the changes made, the responses to the ads were substantially positive and the advertising budget became sustainable. I kept on advertising for years without any breaks, and the company's profits and profitability continued to increase. In the 6th year of our investment, the shares of the Company increased to the level of $20. Over time, the majority of the shares were sold and earning $125 million in profits."
Founded by Engin Yesil. The Company constructed a 15,000-unit housing project named Innovia and was Turkey's largest private sector project. Innovia is also the first project in Turkey which provides unprecedented social facilities with hotel comfort. The Company obtained a REIT (Real Estate Investment Trust) status by purchasing Ihlas GYO. In 2007 I signed an agreement with Donald Trump obtaining exclusive rights to develop Trump-branded projects in Turkey and started the work for the Trump Towers project. In 2008, we gave Doğan Group the sublicensed usage rights of the Trump Towers Mecidiyeköy project. In 2009 we achieved a first in Turkey by starting a sales campaign named "5-year 0% Interest" terms with a "banknote guarantee". This business model was copied by many others in the industry and customized to fit their needs.
In 2010, we purchased Borova Insaat, the first construction company traded on the Turkish stock market since 1993. Borova Insaat is also the first Turkish construction company that signed an international agreement for contracted construction work in Western Europe. In 2013, Borova Yapı and Yeşil İnşaat merged by acquisition and became a much bigger and stronger consolidated structure. The name of the new company was changed to Yeşil Yapi (YYAPI). In 2010, Yeşil Y&Y GYO was established by merging Yeşil Gayrimenkul Yatırım Ortaklığı A.Ş. (YGYO) and Yeşil Insaat Yapi Duzenleme ve Pazarlama A.S, which developed the Innovia project. Yesil GYO is among the leading REITs in the sector. In 2010, Yeşil ve Metal Yapi Konut partnership started the construction of a 61 storey building. Istanbul Tower 205 project in Istanbul Büyükdere Caddesi will be among the world’s most renowned and prestigious business towers.
"The construction industry has experienced much turmoil over the last decade. During the month of August 2008, the collapse of Lehman Brothers and the effects on the construction industry worldwide was also felt extensively in Turkey. At that time, I was building and selling Innovia 1, the first phase of the Innovia project. The markets collapsed suddenly, and all the construction companies were trying to predict how long this crisis would last. The ads in newspapers or TV were non-existent. The construction sites of many companies came to a halt. Our situation was no different. We were only able to sell 500 of the 1,200 units. This was the period between August 2008 and December 2008. Decreasing the prices of the apartments was not an option as we did not want to experience any negative reaction from the customers, who already made a purchase from us. I remember those days, not being able to sleep and constantly trying to find a solution. Then I woke up one morning and I knew what to do. I gathered the sales and finance teams and announced that we would be selling Innovia II, the second phase of Innovia, with a big sales campaign. Everyone was staring at me as if I had lost my mind as there were 700 unsold apartments in the first stage already and the 2nd stage consisted of 3800 apartments. My theory was as follows:
1. First, because it was a new phase of units, I would be able to sell the apartments for cheap at any price I wanted.
2. Since no other competitor was advertising, I will be able to attract all the attention.
3. I would create a sensation by doing something no one had done before. I would sell an apartment with 60 monthly instalments at 0% interest to everyone. I changed the name for the studio apartment and called 1 + 0. This is now a registered Yesil trademark and originated from this concept. I began advertising a huge sales campaign that offered 1 + 0 apartments for 49,000 TL, 1 + 1 apartments for 79,000 TL, paid in 60 monthly instalments and 0% interest. More than 5,000 people stormed into the sales office that weekend. In just 4 weeks, 80% of the 3800 units were sold. This method served as an example to the competitor companies and soon enough, they also started doing similar ads and campaigns."
From 2007 to Presentwww.ortadoguenerji.com.tr
Yesil Group took the first step into the energy sector by investing into Ortadogu Enerji A.Ş. The Company won the bidding process of Istac, a subsidiary of the Istanbul Metropolitan Municipality to turn the municipal waste into electricity through the process known as WtE. Ortadogu Enerji currently has Europe’s largest Landfill Gas to Electricity facility.
Additionally, we founded new entities, Ufuk Enerji, Orsa Enerji and Ortadogu Yenilenebilir Enerji, that focuses their operations on wind and geothermal energy resources. Turkey's energy demand is constantly growing, and companies engaged in the production of renewable green energy sources are considered good investments due to low energy production costs in the long term. Ortadogu Enerji and all of our other companies in the Energy Group produce energy, however, they are weak in terms of production capacity.
It is almost impossible to produce thousands of megawatts with renewable green energy resources and when I consider our renewable energy investments from this perspective, I sometimes think I may not have made the correct decision to invest. If I had invested in coal power plants instead, I could have been the owner of facilities that produce thousands of megawatts rather than of hundreds. Unfortunately, we have failed to make such timely investments since we have had disagreement within our Energy Group partners. In situations like these, I believe in fate.
From 2010 to Presentwww.renco.com.tr
Founded by Engin Yesil in Turkey. The company has developed a new building system using glass fiber reinforced composite material. Buildings can be constructed by using 100% composite material without the need for iron, concrete or steel. The building system has a life span of 100 years, much faster construction time, does not contain carcinogenic materials, completely recyclable and earthquake safe. The system has approved and pending worldwide patents for its utility and design.
In 2012, for the first time in the world, we built a 5-storey, 4,000-square-meter building in just 20 days with our modular system consisting entirely of fiber composite construction ingredients, without using iron and concrete.
In 2012, the Renco system passed the seismic loads of earthquake tests made by Istanbul Technical University and Bogazici Kandilli Observatory and certificates were obtained.
In 2012, a 50/50 Joint Venture agreement was signed with Coastal Construction, one of America's leading construction companies, and Renco USA was established.
In 2012, in partnership with Nasa İnşaat, we started to develop projects in Iraq and entered into the POS system of the Ministry of Public Works of Iraq and our system started to be accepted in state tenders.
In 2014, Renco developed a bullet-proof, explosive resistant wall system from composite materials.
In 2015, – Renco Composite Construction System received 2 different patent registrations in the USA.
In 2016, – Renco's patented Composite Structure System is listed in the US as a new generation building system after completion of approval processes.
In 2016, – Renco has developed a vertical agriculture system from composite materials. Thanks to the system, organic farming can be done with 90% less land, water and fertilizer.
In 2016, Renco changed the existing block design to a new design called the "skeleton block". Thanks to this system, we are able to reduce the cost by 35% by using less raw material without loss of strength.
In 2017, multifamily residential and hotel projects in the US are planned to be developed initially in the State of Florida with the Renco system. Built in partnership with Coastal Construction, hundreds of hotels and thousands of rental homes are planned to be built in every corner of the US.
"Potentially most significant investment of the Yesil Group is Renco and the projects that are planned with the Renco system. We plan to build a 3-star hotel chain with the NU'ERA brand and more than 100 thousand rental multi-family residential projects all over the USA. As the construction costs with the Renco system are 40% less and the construction period is 60% shorter compared to standard construction, return on investment is at least twice as good compared to a regular construction investment. Projects with such performances are also easier to finance and repayment is faster. Yesil and Coastal Group are currently concentrated on identifying the locations of these projects and obtaining construction permits. The first two projects are expected to be launched in early 2018.
From 2011 to Present
Engin Yesil has initiated social responsibility projects. Every year Yesil Holding Group of Companies make donations of shoes for children in need at village schools in every remote corner of Turkey in addition to building mosques, new schools and renovating old ones. We also donated houses to earthquake victims.
"Do good deed, then throw it into the sea" is a famous Turkish proverb and I am a true believer of its meaning. Both good and bad deeds find their way back to you in life. That is why I believe it is very important to think positive and help other people. Helping other people doesn’t need to be monetary only, as it is also possible by sharing knowledge, motivating, encouraging and, of course, educating others. I think it is essential for everyone to do their part to help for a better future."
From 2016 to Presentwww.wowwo.com
The Company was founded by Engin Yesil in Turkey. Wowwo is a rapidly growing second-hand automotive sales and financing platform whose business model was developed after a sound analysis of the demand in preowned automobile market.
Risk Analysis System of the company approves 95% of customers with credit problems, while delivering thousands of options of vehicles to its customers, by effectively monitoring and maintaining optimum inventory levels, for better profitability and competitive edge, by also keeping inventory cost close to zero.
"As the slowdown in the construction sector proved cash-flow challenges, I started searching for solutions and decided to enter the automotive sector. I formed Wowwo's business model from scratch. Wowwo system is not a business system copied from practices in other countries and applied in Turkey. It is an entirely original idea and it belongs to us."
Everyone wins at Wowwo.
The second-hand car dealerships supply vehicles via the Wowwo platform and benefit from advertising and marketing power of our company, free of charge. They can easily sell their vehicles quickly on our system through our detailed matchmaking software. Car leasing companies can also sell vehicles returned to them at the end of the lease term either at directly via Wowwo or they can sell them to Wowwo's member dealership network at a wholesale price. Wowwo’s platform provides a viable solution to a constantly growing problem in the car leasing industry.
Individual customers are offered thousands of options of different brands and models of cars to purchase, trade, sell immediately for cash in case of an urgent need. Customers with credit score problems can purchase a car without using a bank loan, or a third-party guarantee. We also stand behind the cars we sell and offer a 100% guarantee.
Wowwo, with its multiple showroom locations throughout Turkey, has created a unique, integrated platform supporting its sales system.
I am convinced that we have established a system that is very difficult to copy. I have put to work years of sales, marketing, logistics and finance experience into this company and developed a very complex matrix. I also took a number of measures that would make it difficult to compete with Wowwo on the internet and social media marketing.
Wowwo's 50% stakeholder is Yeşil Yatırım Holding (ISE Symbol: YESIL), a company that is publicly traded. The remaining 50% is owned by privately held Yeşil Holding. I am proud that YESIL shares, that are traded in Istanbul Stock Exchange, have increased from 80 kuruş to 17 TL during the first year of Wowwo's business operations and within just a short 9 month period.
I have huge plans for Wowwo as I plan to replicate the same business model with the proprietary software in other countries in the future. I chose the USA as the first country and started to work on detailed plans. The required investment for the expansion will be made by Tellza Investments under our public company Tellza, and therefore we will start our activities as a public structure on the first day."
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