From Passion to Innovation: The Story of TheCarCrowd
When you think of classic car investments, what comes to mind? For decades, this lucrative asset class seemed reserved for the ultra-wealthy. But in September 2019, TheCarCrowd set out to change that narrative. By fractionalizing ownership of classic cars, they opened the door for everyday investors to share in the excitement—and potential rewards—of this unique market. Today, TheCarCrowd stands as a beacon of innovation in the investment world, leveraging data-driven insights and adapting to changing regulatory landscapes.
“We’ve spent the last five years perfecting the art of selecting the right vehicles for investment,” shares CEO David Spickett. “Our data-led approach analyses millions of data points to identify cars with high appreciation potential.” It’s a strategy that has paid off, creating opportunities for thousands of investors worldwide.
Founder and CEO, David Spickett
But this journey hasn’t been without its challenges. Regulatory changes in 2022/2023 forced TheCarCrowd to shift from serving a mass market to catering exclusively to sophisticated and high-net-worth investors. “It reduced our targetable market considerably,” explains David, “but it also gave us an opportunity to evolve. Now, we offer investments through Fractional Investment, Traditional Funds (AIFs), and Privately Owned Portfolios.”
The story of TheCarCrowd is as much about its CEO’s personal journey as it is about innovation. Growing up in Rochester, Kent, David was surrounded by family and fuelled by a love of cars. “My dad got me into cars,” he reminisces. “From tinkering in the garage to watching Rally Cross races, those early experiences shaped my passion.”
One particularly vivid memory involves the smell of unburned fuel and the sight of flames spitting from rally cars in the Welsh forests. “It’s something that stayed with me,” he shares. “I even remember hacking the thick mud off the tires of rally cars with a screwdriver as a kid. Those were formative moments.”
This enthusiasm eventually merged with professional expertise. After graduating from Warwick University with a degree in mechanical engineering, David embarked on a career that spanned consulting, senior operations roles, and executive positions in fintech. These experiences, coupled with a knack for entrepreneurship, culminated in the launch of TheCarCrowd.
Starting a business is never easy, but launching just months before a global pandemic added an extra layer of difficulty. “Covid hit us hard,” admits David. “The car enthusiast events we planned to rely on for engagement were all cancelled. But we adapted, and our growth post-Covid has been phenomenal.”
Despite these setbacks, TheCarCrowd’s resilience and innovation paid off. One of the proudest moments? Hitting the first £1 million in revenue. “It proved we had product-market fit and that people were excited about what we’re doing,” he says. This milestone was not just a validation of the business model but a sign of things to come.
Today, TheCarCrowd boasts a diverse and ever-growing portfolio of classic cars, supported by a robust data-driven investment thesis. Their work doesn’t just benefit petrol heads but appeals to a broader investor demographic seeking alternatives to traditional assets like real estate and equities.
When asked about his leadership style, David emphasizes empowerment. “Educate and empower your team, then get out of the way,” he advises. Hiring people who care deeply about their work is a cornerstone of his approach. “During recruitment, I look for people who naturally care and go the extra mile. The rest can be coached.”
This philosophy extends to talent development within the company. “We’re a small team, which allows us to be selective and give everyone exposure to all areas of the business. Even junior members are involved in strategy sessions, which accelerates their learning.”
One standout hiring strategy involves observing candidates’ reactions to unexpected situations. “Early in my career, I learned to value people who instinctively step up,” he recalls. “When I recruited resort reps for Thomas Cook, we’d stage a scenario where a tray of drinks was accidentally dropped. The ones who rushed to help were often the hires we made.”
TheCarCrowd’s future looks bright. “We’re excited about what the next five years hold,” says David. With a proven investment strategy, a passion for classic cars, and a commitment to innovation, the company is well-positioned to continue disrupting traditional investment categories.
As the company evolves, so too does its mission. Beyond profits, TheCarCrowd aspires to educate the next generation of investors. “Financial literacy is crucial,” explains David. “We want to make sure people understand the value of diversifying their portfolios with unique assets like classic cars.”
For aspiring founders, his advice is clear: “Don’t give up. Be prepared to pivot and surround yourself with great people. And most importantly, never stop caring about what you do.”
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