Balancing Freedom and Responsibility: The Story Behind FINN’s Vision for Transforming Car Ownership | Startuprad.io # 394
Executive Summary
In this episode of Startuprad.io, host Jörn “Joe” Menninger interviews Maximilian Wühr, the CEO of FINN Auto. Maximilian shares his motivation for starting Finn, which stemmed from a frustrating car-buying experience in the San Francisco/Bay Area. He discusses the fundraising process and emphasizes the importance of being persistent and solving a problem. Maximilian also highlights the differences between the US and German markets, particularly in terms of product-market fit and logistics. He shares his journey from finance to startups and discusses the advisory board experience. Maximilian concludes by sharing his vision for Finn’s future, including the possibility of going public.
Max’ Tips for Successful Fundraising
“Fundraising in a lot of ways is like sales. So you ultimately want something from somebody and to get there, you need to be very convincing, you need to be a little bit charming, you need to have very good arguments, you need to be able to ultimately just make your case and convince the other person that they are doing something great by giving you money.”
— Maximilian Wühr — CEO FINN Auto
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“So [an IPO] definitely is an objective that we have going forward, but not something that we work towards.”
— Maximilian Wühr — CEO FINN Auto
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The Joys and Pains of Car Ownership: “I looked at kind of like, how will I get a car now? And it was a really painful process from kind of like, figuring out which car I want.”
— Maximilian Wühr — CEO FINN Auto
Questions Discussed in the Interview:
1. How does the speaker’s experience with buying a car align with your own experiences? Have you found the process to be more difficult and painful than expected?
2. What are some of the key similarities between fundraising and sales, as discussed by the guest? How can these similarities be leveraged for successful fundraising?
3. Do you agree with the speaker’s assessment that Middlestone companies and startups can learn from each other? How might Middlestone companies contribute to the long-term stability and profitability of startups?
4. What are some of the challenges and advantages of operating a startup in the US market compared to Germany? How do logistics and the size of the country impact operations?
5. The guest discusses their decision to switch from the finance industry to startups. Have you ever considered a career change? What factors would drive you to switch industries?
6. How does the guest’s experience on the advisory board of a small Middlestone company differ from working at a startup? How might the contrasting cultures of these two types of companies influence one another?
7. What steps do you think a startup should take in order to prepare for a potential IPO? How might professionalizing the company and improving forecasting help maximize its value?
8. The guest emphasizes the importance of focusing on one thing and doing it well and quickly in order to compete against larger corporations. Can you think of any examples where a startup successfully competed against a larger corporation by taking this approach?
9. How did the guest’s initial motivations and career aspirations lead them to ultimately start Finn? What factors have contributed to the company’s success thus far?
10. Have you ever started a professional collaboration with someone you didn’t know personally? How did the dynamics of the relationship differ from those formed through personal connections?
Responsibility and Impact: “I’m one of the people that is very much driven by kind of like knowing at the end of the day what I have achieved throughout the day. Like, I want to see kind of like, which problems have I solved? Did I make a difference today?”
— Maximilian Wühr — CEO FINN Auto
The Video Interview is set to go live on September 7th, 2023
“I think it’s actually quite a good learning experience for founders to look into Private Equity and see what can I take from this? What can I learn from them? And how can I make my own company more profitable, more resilient, more stable, more oriented for the long term compared to what many startup founders are optimizing.”
— Maximilian Wühr — CEO FINN Auto
The Audio Interview is set to go live on September 7th, 2023
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Starting a Company: “I knew for a while that I wanted to start a company on my own. And to be honest, I never thought initially that I would find it in automotive. But I met along the way like five very talented co-founders and how we met each other was always in a purely professional context and via very different channels, but kind of like we always felt a very strong sense of alignment.”
— Maximilian Wühr — CEO FINN Auto
The Founder
Maximilian Wühr, CEO and Co-Founder of FINN Auto (https://www.linkedin.com/in/maximilian-wuehr/), began his journey in economics with the aspiration of becoming a financial investor. In pursuit of the best education, he recognized Bocconi as one of Europe’s top finance universities and decided that studying there would be a valuable experience. Despite the lack of an existing partnership between LMU and any Italian university, Maximilian was determined to study in Milan. Taking matters into his own hands, he navigated the process of organizing the exchange and securing a scholarship that covered his expenses.
For six months, Maximilian immersed himself in the Italian culture, enjoying both the university and the unique approach to teaching economics, which relied less on numbers and data. His time in Milan not only broadened his academic horizons but also gave him a newfound appreciation for the vibrant city. He later attended CDTM the Center for Digital and Technology Management, which also took him to UC Berkeley with their exchange program. In California, he bought a car, which turned out to be a not-so-pleasant experience. This gave him the trigger to join the founding of FINN Auto.
Today, as the CEO of FINN Auto, Maximilian leverages the skills and knowledge he acquired during his studies and exchange program. His passion for finance and his experiences in Italy continue to shape his leadership style and drive him toward success in the automotive industry. Maximilian became CEO when his predecessor had to step down from the position.
“I think most of the time it comes down to focus and speed. So because you only do one thing, you can do it really well and do it a lot faster than many of your competitors.”
— Maximilian Wühr — CEO FINN Auto
The Startup
Finn Auto, the startup co-founded by Maximilian Wühr, has made significant strides in revolutionizing the car-subscription industry. They have successfully raised multiple rounds of funding, including a recent funding round that secured several millions of dollars. In total, they raised close to one billion US$ (935 M). This financial backing has allowed FINN to expand its operations and continue to enhance its innovative platform.
What sets FINN apart from its competition is its focus on providing a seamless and user-friendly experience. Their platform streamlines the entire process, alleviating the pain points that individuals often encounter when renting or purchasing a vehicle. By leveraging the power of technology and data, Finn Auto offers personalized recommendations, transparent pricing, and a hassle-free process. This customer-centric approach, coupled with their commitment to quality and reliability, has earned them a rapidly growing customer base.
Furthermore, FINN has achieved significant milestones in a relatively short period of time since its inception. Their platform has already gained traction in the US market, catering to the convenience and e-commerce acceptance prevalent in the region. The company’s dedication to continuous improvement is reflected in its rapid product development and quick iterations. Their ability to adapt and iterate based on user feedback has allowed them to stay ahead of the curve and address the evolving needs of their customers. With a strong team, a customer-first mindset, and a user-centric approach, Finn Auto is poised for continued success in the automotive industry.
The Benefits of Studying Abroad: “I completely organized the exchange myself. So I just tried to find a sponsor at Bocconi. I found a scholarship that would pay for the whole thing and ultimately was able to go to Milan for half a year and not only really enjoyed the university there and was also a very different way of teaching economics compared to Munich.”
— Maximilian Wühr — CEO FINN Auto
Hiring!
FINN is hiring. You can learn more about the open positions here: https://www.finn.com/de-DE/careers
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Further Readings / Additional Resources
- https://www.sueddeutsche.de/muenchen/maximilian-wuehr-muenchen-start-up-auto-leasing-finn-1.5726946
- https://www.forbes.at/artikel/maximilian-wuehr.html
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The Interviewer
This interview was conducted by Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io. Reach out to him:
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Topics Discussed in this Interview
In this interview we are talking about
Ford Mustang, car, Germany, public transport, Bay Area, repairs, maintenance, insurance, buying a car, fundraising, sales, KPIs, numbers, vision, pickups, US market, convenience, e-commerce, logistics, operations, internship, finance industry, startups, Middlestone companies, advisory board, culture, CEO, Finauto, IPO, partner, economics, Bocconi, teaching approach, user experience, team culture, competition, passion, automotive industry, co-founders.
