A North East company that aimed to become the UK’s number one online reverse-auction marketplace for insurance has ceased trading.
Durham-based Honcho first launched plans for its website eight years ago, setting out to disrupt the market through its app and website. The business operated a reverse auction site, where insurers could bid for drivers’ insurance contracts, with an app that allows insurers to bid for consumers’ business and compete with each other to offer the best value package in real time.
The tech firm, co-founded by Gavin Sewell and Frank Speight, launched with a number of van insurance providers and also had 25 car insurance providers on its platform.
