Trade X introduces online platform for Nigerian car dealers

Ogunsakin Mustapha
4 Min Read

Auto traders in Nigeria can now benefit from a range of value added services being offered by Canadian tech firm, Trade X to ease transactions across borders.

Trade X is B2B cross-border automotive trading platform available on app stores for android and ios users, which allows auto traders to buy and sell vehicles from a robust global inventory warehoused on its database.

The company’s AI-driven ‘Brain’ software provides dealers, fleet owners, and mobility solutions providers first-ever support in all aspects of vehicle trading. This includes trade financing, compliance, customs requirements, international payments processing, vehicle inspections, digital trade documentation, and homologation.

At the formal launch of the Trade X platform in Lagos on Wednesday, Global Head of Business Development, Mr Billy Martin, said that the platform will make vehicle purchasing and importation easier for Nigerian automotive dealers purchasing vehicles from suppliers in North America, Europe, and Asia by providing African dealers a wider range of vehicle accessibility that would have otherwise been difficult to obtain.

Global  Head, Business Dev. Billy Martin, and General Manager,  Africa and Middle East, Mark Carwood at the event

He said the platform delivers a one stop shop solution for sourcing vehicles for customers at competitive prices that will allow dealers to turn a profit. “It’s like printing money for dealer”, Martin said pointing out that issues of trust and reliability of inventory would be taken care of the company through its due diligence facilities to ensure that orders match deliveries all the time.

He said that the Nigerian market has a huge potential for auto traders and that they were just scratching the surface from what was seen on ground due to the ever increasing demand for used and new vehicles.
He noted that the Trade X platform allows for sourcing the right vehicle spec for each country, proper documentation transparency, shipping, customs clearance and delivery depending on options taken.

To begin the process of cross-border trading, local automotive dealers can sign up online on the website and can start building greater inventory for their customers.

He noted that poor transparency around logistics, vehicle condition, valuation, and pricing has served as a barrier to entry in international automotive trading. In recent years, Nigerian dealers who have managed to buy vehicles from global sources have had to do so in a largely fragmented way, relying on personal contacts and managing the purchase and importation logistics themselves. Transactions were characterized by a lack of trust, visibility, and buyer/seller protection, which, in turn, limited trade.
All these will be removed by the use of the Trade X platform, he said.
Martins said that platform was already in use in 53 countries with plans to expand to 120 countries by the end of next year.
For dealers, the Trade X platform provides peace of mind and security as well as simplifies the experience and ensures each transaction is transparent, compliant, insured, and monitored from start to finish.

Members of the various auto dealers associations in the South West present at the launch received the Trade X platform to wide acclaim with instant download and practical demonstrations about its use and several benefits.

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