Cross-border automotive trading platform Trade X has announced it will open a trade route in Mexico and allow that country’s dealers and fleet owners to trade with their peers in Canada and Nigeria.
The company will also open other corridors to Mexico in the future to enable more opportunities for buying and selling used vehicles via the platform, Trade X said Wednesday (Nov. 9) in a press release.
“We’re excited to connect automotive buyers and sellers in this highly important market,” Trade X Director of Sales for Mexico Ricardo Ampudia said in the release. “Over the past few years, we’ve seen a dramatic rise in interest in used vehicles, as buyers who have been unable to purchase a new car look to purchase a used vehicle from their local dealer instead.”
The Trade X platform enables automotive professionals to trade vehicles with their peers around the world. It includes features like real-time pricing and tools to make vehicle purchases, according to the release.
The platform also handles logistics, quality checks, currency exchange, shipping, retitling, customs clearance and other parts of the trade process, the release stated.
Like other markets, Mexico has struggled to meet the demand for new vehicles. As a result, many dealers in the country have started importing vehicles, per the release.
“We’re looking forward to connecting dealers in Mexico to the broadest network of authorized automotive buyers and sellers globally, improving how used vehicles are bought and sold across international borders,” Trade X President and Chief Operating Officer Luciano Butera said in the release.
Participation in the Trade X platform gives automotive professionals the ability to figure out where a car should come from based on a holistic view of the economics — including price specification and travel time — not just geography or traditional relationships, Trade X Founder and CEO Ryan Davidson told PYMNTS in an interview posted in September.
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