Ontario-based international automotive trading platform TRADE X announced on Monday (Nov. 21) that it has expanded its business-to-business (B2B) online vehicle marketplace into Ghana.
With the opening of an office in Accra and the launch of new trade routes for importing pre-owned vehicles from North America, Europe and other strategic locations, TRADE X is hoping to strengthen its presence in Africa after recently opened new import facilities in Nairobi and Lagos.
In a press release announcing the new trade routes, TRADE X added that earlier this month it signed a new partnership with the Vehicle and Asset Dealers Union of Ghana (VADUG) to increase visibility and attract more auto dealers to the platform.
“There is both a huge market here and a need for a platform like TRADE X that connects buyers and sellers safely and compliantly,” Oaniyan Jeremiah Williams, head of business development for TRADE X in Ghana, said.
Eric Gosselin, TRADE X’s senior vice president of global business development, added that “as the automotive industry responds to major shifts around environmental standards, dealers in the U.S. and Europe will need a market for their older vehicles, and we believe that Ghana, Nigeria and Kenya represent prime markets. We look forward to working with Ghanaian dealers to communicate the benefits of using the TRADE X platform to source and purchase their pre-owned automotive inventory.”
As Ole Matthiessen, global head of cash management at Deutsche Bank, discussed with PYMNTS recently, the B2B marketplace model is transforming the automotive industry.
See more: B2B Marketplaces Offer FIs Game-Changing Opportunity to Drive Payments Innovation
In both the new and used vehicle markets, platforms that enable an eCommerce experience for business customers are helping to cut out unnecessary middlemen and leading to an all-around more seamless purchasing experience.
Platforms like TRADE X reduce the complexity involved in importing vehicles by taking care of regulatory compliance, vehicle inspection, currency exchange, digital trade documentation, payments and financing.
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