This is according to Kriben Reddy, director of product development at TransUnion Auto Information Solutions, who says the company's enhanced TradeXchange system provides a single digital platform that will streamline the sales process. "TradeXchange is SA's largest digital auction room for vehicle sales, allowing buyers and sellers to use any device to complete a transaction, from advertising or searching for vehicles to putting your electronic signature on the deal online," Reddy says.
TransUnion's vehicle pricing index indicates that the prices of new and used vehicle sales increased to 6.6% and 2.2% in the first quarter of 2016 from 4.6% and 1.6% in the fourth quarter of 2015 respectively. "These price increases, coupled with factors such as rising interest rates and lower vehicle sales levels, are taking their toll on the consumer, but even more so on dealers," he says.
"We have listened to our customers and we have noted that what they really need is a one-stop digital platform in which they can access market data, run all necessary TransUnion credit solutions and security checks and complete the sales process entirely online."
Reddy says the platform allows users to view the latest stock available nationally, creating greater exposure for dealers, and also has an alert feature that lets you know when stock you want comes available. Furthermore, it also enables you to utilise the company's credit solutions and security checks at any stage of the process, protecting both buyers and sellers by ensuring compliance with dealer policies.
Meanwhile, sellers can use the solutions and credit checks to assess the creditworthiness of potential customers and detect possible fraud," he says.
The platform was designed to be accessible from anywhere, across all devices to tap into a wide variety of vehicle stock available nationally. The enhanced version aims to provide increased flexibility and choice to its customers from first point of contact, all the way through to the completion of the vehicle deal.
Reddy says because TransUnion has the largest database of dealers, this will allow buyers and sellers to find the best available deal possible and provide a yardstick for what vehicles are worth in the market. It also has all necessary consent systems, terms and conditions and electronic signature capability built in to comply with all relevant regulations and security procedures.
"The improved TradeXchange platform has the potential to help dealers sell more cars, with improved speed to market, increased operational efficiencies and ultimately greater profit margins," says Reddy.
Source: Business Day
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