Two of the major trends within auto sales are online retail platforms and used car sales and investment isn't too far behind. The Japanese-based SoftBank has noticed these trends and putting their money in places they believe will soon see intense growth.
According to Reuters, SoftBank “is in advanced talks to invest in Mexican used car platform Kavak and financial technology firm Konfio, several people familiar with the matter said, underscoring the company’s interest in Mexico as it pours money into Latin America. SoftBank is discussing an investment in Kavak, an online platform for buying and selling secondhand cars, said three people, speaking on condition of anonymity because the talks were not public.”
Used Vehicle Trends
In some ways, we are in a golden age of used car sales, mainly because of the way digital technology is not only removing friction from those transactions, but also taking away the pain long associated with buying a pre-owned vehicle (from the poor used car salesperson, often ranked lower than even lawyers, politicians and reporters on the scale of disreputable living).
Further evidence of that golden age comes from Indonesia, one of the world’s most populous countries, and a place where eCommerce and digital payments are gaining ground. A report this week said that an online used car platform in that country called BeliMobilGue has raised $10 million in fresh capital in a Series A round of funding to help expand its offerings. The company – whose name means “Buy My Car” in the country’s official language – was founded in 2017, and last year raised $3.7 million in a previous round. BeliMobilGue is a joint venture between European and Indonesian firms.
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