CarTrade.com focuses on finance and possible IPO. Photo credit: Shutterstock India-based automotive portal CarTrade.com has launched certification, valuation and transfer (of ownership) services to fill the gap in the used car financing space. Founder and CEO Vinay Sanghi argued that while the market for used car finance in India is estimated to be around Rs 1.2 lakh crore, only about 8% cent of the used cars sold are financed by an organised financier. This is because the financier needs data on the value of the vehicles, its condition, certification, name transfer, etc and there are few services available to assist in this process.
Female only ride sharing app to launch in QLD. Photo credit: Shutterstock Shebah, a ride sharing app that only accepts female drivers and customers will be available in Queensland from February 2017. More than 245 drivers have already signed up to be drivers in their new location. Founder and company director Georgina McEncroe says she came up with the idea after noticing how intimidated female Uber drivers can when picking up male passengers. "I had seen another woman about my age who decided to drive, she was pulled up outside a pub and three boozed
New auto sales platform helps dealers fight back. Photo credit: Shutterstock Prodigy, a new automotive start-up that aims to be dealer’s answer to car buying changes has just launched in the United States. The company, based in Silicon Valley, says it provides dealerships with “a chance to fight back and adapt to rapidly changing car-buying habits". According to their news release, this is in response to an atmosphere of tighter regulation, online vehicles sales platforms and changed behavior in car buying. According to co-founders Michia Rohrssen and Marty Hu, Prodigy boasts six key features: Predictive inventory filters designed to narrow
Scott Prechstein from Autobytel. Photo credit: Supplied Scott Pechstein has been with the US-based automotive media company Autobytel for over 15 years. As the vice president of sales, he has the process of selling cars online down to a fine art and he plans to share Autobytel’s tips and tricks at the 2017 Global Classified’s Conference in Miami. Pechstein has had a lifelong passion for cars. It was this interest and how Autobytel was revolutionizing the car sales process that led him to join the company in 2000. “I saw how this organisation helps consumers find the perfect vehicle while connecting
US car portal partners with rental giant Hertz. Photo credit: Shutterstock US based start-up Shift Technologies has just announced they will be partnering with car rental giant Hertz as the automotive portal looks to expand beyond San Francisco and Los Angeles. Under the partnership, Shift will feature vehicles from Hertz’s fleet inventory. The deal will give Hertz, which sells a lot of its cars at auction, access to a new retail sales channel, while Shift will benefit from the rental car company’s ready supply of lightly-used cars. Founder and CEO of Shift George Arison told Fortune.com that this will allow
Carsales.com to incur $7M impairment charge. Photo credit: Shutterstock Last week nominee non-executive directors Mr Cameron McIntyre and Mr Ajay Bhatia stepped down from the board of iCar Asia. As a result of their resignation and subsequent change in accounting treatment, Australian automotive portal Carsales.com expects to incur a one off non-cash impairment charge. The amount will be approximately $7m in respect of the write-down to market value of the 15.6% stake held in iCar Asia in the financial results for the half year ended 31 December 2016. The company re-affirms the outlook contained within the AGM presentation from 28 October
Moia focuses on on solving the problems associated with cities. Photo credit: Shutterstock During Tech Disrupt London last week European car manufacturer Volkswagen launched Moia, a new mobility start-up. According to new group CEO Ole Harms Moia focusses on solving movement issues associated with cities. For example, Moia will be setting up on-demand shuttle services, using original designs for small, multi-passenger shuttles that are intended to operate with electric drivetrains for maximum efficiency with minimum impact. The company will be headquartered in Berlin, Germany will another office in Hamburg, but the goal is to be live in two major European
VW group director joins Cox Automotive. Photo credit: Shutterstock Automotive media company Cox Automotive has named former Volkswagen Group Director Alasdair Stewart as Client Director. Stewart will assume responsibility for the company’s strategy surrounding the management of client relationships across the group and will also sit on the UK group board, led by Michael Buxton, chief executive of Cox Automotive UK. During his 30 years working in the automotive sector, Stewart has held a number of board level roles, most recently at VW Group. His most recent role was
The auto industry boasts some brilliant new innovations. Photo credit: Shutterstock US-based automotive portal Autotrader has released its annual list of must have car technology for 2017. The rate of acceleration is growing when it comes to all things technology, and the world of cars is no different. "What once seemed like something only for 'The Jetsons' is quickly becoming everyday reality in the automotive landscape," said Brian Moody, executive editor for Autotrader in a statement. "And it's not just vehicles with a high price-point; now many mainstream family cars are equipped with technology features only seen on top-of-the-line luxury vehicles
eBay moves forward with integrated listings. Photo credit: Shutterstock Classified’s giant eBay.com will soon be positing its own product listings across Gumtree.com in the UK and its equivalent Kleinanzeigen.com in Germany in 2017. Although eBay dominates the market when it comes to peer-to-peer selling, it also operates other classifieds websites in many countries. Ever since they snapped up Gumtree.com in 2005 they’ve been experimenting with injecting search results from its own platform into Gumtree in Australia. For example, someone searching for a Mac Book on Gumtree would also see listings from eBay in the search results.