TransUnion's has enhanced its TradeXchange system to now provide what says is a single digital platform that will streamline the entire vehicle sales process.
TradeXchange is an online tender platform for used cars.
The platform which went was live on 11 July 2016, allows buyers and sellers to use any device to complete a transaction, from advertising or searching for vehicles to putting an electronic signature on a deal online, says Kriben Reddy, director of product development at TransUnion Auto Information Solutions.
The company says the online dealership is enabled for full verification and valuation services which will assist dealers in the sales process.
The platform also enables users to utilise TransUnion's credit solutions and security checks at any stage of the process, protecting both buyers and sellers by ensuring compliance with dealer policies, adds TransUnion.
"By using TradeXchange, buyers get peace of mind that all cars on the platform have been verified. Meanwhile, sellers can use the solutions and credit checks to assess the creditworthiness of potential customers and detect possible fraud," says Reddy.
The enhanced version aims to build on the success of the original platform by providing increased flexibility and choice to its customers from first point of contact, all the way through to the completion of the deal, says TransUnion.
Digitisation of the dealership speeds up the vehicle-sales process, allowing for a faster disposal of vehicles and encouraging sales growth in the car market, says Reddy.
The platform allows for greater transparency in terms of the vehicle stock available and decreases operational costs overall, he adds.
According to TransUnion, with increasing vehicle prices and a decline in sales in SA, driven by poor macroeconomic conditions, the vehicle purchasing process is starting to go digital in response to market concerns, and to stimulate sales, says Reddy.
Going online allows for quicker time to market and faster turnaround times while also streamlining costs and broadening margins of income, all the while stimulating the dealer's ability to sell the retail vehicle, he continues.
"The new and 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.
Furthermore, an online presence provides a better understanding of what the market is willing to pay for a vehicle, and allows dealers to move stock at a faster pace, he adds.
"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 because TransUnion has the largest database of dealers, this will allow both buyers and sellers to find the best available deal possible and provide a yardstick for what vehicles are worth in the market.
TradeXchange also has all necessary consent systems, terms and conditions and electronic signature capability built in to comply with all relevant regulations and security procedures, he notes.
According to information management specialist, EDM Group, car dealers expect their industry to invest heavily in technology to help deal with the continued growth in car sales.
The company's report found the main focus of investment is automating and digitising the sales process and becoming less reliant on paper-based documents.
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