The TRADE X global automotive trading platform and new Lagos facility will help Nigerian dealers and fleet owners gain streamlined, friction-free access to imported vehicles from North America and other global markets.
LAGOS, Nigeria, May 26, 2022 /PRNewswire/ — TRADE X, a global B2B cross-border automotive trading platform based in Canada, today announced that it has opened TRADE X Nigeria in Lagos to help meet the rapidly growing demand for vehicles, particularly cars and light trucks, in the country. Damilola Thompson, Emerging Markets Lead at TRADE X, will oversee the opening of the company’s new vehicle import facility, and Olufemi Folarin, VP of Trade and Business Development, will manage operations.
TRADE X Nigeria, TRADE X’s first facility outside of North America, will help give local car dealers, fleet owners, rental car companies, and other commercial buyers direct access to a global pool of vehicles in high demand while streamlining the transport, logistics, homologation, compliance, and customs activities associated with importing them.
“Nigerian dealers and fleet owners have long struggled to find enough vehicle inventory to meet consumer demand, given our fast-growing economy and growing population,” said Thompson. “TRADE X is working to solve this issue, by connecting Nigerian buyers with sellers in North America, Europe, Asia, and other markets, where vehicles – particularly pre-owned ones ready for re-sale – are more abundant.”
Poor transparency around logistics, vehicle condition, valuation, and pricing has served as a barrier to entry in international automotive trading. In recent years, Nigerian dealers who have managed to buy vehicles from global sources have had to do so in a largely fragmented way, relying on personal contacts and managing the purchase and importation logistics themselves. Transactions were characterized by a lack of trust, visibility, and buyer/seller protection, which, in turn, limited trade.
“TRADE X Nigeria will be a game-changer for Nigerian automotive buyers and consumers,” Folarin said. “With the opening of our new Lagos office, we are demonstrating our deep commitment to supporting and serving the Nigerian marketplace and helping to accelerate vehicle turnover and revenue. We encourage dealers and other buyers to utilize the streamlined features the TRADE X platform offers instead of having to deal with the bureaucracy of the port and customs themselves. Not only is the process of obtaining vehicles quicker but sourcing specific inventory can also be done through the platform’s proprietary Instant Request feature, all while removing the risk dealers were previously exposed to when trading cross-border through manual means.”
To begin the process of cross-border trading, local automotive dealers can sign up online on the tradexport.com website to begin the process of cross-border trading and start building greater inventory for their customers.
The TRADE X platform provides a seamless end-to-end process for the sourcing and distribution of cross-border vehicle inventory; its AI-driven ‘Brain’ software provides support in all aspects of new and used vehicle trading, including identifying vehicles for purchase and assessing pricing, while handling transport and other logistics for the users.
About TRADE X
With headquarters in Ontario, Canada, TRADE X is the first global vehicle marketplace to aggregate cross-border supply and demand for car dealers, fleet owners, rental companies, mobility solution providers, importers, and exporters, opening new trading corridors to buy and sell vehicles. The TRADE X ‘Brain’ platform is a machine-learning, AI-driven technology that connects buyers and sellers through a transparent marketplace that aids sellers in finding the world’s highest bidders and gives buyers access to the best source markets and price arbitrage opportunities. Users can quickly and seamlessly transact online in a secure environment with all the complexities of international trade – compliance, anti-money laundering regulations, vehicle inspection, currency exchange, digital trade documentation, payments, and financing – all managed by TRADE X. The company serves authorized buyers and sellers everywhere with a user-friendly app available 24/7 via mobile, tablet, or desktop. TRADE X’s largest investors include Aimia Inc., a publicly traded holding company listed on the Toronto Stock Exchange (TSX: AIM). To learn more, please visit www.tradexport.com.
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