A global B2B automotive trading platform known as TRADE X and meant for all B2B players in the ecosystem (including OEMs and fleet and car dealers) to buy and sell used vehicles, announced that it has secured new growth capital to expand its offering across the United States and Canada.
“Before TRADE X, global automotive trade was very fragmented and full of friction with asymmetric information sharing, lack of trust, limited or complicated financing, and no real marketplace to connect buyers and sellers on a global scale,” said Ryan Davidson, CEO of TRADE X. “The new credit facility will equip us to help dealerships accelerate their inventory turnover, increase their revenue and boost profits.”
The company said it offers extensive and easy-to-use services for the auto industry, whether for OEMs, fleet and rental providers, bank and financial institutions, or automotive dealers, to buy and sell their inventory across borders to a global audience.
It also aims to simplify the overall experience and ensure each transaction is compliant, insured, and monitored from start to finish. The company is able to do this by handling all of the complicated procedures themselves, and by automating the selling and purchasing of vehicles between users, it said.
“We’re excited with this initial investment in TRADE X as it will help accelerate the globalization of buying and selling vehicles beyond borders, creating ease and simplicity for buyers and sellers to push past their traditional reach,” said Luciano Butera, COO of TRADE X. “This validation comes on the heels of our initial expansion into Europe and Africa and we are encouraged by the markets’ receptiveness to advance the future of automotive trade.”
