New Online Transactional Platform, EEZE, Sets out to Combat Fraud in Second-Hand, Private-Party Auto Sales siro, 10/09/2024 MONTREAL, March 19, 2024–(BUSINESS WIRE)–EEZE, a new transactional platform dedicated to safeguarding peer-to-peer auto sales, officially launches today, serving the Ontario and Quebec markets. Designed to combat fraud and uncertainty in private-party transactions, EEZE offers a comprehensive suite of services to verify individuals, vehicles, and facilitate secure money transfers. As online marketplace fraud increases, buyers face uncertainty when dealing with unfamiliar sellers in private sales, particularly in the used car market. Even well-known platforms such as Kijiji, Autotrader and Facebook Marketplace are susceptible to fraud. EEZE steps in to fill this gap, providing a secure and reliable environment for buyers and sellers to conduct transactions with peace of mind. “At EEZE, we’re on a mission to de-risk private-party transactions by introducing trust, guarantee, and financing options,” says Tave Della Porta, co-founder of EEZE. “Our platform is designed to complement online marketplaces by addressing the challenges faced by both buyers and sellers in navigating the complexities of peer-to-peer auto sales.” EEZE verifies individuals by confirming their identity through rigorous screening processes that protect both parties from fraudulent activity. The platform also validates vehicle ownership, condition, and checks for clients, ensuring transparency and reliability throughout the transaction. The inspiration behind EEZE … Continue Reading
Hyundai Motor Company Launches Domestic Certified Used Car Business siro, 31/08/2024 Hyundai Motor Company marked a significant remarketing milestone with the launch of its certified used car business in Korea, underlining its commitment to playing an active role in the domestic used car market. Wonha Yoo, Vice President of Hyundai Motors Asia Region, emphasized the company’s dedication to customer satisfaction, stating, “Made by us, Cared by us,” encapsulating their philosophy towards the certified used car business. Unique news, as OEM-initiated second hand networks are not as common as in, eg, Europe or the US. Targets Hyundai Motor Company aims to bridge the gap between new and used car markets, ensuring that used car customers receive the same level of care and attention as new car buyers. This initiative comes after almost 2 years of preparation, including the establishment of dedicated infrastructure for the second-hand network. In light of the increasing demand for used cars in South Korea, Hyundai Motor Company sets an ambitious sales target of 5,000 units for 2023, with plans for further expansion in the coming years. Certified The introduction of ‘Manufacturer Certified Pre-Owned’ vehicles by Hyundai Motor Company sets a new standard in the market, offering consumers reliable used vehicles backed by manufacturer certification. These certified used cars … Continue Reading
Americans increasingly upside down on auto loans as used car values fall siro, 03/08/2024 Nevada ranked the second highest auto insurance rates in the country, according to Insurify. Used car prices are starting to edge down after soaring for years after the pandemic hit, and while the trend is a much-welcome relief for buyers, it is also causing trouble for some consumers who purchased their vehicles at higher prices. Edmunds’ latest used vehicle report found a growing number of Americans are upside down on their auto loans as used prices decline, and the average number of consumers are underwater is at an all-time high. Used vehicle prices have eased from a year ago, but the average amount of consumers is upside-down on car loans hit a record high. (Steve Pfost/Newsday RM via Getty Images / Getty Images) The report found the average transaction price (ATP) for all used vehicles declined to $28,371 in the fourth quarter of 2023, a 4.4% decrease from the same quarter the year before, when the ATP sat at $29,690. At the same time, the percentage of new vehicle sales that had a trade-in with negative equity jumped to 20.4%, up from 17.7% in 2022 and 14.9% in 2021. WAGES IN THE US ARE FALLING AT A ‘STRIKING’ PACE, INDEED … Continue Reading
Used car market facing unprecedented shift siro, 12/07/2024 A new report predicts that electric vehicles will make up 28% of all used car sales in the period between 2024 and 2027. According to the latest four-year market forecast published by Cox Automotive, up to 2.3 million used EVs will be sold before 2027, representing a 160% increase in market share. Meanwhile, hybrids are expected to account for 25% of total registrations, with two million units sold. Trending in the opposite direction, diesels will shrink to just three per cent with only 62,000 units registered in 2027, while petrol sales will fall 12% to just a 35% share by 2028. Philip Nothard, insight director, Cox Automotive said: “The registration of the millionth EV in the UK is an important milestone in the transition to zero-emission motoring. But with two in every five new cars joining the UK car park this year forecast to be EV or hybrid, and with that proportion destined to grow rapidly in future years, dynamics in the used market over the next four years will arguably rival the complexity and impact of those experienced during the pandemic.” He continued: “It’s almost impossible to overstate the shift in the UK car park over the past four … Continue Reading