A new line of credit will provide dedicated capital for TRADE X to expand its global B2B automotive trading platform across North America and beyond.
NEW YORK and TORONTO, Feb. 24, 2021 /CNW/ -- TRADE X, a global B2B automotive trading platform that allows the entire B2B automotive ecosystem, including OEMs, fleet and car dealers to buy and sell pre-owned vehicles in a secure and globally compliant marketplace, today announced that it has secured new growth capital to expand its offering across the United States and Canada.
The senior secured revolving line of credit of US$50 million, including an accordion to expand up to US$100 million, was secured through Finitive, an institutional private credit platform. A global asset management firm with over US$100 billion in assets under management provided the financing for the transaction.
TRADE X's unique automotive trading platform offers extensive and easy to use services for the auto industry, whether OEM, fleet/rental providers, bank/finance institutions or automotive dealers, to merchandise their inventory across borders to a global audience. By standing as the trusted third-party escrow, TRADE X and its proprietary software provide peace of mind and security for users, offering transactional financing for buyers, global pricing analytics for sellers, digital documentation, international payments, global forwarding, automatic language translations and much more. Through handling all of the complicated procedures themselves and automating the selling and purchasing of vehicles between users, TRADE X simplifies the experience and ensures each transaction is compliant, insured and monitored from start to finish.
"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."
B2B automotive cross-border sales between Canada and the US total about $10 billion annually, and globally, pre-owned sales in general are an approximate $1 trillion industry. TRADE X serves dealers in this massive market with a user-friendly, multi-lingual app available 24/7 via mobile, tablet or desktop (www.tradexport.com).
"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."
After undergoing a strict onboarding process to verify licenses, tax ID and compliance with commercial regulations, platform users can search for specific vehicles, post vehicles for sale, assess economic viability, leverage arbitrage opportunities, obtain trade financing and transact in the currency of their choice. TRADE X handles all quality checks, transport, logistics, retitling, engaging registered importers, customs clearance and speedometer conversion across international borders. TRADE X pays sellers instantly in local currency, plus local tax, and provides transactional financing for buyers. All transactions are conducted securely and compliantly.
"TRADE X is the first full end-to-end online solution that leverages its global trading platform to aggregate supply and demand among buyers and sellers. It eliminates the need for a middleman, helping dealers who otherwise would never have transacted to not only find each other, but also conduct buying and selling activities in a highly transparent, compliant and secure way," said Davidson.
About TRADE X
Based in Toronto, TRADE X is the first global vehicle marketplace to aggregate supply and demand for pre-owned automotive dealers, opening up new trading corridors for them to buy and sell vehicles in a highly transparent, compliant and secure way. Dealers can search for specific vehicles across wide geographic areas, post vehicles for sale, assess economic viability, leverage arbitrage opportunities, obtain trade financing, arrange delivery and transact in the currency of their choice. TRADE X serves dealers everywhere with a user-friendly, multi-lingual app available 24/7 via mobile, tablet or desktop. To learn more about TRADE X, please visit: www.tradexport.com
SOURCE TRADE X