The TRADE X global automotive trading platform creates a strategic hub in Kenya, which will serve automotive dealers within key East African countries
TORONTO, Dec. 1, 2022 /PRNewswire/ — TRADE X, a B2B cross-border automotive trading platform based in Ontario, Canada, today announced that it has opened a new Kenyan trading corridor, which includes both a shared bonded warehouse in Mombasa and an office in Nairobi, as the company expands its reach across the African continent.
TRADE X provides auto dealers, car rental companies, fleet owners and mobility solution providers with a seamless end-to-end process for the sourcing and distribution of cross-border vehicle inventory. With the highest GDP in East Africa, Kenya serves as a strategic location, providing a direct-access route to trade with landlocked countries such as South Sudan and Uganda, where it is legal to drive vehicles registered in neighboring countries.
Over the past few months, TRADE X has focused on developing a presence in Kenya and building broader trust within the automotive industry. In May, TRADE X began buying and shipping inventory to Kenya as the company works toward making right-hand drive vehicles available on its platform.
“Our focus is on building trust with dealers and helping them to understand the process and pricing structure,” said Andrew Agbro, Vice President for Trade and Business Development at TRADE X. “Every dealer we work with has applauded us not just for our prices but for the quality of our vehicles. For example, we don’t accept vehicles that have been in accidents — and we are still more cost efficient than our competitors.”
In Kenya, the bulk of automobiles originate in Japan. Unlike other African markets, Kenya has strict import requirements. Vehicles must not be older than seven years, and cars must pass an inspection process before being shipped into the country. Vehicles that are shipped to Kenya without first passing an inspection are destroyed.
TRADE X is focused not only on tapping into the supply coming out of Japan, but to opening new trade routes between Kenya and countries such as the U.K, Australia, Thailand, South Africa, Singapore and the United Arab Emirates.
“Kenya is a high-quality and discerning market,” said TRADE X SVP of Global Business Development Eric Gosselin. “Because the inspection process in Kenya is so rigorous, Kenyans prefer to purchase foreign pre-owned vehicles rather than buy locally. We are excited to set up our East African base in Kenya as we move closer to adding right-hand-drive vehicles to our platform.”
In Kenya, popular automotive brands include Toyota, Honda, Mazda, Nissan and Subaru. TRADE X is looking to further expand the variety of makes and models available to Kenyan car buyers.
Interested automotive dealers in West Africa can sign up at tradexport.com to begin procuring vehicles, accelerating inventory turnover and driving revenues.
The company’s AI-driven ‘Brain’ software provides dealers, fleet owners, and mobility solutions providers first-ever support in all aspects of vehicle trading. This includes trade financing, compliance, customs requirements, international payments processing, vehicle inspections, digital trade documentation, and homologation. TRADE X provides peace of mind and security for users, whether they are trading within their own continent or overseas. TRADE X simplifies the experience and ensures each transaction is transparent, compliant, insured, and monitored from start to finish.
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 vehicle 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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