TRADE X opens new office in Lagos, Nigeria to meet growing automotive demand in Africa’s largest economy

The TRADE X global automotive trading platform and the new Lagos the facility will link car dealerships in the West African nation to suppliers of North America, Europeand Asia.

TORONTO, May 26, 2022 /PRNewswire/ — TRADE X, a B2B cross-border automotive trading platform based in Ontario, Canadatoday announced the opening of a new office in Lagos, Nigeriato help meet the growing demand for vehicles in Nigeriatoday the largest economy in Africa.

TRADE X Nigeria will facilitate the purchase and import of vehicles for Nigerian car dealers who purchase vehicles from suppliers in North America, Europeand Asia providing African dealers with a wider range of vehicle accessibility that would otherwise have been difficult to obtain.

Damilola Thompsonthe Head of Emerging Markets for TRADE X, will oversee the new Lagos location, which will open up a key automotive trade corridor between North America, Europeand Asia at Nigeria, where demand for vehicles far exceeds supply. As a mixed middle-income and emerging market economy, Nigeria has been growing rapidly, with forecasts that the country will double its population by 2050. The explosive population growth, combined with the upward trend of the national economy, puts the local demand for vehicles at high levels. unprecedented. The opening of TRADE X Nigeria is an important step in TRADE X’s mission to make cross-border automotive trade reliable, transparent and transparent on a global scale.

“We believe it is important to have a presence on the ground in key markets, to build relationships and build trust with local dealers and fleet owners, such as in Nigeria“, Thompson said. “Our goal is to create a trusted, borderless marketplace where buyers and sellers have access to the greatest supply of inventory to ensure they get the best deal possible. The TRADE X team in Lagos is about to revolutionize the way new and used vehicles are imported and traded Nigeria.”

To begin the cross-border trade process, local auto dealers can register online at the tradexport.com website and begin building more inventory for their customers.

“TRADE X Nigeria will be a game changer for Nigerian auto buyers and consumers,” said Olufemi FolarinVice President of Commerce and Business Development at TRADE X. “With the opening of our Lagos office, we demonstrate our deep commitment to supporting and serving the Nigerian market and helping to accelerate vehicle turnover and revenue. We encourage dealers and other buyers to use the streamlined functionality offered by the TRADE X platform instead of having to deal with port and customs bureaucracy themselves. Not only is the process of obtaining vehicles faster, but sourcing specific inventory can also be done through the platform’s exclusive instant request feature, while removing the risks that dealers were previously exposed to when cross-border transactions by manual means. »

Lack of transparency around logistics, vehicle condition, valuation and pricing has been a barrier to entry into the international automotive trade. In recent years, Nigerian dealers who have been successful in purchasing vehicles from global sources have had to do so in a largely fragmented fashion, relying on personal contacts and managing the logistics of purchasing and importing themselves. . Transactions were characterized by a lack of trust, visibility and buyer/seller protection, which in turn limited trading.

“We are committed to making cross-border automotive trade inclusive, reliable and transparent,” said TRADE X’s Executive Vice President and COO. Luciano Butera. “With the addition of the Lagos office, we are helping to forge long-term partnerships that will not only benefit buyers and sellers, but the entire Nigerian people.”

TRADE X provides a seamless, end-to-end process for cross-border vehicle inventory sourcing and distribution. The company’s AI-powered “Brain” software provides dealerships, fleet owners and mobility solution providers with first-ever assistance in all aspects of vehicle trading. This includes trade finance, compliance, customs requirements, international payment processing, vehicle inspections, digital trade documentation and certification. TRADE X offers peace of mind and security to all users, whether trading on their own continent or abroad. TRADE X simplifies the experience and ensures that every trade is transparent, compliant, insured and monitored from start to finish.

About TRADE X

With its headquarters at Ontario, Canada, TRADE X is the first global vehicle marketplace to aggregate cross-border supply and demand for car dealerships, fleet owners, rental companies, mobility solution providers, importers and exporters, opening up new trade corridors to buy and sell vehicles. The TRADE X “Brain” platform is an AI-powered machine learning technology that connects buyers and sellers through a transparent marketplace that helps sellers find the highest bidders in the world and gives buyers access to the best vehicle source markets and the best price arbitrage opportunities. Users can transact online quickly and seamlessly 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 application available 24/7 via mobile, tablet or desktop. The largest investors in TRADE X include Aimia Inc., a publicly traded holding company listed on the Toronto Stock Exchange (TSX: AIM). For more information, visit www.tradexport.com.

ORIGINAL TRADE X

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