South African online car sales platform HiCarByeCar has followed up its successful launch in Gauteng by expanding its platform to include dealer-to-dealer trading.
Disrupt Africa reported in June on the launch of HiCarByeCar, a car sales platform that gives potential sellers the opportunity to receive the best offers from dealerships in their city, within 48 hours.
Users list the details and variables of their car, and upload photographs. HiCarByeCar then uses a proprietary algorithm to match users and dealers in their area. Within two days, a seller will receive the three top offers made from dealers near to them.
Since its launch, HiCarByeCar has seen over ZAR169 million (US$12.5 million) worth of offers made through the platform, with hundreds of cars being sold. Having previously catered for private-to-dealer sales only, the startup has now expanded to allow dealers to move stock between one another.
The system is much the same as with private-to-dealer sales, except when working directly with dealers HiCarByeCar ensures the sale going through to the highest offer. Offers are only made by verified dealers, ensuring that dealers are only offering against other informed buyers. This also gives the car seller the confidence that the offer being made is likely to complete.
“A key differentiator between us and some other players trying to innovate in the market is that our platform is completely transparent. We offer sellers information and contact details of every dealer making an offer on their vehicle. This allows sellers to make informed decisions rather than needing to trust in what a salesperson or dealer is advising,” said Michael Zahariev, chief executive officer (CEO) of HiCarByeCar.
“Our strength as a car sales platform lies in our ability to serve both the dealers and private sellers simultaneously by making sure both parties get the best deal. This has allowed us to add many new dealers who are now ready to jump right into our dealer-to-dealer platform.”
Zahariev said the startup had always suspected dealer-to-dealer trading would be a possible extension to the platform, but never knew dealers would take to our platform so quickly and positively.
“Their constant use and feedback on our platform is what has allowed us to expand so fast,” he said.
