Canadian Black Book Announces Data Integration Agreement with Global B2B Automotive Trading Platform TRADE X
September 16 2021
Markham, ON, September 16, 2021 – Canadian Black Book, Canada’s leading automotive data provider, today announced a data integration agreement with TRADE X, a global B2B cross-border automotive trading platform that connects dealers internationally. TRADE X’s global vehicle trading software will be enhanced with Canadian Black Book’s historical post-transactional wholesale valuation and transactional data, along with their proprietary Enhanced Vehicle Matching VIN Decoding capabilities, to allow for maximized conversion and increased international transactions to occur between dealers on the TRADE X platform.
“TRADE X is providing a solution to the growing demand for an efficient way to seamlessly trade internationally in the wholesale automotive industry. We have deployed a digital platform whereby dealers, in different countries, can buy and sell cars through a secure and compliant marketplace that provides fully transparent data and automated transactions. We automate the processes and services that go into getting a vehicle from one market to another. The payment processing, logistics, currency exchange, data analytics, escrow, and trade financing would all otherwise be fragmented services that an exporter would have to handle manually and through multiple relationships. This is a multi-billion-dollar market in terms of global pre-owned automotive sales volume with no digital platform to service it, until now,” says Ryan Davidson, Founder & CEO at TRADE X. “With our first phase focusing on vehicle flow from Canada to the US, it was clear that we needed to partner with the most accurate and trusted Canadian data provider, and Canadian Black Book was our obvious choice,” he adds.
The TRADE X system provides dealers access to a network of authorized automotive traders who have been meticulously vetted to ensure reliability and transparency. After onboarding, dealers receive an orientation, at which time they can begin interacting with potential buyers or sellers. Once a buyer commits to purchasing through the marketplace, the selected vehicles are then shipped to a TRADE X warehouse for a vehicle condition report. Upon successful verification of the vehicle’s condition, and ownership or title, payment is then made automatically to the seller with all applicable local taxes less any applicable seller’s fees. The TRADE X system automates communications, payments, currency exchange, taxation, financing, analytics, logistics and compliance.
“TRADE X is filling a gap in the industry by offering a robust digital automation tool to manage the seamless flow of vehicles through foreign trade, which is a massive business,” says Yolanda Biswah, Vice President Sales for Canadian Black Book. “The integration of Canadian Black Book data into TRADE X’s enhanced platform will ensure both Canadian and U.S. dealers are accessing the most precise North American automotive data available, throughout their transaction,” she adds.
The TRADE X platform currently offers its digital wholesale marketplace to North American dealers, providing access to cross-border inventory sourcing and selling, and is expanding its reach to a wider global marketplace concurrently.
TRADE X is a fixed, fee-based service and is available via a web-based desktop portal as well as through an application for iOS and Android mobile devices. For more information, visit www.tradexport.com.
About TRADE X
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 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 visitwww.tradexport.com.
About Canadian Black Book
For almost 60 years, Canadian Black Book has been the trusted and unbiased Canadian automotive industry source for vehicle values. Today the company has grown into a leading data provider of vehicle valuations, residual value forecast solutions and VIN decoding. Canadian Black Book tools and information are considered ‘The Authority’ for vehicle values not only by car dealers and manufacturers, but also the leasing, finance, insurance, and wholesale sectors. In 2020 Canadian Black Book brought to market its Enhanced Vehicle Matching (EVM) VIN Decoding solution, allowing the industry to accurately decode 17-digit VINs down to a specific trim and option package, producing the most precise vehicle valuation.