Trade X Secures Capital to Expand

By Staff Writer February 25, 2021

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 compliant marketplace, announced that it has secured new growth capital.

The senior secured revolving line of credit of  $50 million, including an accordion to expand up to $100 million, was secured through Finitive, an institutional private credit platform. A global asset management firm with over $100 billion in assets under management provided the financing for the transaction.

Trade X’s 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.

“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 U.S. total about $10 billion annually, and globally, pre-owned sales in general are an approximate $1 trillion industry.  

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.

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Last modified on Thursday, 25 February 2021 18:28