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Two powerful names in the automotive industry have joined forces to launch a new joint venture – Autorola Middle East & North Africa (Mena) Holding Limited – with a mission to reshape the region’s B2B used car market.
The joint venture will introduce the industry to an integrated, end-to-end digital platform that will digitize and simplify every step of the remarketing process, offering consistent, transparent pricing, seamless, automated workflows and 24/7 auctions.
This will allow for better trade-in ratios, faster inventory flow, and a better customer experience.
used car market
The UAE’s used car industry is one of the most important in the world, currently valued at US$14 billion, and is expected to grow rapidly to US$20.5 billion by 2025 at a projected CAGR of 10-12%.
However, the current state of the used vehicle market faces many of the legacy challenges and pain points experienced by regional automotive companies such as: Limited to manual processes and excel-based workflows, inconsistent pricing, live auctions conducted on a weekly basis, and no vehicle inspections , a fragmented remarketing process and siled decision-making.
The digital platform of the new joint venture will address these key pain points for all automotive companies and used car dealers in the region.
customizable
With Autorola Mena, the digital platform is customizable and customer-centric, with features for fleet monitoring, operating the fleet, ordering and repairing, booking, evaluation and every step of the remarketing process (including transfers, storage, insurance, cleaning and inspections) Modules for Pricing, Digital Showroom, Auction Selection and Management, and Payments. It also offers document sharing and collaboration tools, and an integrated ‘Fleet Chat’ platform that makes emails, text messages and phone calls with suppliers and other partners unnecessary.
Autorola Mena is the result of a partnership between Autorola A/S and Al-Futtaim Automotive. Autorola A/S is a global leader in online vehicle remarketing and automotive IT solutions, operating in 19 countries. The global platform has more than 55,000 active dealers and 815,000 car auctions in 2021, and existing customers include banks, leasing dealers, leasing dealers, etc.
Al-Futtaim Automotive, which provides customers in the region with some of the world’s best-known automotive brands, services and mobility solutions, sees great potential in the digital transformation of the Middle East used car market. As a leading automotive group, Al-Futtaim Automotive aims to bring its regional scale and expertise to the new venture, expecting many other leading automotive companies to join and drive the UAE’s digitalization efforts to create a more organized, progressive and A first-class business ecosystem, especially in the context of what seems to be a very unorganized used car market at the moment.
strategic synergy
“This collaboration is both strategic and synergistic,” said Peter Grøftehauge, CEO of Autorola A/S. “As one of the world’s most recognized and respected automotive brands and the market partner of choice for expansion in the Middle East, Al-Futtaim Automotive brings credibility, knowledge of local markets and regulations, as well as proof of concept and operations. We bring end-to-end digital solutions, technical expertise, wider buyer base and higher bids, seller convenience, and transparency and traceability. Together we are developing a brand new business ecosystem. “
Paul Willis, President of Al-Futtaim Automotive, commented: “This joint venture is an important part of our growth strategy and a historic precedent for our company to enter the software business.
“Autorola is a leader in the field and their complete end-to-end digital solutions enable us to serve a wider B2B customer base through a modern and digitized customer journey. Using Al-Futtaim as a test bed for the region, this An independent and impartial new technology company will change the face of automotive remarketing for all potential customers in the UAE and wider region.”
The Autorola Mena program was launched in the UAE and rapidly expanded to other countries in the region. The platform was built from the ground up to cater to all automotive brands and companies, and all customer data is secured and secured on AWS servers and treated as highly confidential. — trade arab news agency
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