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E-commerce

How CarSwap aims to become world’s biggest online car trading platform

Consumers today have no shortage of places to peruse used cars for sale or list their own used to sell online: Gumtree, Carsales.com.au and HelloCars are just a few popular websites in Australia.

But as consumers increasingly shift to browsing on their mobile phones, another player, CarSwap, is poised for growth.

Launched in South Australia in late 2016 by Cyrus Rafizadeh and Kane Ellis, CarSwap claims to have hundreds of thousands of users worldwide and the most social media followers of any automotive classifieds company.

“Gumtree may be the largest [car classifieds site in Australia], but CarSwap is the fastest growing,” Rafizadeh, CarSwap’s chief innovation officer, told Internet Retailing.

Within the next two years, the co-founders aim to make CarSwap the leading car trading platform in the world and have millions of registered users and thousands of car dealerships engaging on the platform.

A key part of CarSwap’s growth strategy is the unique features that it says are not offered by other platforms, such as its matchmaking mechanism, which pairs parties who want to enter a transaction, its value indicator, which displays how far above or below market value the asking price is, and its auto negotiation function, which automatically negotiates with buyers on behalf of the seller.

CarSwap doesn’t currently support transactions on the platform, but Rafizadeh said the company is developing patented technology that will support transactions “with the most innovative solution on the market”.

HelloCars is currently the only website that supports transactions through its website, though CarSwap differentiates from pure classifieds sites like Gumtree and Carsales.com.au by actively matching buyers and sellers.

“CarSwap has facilitated tens of thousands of matches between users, allowing people to exchange their cars hassle-free, thanks to our industry-leading technology,” Rafizadeh said.

Rafizadeh and Ellis have backgrounds in e-commerce and IT and say their focus on efficiency has enabled them to flourish even with the lowest margins in the industry; the site is free to download for private parties, and is low cost for dealers.

The company has recently started hiring a dealer relations management team to help car dealers nationwide connect their inventories with its growing customer base.

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