AutoBay Creates a Business Case for Connecting Used Vehicles on the Global Scale

bonanza-kreep (66)in #autobay • 6 years ago

The option of buying a used car is appealing to many private consumers around the globe. Naturally, there is no surprise that the used car market is undergoing a dramatic change. However, product quality and information alongside the risk of financial loss in the secondary market are still the weakest link.

https://www.autobay.io

As is often the case with any high growth market, technology leads the way. Distributed ledger innovation has captured the attention of many retail e-commerce markets. Since the Internet is increasingly becoming a primary source for used vehicle buyers, the race for the automotive data has paved the way for businesses to rethink their database architecture while building a blockchain infrastructure to relocate their digital presence.

Autobay business solutions

AutoBay elaborates a unified commercial end-to-end solution enabled both as a digital platform for desktops and as a DApp. AutoBay intends to simplify the online shopping experience and expedites the process of e-retailing for the world's best brands. The AutoBay e-commerce platform will allow the complex automotive businesses to innovate in time with technological changes and expand to new locations.

The maturity of the used vehicle market varies significantly according to country. Due to this fact, AutoBay will operate as a separate business in each country within a single network. Therefore, automotive database will become a backbone of the platform. Opportunistic AutoBay Network will enable its connectivity through collaboration of car publishers, buyers and advertisers. The advent of connectivity on the platform will allow used cars to become a substitute for the new ones.

A set of capabilities
Sellers will be able to bring their cars to the auctions. Potential buyers will learn the information on a car being offered and may bid at auctions. If the auction price exceeds the previous one, the vehicle is awarded to a member with the highest bid. AutoBay ensures its users of providing auto auctions with a maximum choice. Alongside auctions, AutoBay enables a direct P2P purchase. Car manufacturers can join the platform as well an open the official online store on the platform.

AutoBay will additionally arrange a space for banner advertising and sell it to stakeholders. Advertisers who are interested in posting banners on the platform, will be charged a commission and have an option to purchase a lateral, bottom or top banner ads.

Levels of participation
Autobay allows for different levels of participation. Generally, each car publication will be classified as belonging to a bronze, silver, gold or platinum category. Accordingly, cars will be arranged in different facets, so that potential buyers can adjust the car price and other parameters they are interested in. AutoBay will allow for landing of crypto assets in order to set a car budget. Third party lending arrangements will provide users with a possibility to repay loans in long-time installments.

https://www.autobay.io

A big headache that comes with a car purchase it the owner's reputation. Therefore, stakeholders will be able to check each other's reputation – an option, which will be enabled with a special I', interested button. Payment transactions will be enabled with the AutoBay DApp as well as through the web-site.

Token Sale Plan

Pre-ICO will start on August 1 and end on August 15, 2018.

Public ICO will start August 16 and end on September 30, 2018.

AutoBay proceeds from a good idea to accelerate penetration of cryptocurrencies for financial operations with used cars and is therefore in a strong position to benefit from growth in the used car market. Although the team attempts to build a global solid vehicle database that the major players dismiss as to complicated, there are still some concerns about the reputation system as an integral element of the platform. In championing for connectivity, AutoBay should succeed in establishing a history and reputation system for dealerships, whereas in respect to car owners providing sufficient information may become problematic due to infrequent car sales. Therefore, we would recommend the team to provide some detailed information on their policy with regard to this common case.