Cork start-up Trustap has partnered with Used Cars NI to launch a secure payment system on their marketplace.
This partnership will support buyers and eliminate any fear of scams or fraud that some people face when buying a vehicle from the UK.
Used Cars NI is a motor marketplace with roughly 30,000 vehicle listings of new and used cars, vans and motorbikes for sale from dealerships and private sellers in Northern Ireland.
Prior to the outbreak of Covid-19, more than 120,000 Irish people were importing cars from the UK every year.
Due to government restrictions, car dealerships across Europe have been forced to close which has resulted in sales plummeting and has had a massive impact on the industry. In April alone, new car sales in Ireland were down 96 per cent. These latest figures from RTÉ show that just over 280 cars were sold for the month compared to over 16,000 sold in March of 2019.
“We want to enable buyers and sellers to complete these vehicle transactions online with complete peace of mind”
This changing environment has put pressure on both marketplaces and dealerships to come up with a solution.
Trustap’s safe payment platform enables dealers and private sellers to accept deposits or full payments for their vehicles online, straight from the listing on the marketplace.
This functionality has been welcomed by car dealers as it keeps a level of deal flow whilst the showrooms remain closed.
For their customers, they can now make secure refundable deposit payments on any vehicle and can do so safely in the knowledge that their money is secure in Trustap’s vault until the transaction has been completed.
“Scamming is a massive issue, particularly for people travelling to the UK to buy cars, mainly because of the travel aspect”
Buyers can track every step of their transaction on Trustap and have the option to cancel at any time. The money is held securely until the buyer is happy to complete the sale or refunded fully if should the person cancel.
Discussing the partnership, Trustap CEO, Conor Lyden said; “We’re delighted to partner with Used Cars NI because they’re a company that share a lot of the same goals we do. We want to enable buyers and sellers to complete these vehicle transactions online with complete peace of mind.”
Due to Covid-19 restrictions, dealerships and showrooms were forced to close, but Mr Lyden said there was still an appetite for people to buy cars, but dealers were unable to cater for a safe transaction online.
“We started to identify marketplaces that had dealerships on their books that wanted to find a solution that worked for the dealer and the buyer.
“Scamming is a massive issue, particularly for people travelling to the UK to buy cars, mainly because of the travel aspect. The risk might be the same as buying locally, but when you’re buying to an area that you’re not familiar with, it adds to the buyer’s anxiety. We can provide the extra layer of security,” he finished.
By Stephen Larkin
Published: 12 May, 2020