Following a $35m investment from the Saudi Public Investment Fund, the online car trading marketplace SellAnyCar.com is expanding operations to Saudi Arabia under the name“Kayishha”.
The investment raised is a part of a national effort to promote economic diversification and growth in non-oil sectors and increase employment opportunities for Saudi youth as indicated under the economic and social pillars of Vision 2030.
According to Gulf News, SellAnyCar plans to set up branches in Riyadh, Jeddah and Dammam and is looking to add 300 job opportunities as well as open offices in 100 locations across the region to encourage cross-border trade in used automobiles.
SellAnyCar.com offers a disruptive model in the automobile trading industry that brings individuals a new way to sell and buy used cars. It offers sellers access through the platform to the largest online network of automotive dealers and greater reduction in commuting costs, logistics and bureaucratic work.
It is a win-win scenario for both buyers and sellers in which the individual seller, after making an appointment at any Kayishha’s store location, receives a free vehicle inspection and arrives at a fair price valuation of the car. This enables a purchase within 30 minutes of car valuation, after which proceeds from the sale are deposited directly into the client’s bank account within 24 hours through an online wire-transfer.
According to the national UAE online magazine, the CEO of SellAnyCar Saygin Yalcin said: “We have built a proven model with SellAnyCar.com and we are absolutely confident that it will bring great value to both used car sellers and buyers across Saudi Arabia. At the same time, with Kayishha we are committed to building a distinctively Saudi company that invests locally, respects and embraces Saudi culture and contributes to the economic and social wellbeing of the country.”