206,804 Reasons to Use AutoSettle in September
61% of the used cars sold in Australia in September were sold by private sellers. These transactions were facilitated by marketplaces like Facebook and Gumtree where online scams are prevalent and bad actors use the lack of security and privacy to con car buyers and sellers. Over 125,000 vehicle transactions a month are subject to potential fraud. This was the catalyst for AutoSettle.
AutoSettle provides peace of mind to buyers and sellers via a national solution that utilises digital identity and next generation payment mechanisms as well as integrations with state systems to make the process of buying and selling a car quick and secure. The platform also streamlines the process for the nearly 80,000 used car transactions that are done through automotive dealerships each month.
When added to the 97,000 new car sales in September there is an opportunity for AutoSettle to protect over 3.6 million transactions a year.
September 2024, the Details
- 86,454 used sales were of passenger vehicles, just ahead of SUV sales which came in at 78,675. LCV-Utes and LCV-Vans and buses made up the remainder.
- In the used car market, petrol vehicles are the largest category by fuel type. Around 65% of sales were petrol driven. Just 1637 vehicles were EVs (0.7%).
- The Ford Ranger had the most sales in the used car market. The next 4 best sellers were Toyotas – Hilux, Corolla, Camry, Rav4.
- A Toyota also holds the top spot for retained value for cars 2-4 years old. The Toyota 86 has an average RV of 98.4% and on average takes 37.9 days to sell. The Corolla is not far behind at 98.1%.
- For older vehicles, 5 to 7 years old the Toyota Yaris has a retained value of 94.8% and takes around 30 days to sell.
The full report can be found here