Experts in payments, fraud, identity and data security assemble to incorporate a new platform that will aim to reduce fraud, build trust and streamline the entire vehicle buying and selling process.
Sydney, NSW, Australia – 15 March, 2024
Dubbed the “PEXA for cars”, AutoSettle, an Australian fintech startup, is revolutionising the way Australians buy and sell motor vehicles. Marking a significant leap forward in the automotive industry, AutoSettle introduces the world’s first virtual settlement exchange for cars, offering an instant, secure, and seamless transaction experience for millions of vehicle transactions each year in Australia.
The traditional transaction of buying or selling a car, known for its disjointed processes, reliance on trust, and vulnerability to fraud, is undergoing a technological transformation with AutoSettle.
Drawing inspiration from the success of PEXA & Sympli in real estate, AutoSettle streamlines the vehicle settlement process, enhances security, and eliminates fraud, addressing the industry’s urgent need for modernisation.
AutoSettle co-founder Patrick McComish commented, “AutoSettle is set to redefine the landscape of vehicle transactions in Australia,” underscoring the vision to create a seamless and secure platform for buying and selling cars. “We are thrilled to introduce AutoSettle as a pioneering solution that leverages cutting-edge technology to bring this vision to life.”
Innovative Solution to Industry Challenges
AutoSettle’s platform is designed to address the inefficiencies in current vehicle transactions. By eliminating manual processes, establishing trust through digital identity verification, enabling real-time settlements, and integrating with automotive dealerships, financiers, marketplaces and state registrars, AutoSettle provides a comprehensive solution to privacy, data protection, and the various inherent causes for delays.
With an addressable annual revenue opportunity of $350+ million in Australia alone, where 3.6 million vehicle transfers are expected in 2024, AutoSettle is poised to make a significant impact.
McComish added: “The journey of buying or selling a vehicle has been fraught with inefficiencies and security concerns for too long. With AutoSettle, we’re not just addressing these issues; we’re completely transforming the experience. Our platform ensures that transactions are seamless, instant, and, above all, safe for all parties involved.”
A Team of Tech Luminaries
Led by an exec team with extensive experience in payments, digital identity, risk, data, and virtual settlement exchanges, AutoSettle’s leadership includes veterans from elite Australian companies such as Afterpay, FrankieOne, Equifax, InfoTrack, and Sympli. This diverse and skilled team is the driving force behind AutoSettle’s innovative platform.
Market Ready for Disruption
The Australian automotive market, with an expected annual growth rate of 8+% through to 2028, is ripe for disruption. AutoSettle not only addresses the domestic market, but also sets the stage for global expansion, with the challenges of vehicle transactions replicated worldwide, presenting opportunities in the largest markets.
Strategic Partnerships and Milestones
AutoSettle has already achieved significant milestones since its incorporation in July 2023, securing seed funding, establishing partnerships with digital ID providers and payment processors, defining its technology stack, and coding in Australia and abroad. A large motor vehicle dealer group and a major vendor have already invested in the startup, signalling the industry’s support for the AutoSettle concept.
About AutoSettle
AutoSettle is an Australian fintech startup dedicated to revolutionising the vehicle transfer process. Through innovative technology and strategic partnerships, AutoSettle aims to simplify and secure vehicle buying and selling, making it a seamless experience for all parties involved.
For more information about AutoSettle and its impact on the automotive industry, please contact:
AutoSettle Australia Pty Ltd
ACN 669 596 098 | ABN
81-83 Campbell Street, Surry Hills, NSW 2010, Australia
[email protected]
www.autosettle.com.au