AutoSettle, an Australian based fintech is building a platform that will make the process of buying and selling car more seamless and secure. In the first half of 2024, AutoSettle could have helped dealers and new car buyers with a record breaking 632,412 new vehicle sales, an 8.7% increase over 2023. 🚀 And that’s just new vehicles. AutoSettle can be used for buying and selling used cars as well. 

Electric vehicle sales are up 16.5% to 50,219 units. Hybrids are also doing well. Regular HEVs are up 113.3% and PHEVs are surging with 129.6% growth YTD. 🚙💨 Petrol-only sales are down 7.3%, but still make up 45% of sales. Diesel sales rose by 10.2%, with three of the top four vehicles being diesel utes. Diesel vehicles made up 32% of sales in the period. 

Australia continues its love affair with the Ford Ranger, still the highest selling vehicle with 33,531 sold in the first half of 2014, a 25% increase on the previous period. Toyota has 3 models in the top 10, the Hilux comes in at number 2 (28,515 units, 1.5% growth), the RAV4 in at 3 (25,405, 87.9% growth) and the Corolla at number 6 (13,179, 82.9% growth). 

The news is not so good for Tesla fans with the brand down 9.6% YTD. The Tesla Model Y is Australia’s 7th biggest selling car (12,516, down 10.6%).

Australia has a complicated state based system with different legislation relating to the buying, selling and registration of cars. Data breaches and password dumps are on the rise which make it riskier to complete a large transaction like buying a car. AutoSettle is using a combination of innovative technologies, including Digitial ID and secure digital payments to provide protection for all parties involved in the transaction. 

For more information contact AutoSettle