TrustedCars Flex (FLEX) ICO Review – ICO Token News
TrustedCars Flex is incorporated in Germany and is a spin-off of TrustedCars GmbH. Under the brand name TrustedCars, we were able to extend the purchase experience of new and used vehicles beyond any existing channel. Currently buying a vehicle with our One-StopShop is as easy as ordering a book on Amazon. Unlike many startups launching an Initial Token Sale (also known as Initial Coin Sale – ICO) TrustedCars already has an established business and a functioning platform which goes beyond a vision and a roadmap. TrustedCars launched almost two years ago and is an operating business with a successful product.
We have already raised a seven-digit investment and have built a very strong ecosystem of renowned cooperation partners, many of whom are leaders in their field of operations. More than 100 of the largest dealerships in Germany already trust and work with us, with more joining every day. We were classified as an innovative company by the German Federal Office of Economics and Export Control (Bundesamt für Wirtschaft und Ausfuhrkontrolle) and won several awards for our concept. With more than 30,000 listed vehicles in 2017 and currently more than 8,000 vehicles available for purchase, we are one of the biggest online shops for used vehicles in Europe.
Car dealers lose money with increasing lot-time of vehicles
We have been working closely with car dealer partners for the last three years and have identified their problems and needs. Dealerships usually have hundreds of used vehicles just sitting on their lots at a daily cost. The costs result from insurance, interest costs, lot-space, depreciation and most importantly damages from the vehicle not being moved. Dead batteries, flat tires, rusted brakes, defective and foul-smelling air-conditioning are only a few of the damages experienced. The structure of the market dictates that car dealers purchase their inventory in “packages” which means they get some desireable vehicles that can sell rapidly, and some less-desireable vehicles that remain unsold for 6 months or even longer. By way of example, a light-blue Audi A6 with beige seats does not sell as fast as a black one with black seats due to lower popularity. Another example: due to uncertainties about Diesel vehicles, there are currently 300,000 Euro 5 Diesel vehicles at dealerships in Germany that take more than 5 months to sell. Vehicles such as these would be a great source for additional income for all car dealers and would not have consumers locked into undesireable vehicles that they would find difficult to resell.
TrustedCars Flex provides a convenient and affordable access to an entire fleet of vehicles
Our inventory of vehicles is provided and serviced by our network of car dealer partners. We select our dealer partners based on inventory size, quality of the vehicles, customer satisfaction and service capability. Our non-ownership model allows us to offer great deals on a substantial range of vehicles – we access all the unused vehicles in the market across the hundreds of thousands of dealerships. Non-utilization of vehicles has no business impact for our use-case. We provide a technological solution for dealerships to resolve both sides of the income statement issue: increase in revenue and reduction in holding costs. Instead of vehicles taking space, they are on the road making money to offset inventory-financing and other expenses – and there are no upfront costs for dealers to list their vehicle inventory with TrustedCars Flex. Our car dealer partners are already excited to start this project with us. Since we already have a solution to connect all the different Dealer Management Systems to our platform, it will be just a few modifications for car dealers to offer their vehicles on our App.
TrustedCars as Impetus for TrustedCars Flex
Three years ago, when our Founder & CEO was looking for a new vehicle he again remembered and realized how incovenient and risky the current process of buying a vehicle actually is. Annoying phone calls and appointments, inspection of the vehicle as a layman, price negotiations, uncertainty about the car warranty, money exchange, risk of fraud are all negative factors that are an integral part of the process. He was wondering – why isn’t there an easier and more convenient way to buy a vehicle than the antiquated marketplaces with all the hassle and risk of fraud? He also considered the possibility of not buying a vehicle and using alternatives like car sharing or car rental however these options were too expensive and not very convenient if you require a vehicle on a regular basis. The vision of making the process of purchasing a vehicle as easy and risk-free as ordering a book on Amazon was born. Within only three years, TrustedCars has already left its mark in the German Car Industry. We extended the car purchase experience of new and used vehicles beyond any existing channel. We managed to combine the convenience of the internet with the service and security of renowned local car dealerships as the “Amazon for cars“.
We are convinced that a decentralized blockchain technology combined with smart contracts and our Utility Token will be the core engine for the revolution of car ownership. The blockchain enables complex multi-party agreements and provides a mechanism for securing and transferring funds thorugh the use of smart contracts, which is necessary to bring together the various parties involved in the TrustedCars Flex ecosystem. Payment in this industry is presently not secure and one of the parties always has to make payment or settlement in advance and take some risk. Either the customer pays the fee in advance before getting the vehicle or the car dealer hands over the keys without the money in their account or any reliable confirmation. The TrustedCars Flex payment system uses decentralized blockchain technology with smart contracts to process payments, which guarantees safe transfer of funds and removes the need to trust a single party with the funds. Check ICO list to know more about ICOs.
- Simon ToprakFounder, CEO
- Sascha VorderstemannFounder, CTO
- Hendrik ErlHead of Sales & Operations
- Eugen KasjanovHead of Development
- Denny ViewegHead of Front-End Development
- Leandra BertinoHead of Marketing
- 1October 2015
TrustedCars founded – with the vision of bringing online-shopping as a major part of modern society on to the automotive industry.
Launch of TrustedCars.com
- 3Establishment of various partnerships: with TUV for the inspection of used cars, with the largest bank for car-financing, with renowned car dealerships and with insurance & warranty companies.
Relaunch of TrustedCars.com - with very high level of automation for the quick upload of cars through the implementation of a dealership-interface and the DAT database.
Participation at IAA as an Exhibitor – the largest Fair for mobility and the automotive industry in the world.
More than 30,000 cars listed on TrustedCars in 2017, with more than 100 car dealerships participating.
May & June:
TrustedCars FLEX Token Sale
- 72nd half:
Development and integration of blockchain and smart contract technology. Token listed on Exchanges. Beta Launch with our existing car dealership-network in Germany.
Official product launch in Germany. Release of iOS and Android App enabling customers to get a car with a few klicks on their phone. Launch of payment system enabling users to receive and make payments in TrustedCars FLEX Tokens. Translation of website into various languages.
- 92nd half:
Concrete plans set and ready to expand to UK, France, Italy and Spain. Including Multi-Language support.
Expansion to the rest of Europe. Extension of FLEX Tokens for payment of various automotive services, like carwash, parking and other vehicle related services.
2nd half and beyond:
Expansion to USA and key cities worldwide. Onboard advertisers and retailers to promote products using FLEX Tokens (Further value increase of Tokens).
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