ADIB launches digital car market in United Arab Emirates
Abu Dhabi Islamic Bank, the emirate’s largest Sharia-compliant lender, on Monday launched an integrated digital automotive ecosystem that provides all the services consumers need on their car-buying journey on one platform.
The Turbo platform (Turbo.auto), which went live with 775 ads on Monday, includes new and used car dealers, insurance companies, the financial services comparison site yallacompare and the ADIB, which offers automobile financing.
“We understand that the consumer’s journey when buying or selling a car involves interaction with many stakeholders,” said Philip King, global head of retail banking at ADIB.
“With the use of technology and artificial intelligence, you can use Turbo to do it all on one platform. This is a first for this market and the first such platform for an Islamic bank on a global scale.
In March, around six in ten UAE consumers were planning to buy a car in the next six months, with price and value being key considerations, according to a dubizzle report.
The United Arab Emirates used car market ended the year on a positive note despite lower sales caused by coronavirus-induced movement restrictions, the classifieds portal’s classifieds portal Used Car Market Report for 2020 find.
The United Arab Emirates used car market is expected to experience double-digit growth over the next four years, reaching a market size of $ 18.2 billion by 2025, from $ 14.2 billion in 2020, according to a study by Frost & Sullivan.
Other platforms that allow UAE customers to buy and sell cars include dubizzle, CarSwitch, Dubicars.com, and sellanycar.com, among others.
ADIB’s Turbo ecosystem allows customers to book a test drive, buy a new car, get an insurance quote, apply for auto financing with ADIB, or sell their car to car dealerships around the world. opportunity on the platform.
Turbo, which will offer high-end and affordable cars for sale, has been launched in partnership with Drive Ninja and dealerships such as Al Masaood Automobile, Al Ghandi, You Drive, Carasti and Car 24, according to an ADIB statement. Monday. More dealers and service providers will be added later, the lender said.
“The ecosystem allows us to position ADIB beyond financial and banking services. It positions us as a bank that brings together the people and industries they need to interact with on a daily basis on one platform, ”said King.
The ecosystem would later expand to car rental, maintenance and servicing, car import and export, car registration, traffic payments and leasing. roadside assistance, he added, as non-ADIB customers are also allowed to use the platform.
“Now is the time for us to leverage our digital tools and well-connected networks so that we can open more new and innovative platforms that will change the way consumers in the UAE buy their cars,” Adam Whitnall , co-founder and CEO of Drive. Ninja, said.
An on-site car budget calculator will provide the estimated amount of finance buyers are eligible for, and then come up with a list of cars based on their budget, according to the lender’s statement.
The Turbo Platform will not be dealing with person-to-person sales. If an individual wants to sell a car, they can fill in their details on the website and the dealers listed will contact them with a quote. The seller can decide whether they want to accept the quote or not, King said.
Customers do not need to make payment to list a car, and ADIB does not charge a fee for a Turbo Platform sale transaction. The bank will only charge a fee if it finances the purchase of the car, the lender said.
“Auto finance is an important product for our UAE clientele. We have a 14% market share in the UAE auto finance market, ”King said.
“We have seen double-digit growth in car sales since the pandemic. We are convinced that the market is rebounding. “
ADIB has invested heavily in expanding its digital offerings over the past few years as it seeks to attract more tech-savvy millennial customers and generate cost savings.
In August this year, ADIB partnered with the Home Office to enable clients to open accounts remotely and digitally through facial recognition, becoming the first lender in the country to offer the service.
In the same month, ADIB also launched a digital-only bank to tap the growing segment of tech-savvy youth in the UAE. The bank, known as Amwali (which means my money in Arabic), will enroll Gen Z youth ages 8-18 through a smartphone app that comes with a debit card that can be connected to Apple Pay and to other mobile wallets.
Updated: December 6, 2021, 12:22 PM