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U.S-based firm plans to crash prices of second-hand car

Lagos:  A U.S. based auto auction firm, Insurance Auto Auction, says it is in Nigeria to redefine the second-hand car market in Nigeria.

Mr Dan Oscarson, Vice President of the firm, told journalists on Thursday in Lagos that the firm would  provide prospective buyers the opportunity to import vehicles at exceptional prices.

According to Oscarson, buyers can also import “accidented” cars and repair them in Nigeria where the cost of labour is low.

He said that from the firm’s evaluation of the second-hand car market in Nigeria, the cars were over-priced as some dealers make more than 50 per cent gains from the vehicles.

“With growing demand for affordable means of transportation around the world, the opportunity to profit from buying and repairing damaged vehicles has become relevant,” he said.

He said that the firm was providing physical and on-line transactions that would enable buyers to get exceptional returns in their choice.

“American spec cars are very desirable in West African markets because of their special features.

“Our company sells salvaged vehicles via live and live-online auctions at over 155 locations across the U.S.

“Low prices of this type of vehicles make them attractive to buyers who want to repair and use or resell in the local market. It is an opportunity to buy and save a lot of money,” he said

Oscarson said the company was in the country to sensitise the general public on the abundant opportunities being offered by the initiative.

According to him, Nigerians that visit the IAA website have increased by over 100 per cent with over 50 per cent purchases.

Oscarson said that the initiative would eliminate situations where Nigerians were defrauded in the effort to procure cars through friends abroad.

“Buyers can access our Website and collaborate with the company through licenced dealers to fast-track shipment and payment logistics,” he said

“We were here in 2009 and the volume of quality cars and traffic showed positive indices of growth.

“We have discovered that purchase of salvaged cars is more efficient when compared to over aged cars. It’s a good offer to people that cannot really afford a new car.

“The company has the most salvaged auction facilities in North American, selling well over 1.3 million salvaged vehicles annually.

“With more than 26 years experience, from local to global level, we offer an experience advantage that demonstrates the ability to prepare and sell your inventory quickly for great value,” he said.

He said that the initiative would lead to wealth creation, employment generation and technology transfer for artisans due to maintenance of the vehicles. (NAN)


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