Interested in becoming an authorized Dealer on the TRADE X platform but have some questions first? Take a moment to read through some of the commonly asked inquiries we have received to understand fully how TRADE X can put you in the driver’s seat of the vehicle trading part of your business.
What is TRADE X?
TRADE X is the premiere 2-sided global B2B automotive trading platform connecting buyers and sellers in an end to end service solution. TRADE X delivers a fast, safe and efficient experience for authorized users from either a mobile device or desktop. TRADE X is currently operational in BETA with updates and features being added every 2 weeks.
Why was TRADE X created?
We believe when it comes to buying a car, everyone should come out a winner. That’s why we’ve created the world’s first fully-transparent global automotive platform, where every transaction plays out in the open for all to see and where both buyers and sellers are equally set up to win. We believe, in the end, people should not only trust the automotive purchase process, but actually get excited about it.
What is involved in the TRADE X on-boarding process when I register?
The on-boarding process involves a verification of each registrant in order to identify and confirm who you and your organization are and how you will be using the application.
I am a Dealer located in the United States. Can I become an authorized user on the TRADE X platform?
Yes, you simply need a valid Dealer’s licence in your respective state and one piece of government identification.
How long after submitting my registration does it take to find out if I am approved as a TRADE X Dealer?
In as little as 24 - 48 hours, our team can have your information confirmed and have you up and running on the TRADE X marketplace. This timeframe is dependent on your timely cooperation in submitting all your documents for user validation.
I’m not a licensed Dealer but I buy and sell cars privately all the time. Can I sign up on TRADE X?
Unfortunately, at this time the TRADE X marketplace is available for use only by licensed Dealers.
Where can I download the application from?
The mobile app can be downloaded in Apple’s App Store and Android’s Google Play. Check out our Register page for direct links to both.
What devices does TRADE X support?
TRADE X is optimized for use on both a mobile device and desktop. The system provides a user friendly experience on both iOS and Android. The mobile app supports iPhone devices with iOS 7 and above, and Android devices that run Jellybean 4.2 and above.
How do I register on the TRADE X marketplace?
Simply visit the Register page and either complete the registration by clicking the desktop registration button or by clicking one of the app buttons to complete it on your mobile device. Once you have completed the registration submission, a member from our team will be in touch to complete the authorization.
What information and documents do I need to provide in order to activate my account?
Each registrant is first required to provide their full name, contact details, buyer/seller details, government identification and then upload a user image. To ensure our Trader network is full of highly qualified and trustworthy members, the sign-up process requires basic information like a valid Driver’s License, tax identification number, Electronic Funds Transfer information, as well as signatures confirming agreement to the TRADE X Terms & Conditions. This step usually takes about 10 minutes, and once completed and verified, the user will be active on the TRADE X platform within 24-48 hours.
What do I do if there is an issue with my account verification?
A member of the TRADE X team will be in touch if there are problems with the verification process and will work alongside you in resolving them. If you experience problems, you are welcome to reach out to us directly through the Contact page.
Being an authorized dealer
How do I sign in so I can use the system?
After you become a TRADE X verified user, we will send you the information for your first login. With that, you will be able to access your account and start buying and listing vehicles from your desktop or with your mobile devices using the TRADE X App.
What if I forget my password?
If you forget your password, simply click “Forgot Password?”on the login screen and you will be guided through the process of setting up a new password. Alternatively, you can contact our team here for assistance.
Do I need to handle the process for shipping the vehicle out of the country?
No, as an authorized user of the TRADE X marketplace, we will handle the shipment of the vehicle for you. As the seller, you are only responsible for moving your vehicle to a TRADE X warehouse, or if you prefer, you can request TRADE X to handle the pick-up and drop off for an additional fee.
Do I need to price the vehicle in Canadian dollars if I am selling from Canada?
Yes, the vehicle should be posted with the price reflecting your local currency.
What qualifies as a Canadian vehicle?
A vehicle that has its original registration in Canada would qualify.
What do I need to know before purchasing a vehicle from Canada?
Purchasing a Canadian vehicle on the TRADE X app comes with benefits. In the US, not only are previous Canadian vehicles covered under the NAAA guidelines, most times the manufacturer warranties are still fully valid (please still confirm with the vehicle’s manufacturer), and once the title is transferred to a US title, the title is transferable to any state. Another benefit is that previous Canadian vehicles are eligible for financing. TRADE X makes purchasing a Canadian vehicle fast and easy, handling all the export logistics necessary to ensure the vehicle is landed at your location, properly titled and ready for use. For Canadian vehicles sold to buyers in other countries, TRADE X arranges the export transportation logistics and ships to the buyer’s port of destination, so you have one less thing to think about. For further details on International Commercial (INCO) terms, please contact your TRADE X representative.
How quickly does it take for me to receive my funds once the transaction is complete?
Unless otherwise negotiated, a deposit is collected from the buyer once a Purchase Agreement has been signed. Once the vehicle is delivered to a TRADE X warehouse by the seller and TRADE X completes the vehicle inspection, the buyer is responsible for paying the balance due.
What happens if the buyer doesn't complete the transaction after the process is started and the deposit is paid?
Great question. Let’s create a couple of examples:
Scenario 1 (Canadian seller, vehicle still in Canada):
If a buyer fails to pay the remaining balance, TRADE X will forward you the deposit, less any applicable seller's fees, and arrange for the return of your vehicle.
Scenario 2 (Canadian seller, vehicle crossed into USA): If a buyer fails to pay the remaining balance, TRADE X will forward you the deposit, less any applicable seller's fees. As the car cannot be returned to Canada, TRADE X will resell the vehicle to another buyer in the USA and remit the remaining payment to you.
What are the steps I need to complete in order to facilitate a successful purchase transaction?
Once a buyer agrees to purchase a vehicle, you simply need to complete the electronic Purchase Agreement and Limited Power of Attorney to successfully move the transaction along to the final stage, being the payment portion.
What documentation do I need to provide as a seller?
Each seller on the TRADE X platform is required to provide the vehicle’s ownership (Registration) paperwork and verification that there is no lien on the vehicle.
Am I responsible for the generation of condition reports?
Yes. TRADE X follows NAAA arbitration rules, so as a seller you are responsible for ensuring the vehicle has a valid condition report completed on the application as well as a frame and mechanical check.
How are odometer conversions handled for US buyers? Do I have to pay for it?
TRADE X handles the odometer conversions for sales into the US. The cost is built into the transaction through logistics in order to move the vehicle from Canada to the US.
Can I sell used vehicles in the TRADE X marketplace?
Certainly, used vehicles may be sold in the marketplace. In the application you will be able to choose either new or used condition when listing your vehicle. Don’t forget to add mileage for the vehicle as well.
How do I know that this is a secure transaction and that I will receive my funds?
TRADE X takes pride in the security built into the trade platform. This is why we have partnered with leading global organizations to ensure your information from sign-up to trade completion is 100% protected. TRADE X holds all funds in escrow during the transaction. Once the obligations of the transaction have been fulfilled, funds are released to the appropriate parties. Additionally, a vehicle will not be released to a buyer until all funds have been received. The buyer grants TRADE X a security interest in each vehicle in order to secure payment of the purchase price as outlined in the Services Agreement and Purchase Agreement, as well as to cover any other debt owed by the buyer to TRADE X or its affiliates.
What are the various costs that I am liable for as a seller?
A seller in the TRADE X network is responsible for odometer conversion costs, and if requested, vehicle transportation costs to pickup and/or deliver the vehicle to a TRADE X warehouse.
I am a Canadian Dealer and would like to buy rare vehicles from overseas. Does TRADE X allow me to do that?
At the moment, a Canadian Dealer is only permitted to sell vehicles, however we will be opening more trade corridors in the very near future which will expand functionality to the marketplace users in Canada, so stay tuned!
Can I sell cars and trucks to China?
At the current moment, depending on where the Dealer is located, trade may be limited to either buying or selling. This is quickly changing in the platform however, and our users will be notified immediately upon the launch of new features and expanded trade opportunities. TRADE X has buyers and sellers all over the world and is steadily adding more users to the network each day.
Does TRADE X permit me to buy and sell boats and motorcycles?
As the permissions for each region progress and expand, the TRADE X marketplace will indeed allow the buying and selling of boats and motorcycles, and will eventually widen to include a variety of lucrative trade markets. Our users will be notified immediately of advancements in permissions, so be sure to sign up to be the first to know!
Is there an annual fee to become an authorized Dealer?
TRADE X does not charge an annual fee, but rather utilizes a transactional fee model:
Authorized Seller: 3.5%
Authorized Buyer: 1%
Pay Later Option: Add 1%
I have some vehicles in my inventory with a salvage title. Can I list those through TRADE X?
TRADE X only allows vehicles with clean titles to be listed in the marketplace.
Is there a resource available that will show me step-by-step how to use the APP?
Yes! Check out the TRADE X instructional videos for help navigating the marketplace platform, or get in touch with us to request a one-on-one walk-through.