US-based firm in Nigeria to crash second-hand car prices

Layi Adeloye

A United States-based auto auction firm, Insurance Auto Auction, has said that it is in Nigeria to redefine the lucrative second-hand car business, better known as tokunboh.



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

According to Oscarson, buyers can also import dent cars and repair them when necessary in Nigeria, where the cost of labour and repair is low.

Oscarson said that from the firm's evaluation of the second-hand car market in Nigeria, cars were overpriced as some dealers made over 50 per cent of the cost price as profit.

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

He said that the firm provided live and live-online auctions that would enable buyers get exceptional returns in their choice.

He added, "American standards specification (American spec) cars are very desirable in West African markets because of their special features. Our company sells salvage vehicles via live and live-online auction at over 155 locations across the United States.

"Low prices for 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."

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

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

He said that the initiative would eliminate the situation where most Nigerians were defrauded in an effort to procure cars through friends abroad.

"Buyers can access our website and collaborate with the company through licensed dealers to fast-track shipment and payment logistics. We were here in 2009 and the volume of quality cars and traffic showed positive indices of growth. We have discovered that purchase of salvage cars is more efficient when compared to overage cars. It's a good offer to people that cannot really afford a new car.

"The company has the most salvage auction facilities in North American selling well over 1.3 million salvage 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 added.

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

Bliss4Lyfe:

US-based firm in Nigeria to crash second-hand car prices

Layi Adeloye

A United States-based auto auction firm, Insurance Auto Auction, has said that it is in Nigeria to redefine the lucrative second-hand car business, better known as tokunboh.



advertisement

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

According to Oscarson, buyers can also import dent cars and repair them when necessary in Nigeria, where the cost of labour and repair is low.

Oscarson said that from the firm's evaluation of the second-hand car market in Nigeria, cars were overpriced as some dealers made over 50 per cent of the cost price as profit.

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

He said that the firm provided live and live-online auctions that would enable buyers get exceptional returns in their choice.

He added, "American standards specification (American spec) cars are very desirable in West African markets because of their special features. Our company sells salvage vehicles via live and live-online auction at over 155 locations across the United States.

"Low prices for 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."

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

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

He said that the initiative would eliminate the situation where most Nigerians were defrauded in an effort to procure cars through friends abroad.

"Buyers can access our website and collaborate with the company through licensed dealers to fast-track shipment and payment logistics. We were here in 2009 and the volume of quality cars and traffic showed positive indices of growth. We have discovered that purchase of salvage cars is more efficient when compared to overage cars. It's a good offer to people that cannot really afford a new car.

"The company has the most salvage auction facilities in North American selling well over 1.3 million salvage 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 added.

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

Thats a good move by IAAI

www.iaai.com
Let us know when they finaly reach Nigeria

Good business, but will take alot of jobs from Nigerian car dealers. This will help improve capital flow in the USA and make cars cheaper for the average Nigerian. It will act as a leakage of capital from Nigeria to America.

Bullshit!! Go away!!

America better be ready for extreme yahoo yahoo because boiz use this to hold side small small till they blow!!!

If this company is allowed to take over, plenty boys will starve ooo,  I run this type of biz for my own upkeep and it actually pay more than a doctor earns a year,

But if this back up plan I use to rise when I make wrong biz decisions falls into the hands of greedy Americans, Yahooze oo, Yahoooozeee, Yahoozee, yahoo oh oh!!

The auction is operated online, while you pay in Nigeria to them so guess what? Nigeria gets nothing but more junk cars,  People can't inspect the car from Nigeria so you might be buying a totally stripped tin and you won't know,  Best to deal with those who can inspect it b4 auctioning,

Apart from that, I'm protecting my means to a legit end cuz a nigger swore not to work for another man's pocket no more!!!

I think this firm should be investigated thoroughly before being allowed to operate in Nigeria. We need to move away from our Country being used as a dumping ground for inferior and/or dangerous goods rejected in the West. Insurance Companies in the West generally pay out for policy holders to buy another car instead of paying vast amounts to repair a Car that has structural problems which means it will not be mechanically fit to be on the road.

In the West, most Cars that are worth repairing , back to A1 condition, are repaired by insurers. That is why the appropriate authorities should ensure that the cars this firm will be selling in Nigeria are not insurance write-offs and potential death traps.

Story story

I bought my car from IAAI online, and shipped it to Lagos by roro, recently and i'm enjoying the car.

the price at auction os ok, but the clearing is something else.

the port operators, custom officials and clearing agents operate an opaque system that tend to make the clearing extremely exorbitant so as to erase any advantage you gained by importing the car directly.

i dont know how IAAI would crash the prices until they unveil thier business model for nigeria.

goodluck to nigeria and her insatiable tokumbo apetite.

One of those too good to be true stories.