UAE-based SellAnyCar.com, an online auto marketplace for used car sales, will be expanding into the Saudi Arabia used car buying market with the launch of the new Kayishha online platform. The company’s entry into the Saudi market is supported by their recent $35 million investment, led by Saudi Arabia’s Sanabil Investments, a subsidiary of the Public Investment Fund (PIF), Gulf Investment Corporation (GIC), a sovereign financial institution-owned equally by the six GCC states, and Olayan Financing Company.
Kayishha will integrate the SellAnyCar.com core value proposition and advanced technology engine with an international dealer buying network and auto inspection locations to enable people across the country to sell any make, model or year car in any condition within 30 minutes at fair market value.
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“We see tremendous opportunity for Kayishha to redefine how used cars are bought and sold in Saudi the same way SellAnyCar.com totally disrupted the UAE used car marketplace.
“We’ve taken the pain points out of the process for both the seller and buyer and effectively levelled the playing field so both parties get what they most want and need. Dealers can get a daily list of available cars to keep their lots well stocked. At the same time, the sellers get a simple, stress-free and transparent way to immediately get fair market value for their cars. Everybody wins.” commented Saygin Yalcin, Founder and CEO of SellAnyCar.com and Kayishha.
The SellAnyCar.com auto marketplace was created to address used car seller pain points when selling directly through classified advertising or to dealers. Through predictive data analytics, the SellAnyCar.com website has a documented ability to assess the fair market value of any car with 92% accuracy.
With Kayishha, the company is investing in both talent and infrastructure to achieve similar growth results in a much larger market opportunity. Kayishha is investing heavily in job creation through an expansion plan that calls for hiring more than 300 people across the country over the next 18-24 months.
In addition, the company is building its headquarters and customer service centre in Riyadh. While Kayishha will employ both Saudi nationals and expatriates, the company will emphasize the hiring of local citizens, particularly in the customer service centre which will be staffed entirely by Saudi nationals.
“At the same time, with Kayishha we are committed to building a distinctively Saudi company that invests locally, hires locally, respects and embraces Saudi culture, and contributes to the economic and social development pillars of Vision 2030. We even chose the name Kayishha due to its unique meaning and popularity in local slang for pay me cash now.” added Saygin Yalcin.
The Real Estate industry saw sizable investment activity over the last 5 years, with a total of 16 investment deals from 2015 to 2019. Access more trends and data in our 2019 Real Estate Venture Investment Report.