The value of a used car is always rather random: beyond the traditional idea that a new car that has just left the dealership is already worth half, there are many factors affecting the price in addition to model, brand, mileage and wear and tear. There are also elements such as the equipment, the color, the on-board electronics, and any accidents suffered. What has been quite clear so far is the fact that a vehicle, once registered, suffers depreciation.
Yet, the used car market is also influenced by factors that have nothing to do with the car itself, for example, the boom in sales of “0 mileage” vehicles has its origins in the policies and dynamics between the manufacturer and the dealer.
From now on a new topic serving as a market regulator could become TiVale, the car value guarantee certification developed by Equs, an Italian startup that this year has been selected among more than 600 companies for the Gaetano Marzotto-2031 Award, was chosen by the incubators SellaLab and Dpixel, at the end of November won the EY special prize within the Gaetano Marzotto-2031 Competition and was also one of the 10 finalists of the 7th edition of Open-F@b Call4Ideas 2020, the international contest of BNP Paribas Cardif in partnership with InsuranceUp.
“We are a young company, but thanks to the expertise we have gained in the automotive sector we are ready to enter a competitive market, aware, however, that EQUS responds to a real need in the sector – said Gianpiero Micale, CEO and Davide Mistrangeli, COO both Co-Founders of EQUS, which qualifies as the first Digital Warranty Company in Europe – After analyzing both a large part of the Italian market, and most of the European one, we have combined our expertise to create a new product, effective and close to the needs of purchasers and dealers. EQUS, in fact, stands as a regulator in the car market, between a more aware demand and a more ethical offer. Our Value Guarantee Certificates completely transform the concept of Guaranteed Future Value, making it a new form of protection (for consumers) and commercial strategy (for Dealers).
How TiVale works
Equs has developed the web application Enigma that thanks to sophisticated proprietary algorithms, AI and Machine Learning systems is able to predict the value of the car up to more than 10 years, with 96% efficiency. This warranty, certified thanks to Blockchain encoding systems in partnership with Luxochain, can be transferred to third parties.
In short, the Unlimited Value Guarantee Certification protects the vehicle from fraud and market devaluation and allows it to be resold, in the future, at a given and preset price, and to transfer the same certification to third parties, even between individuals, which turns the car into a worthwhile asset and the expense into an investment.
The company targets consumers, manufacturers, financial institutions, insurance companies, dealers and retailers, and is confident this tool will increase trust between parties, support the automotive market and be an innovative response to a changing market where consumers are demanding greater transparency and ethically reliable business conduct.All rights reserved