15 October 2024 - Elm, the pioneer of digital solutions, signed a 10-year partnership agreement with Riyadh Development Company to launch the ‘Electronic Vehicle Auction Platform’ within the “International Development Car Auction”. This collaboration aligns with the shared vision of both organisations to accelerate digital transformation in vehicle auctions across Saudi Arabia.
This long-term agreement was signed by Mohammad bin Abdulaziz Alomair, Elm's CEO, and Waleed Alkharji, Chief Wholesale Markets Officer at Riyadh Development Company, on the sidelines of the GITEX Global 2024 running until October 18, 2024, in Dubai.
The collaboration seeks to operationalise the actual auction ground ‘Auction for International Automotive Reconstruction’ and provide it with all the technical, logistical, and government support. This will ensure automation and enhance vehicle owners' experience across various categories who wish to sell their vehicles in line with international best practices and Saudi market requirements.
Under this agreement, Elm and Riyadh Development Company will introduce a comprehensive range of solutions to boost the operational efficiency and streamline day-to-day auction processes. This will be achieved by providing secure electronic services and facilitating connections between government entities and the private sector. The collaboration will focus on automating beneficiary registration processes, data verification, receipt and return of insurance amounts in an automated manner, as well as auction scheduling and integrating the platform with the internal systems of the International Reconstruction Auction. Additionally, the partnership will automate bidding cards, enabling seamless participation in auctions.
The agreement also includes services such as acquiring the seller’s consent through the platform, informing the bidder if the sale is accepted or refused, providing financial solutions for the sale of cars at the auction, and linking them with the insurance amount to be deducted directly if the auction is allocated. Additionally, services include integration of the live auction, happening at the auction ground, with the online auction portal, allowing participation from bidders through the portal, including those located outside Riyadh.
Commenting on the agreement, Majid bin Saad Al Arifi, the official spokesman and CEO VP of the Marketing Sector at Elm, said: “We are pleased to sign this long-term partnership agreement with Riyadh Development Company and launch the ‘Electronic Vehicle Auction Platform’ as well as offer our cutting-edge digital services and solutions, which we developed as part of our integrated strategy to lead the charge in digital transformation in Saudi Arabia. Through this partnership, we seek to support our government and private sector customers and help them attain greater efficiency and quality in performance.”
He added: “By integrating advanced technical solutions with the auction system, we are confident that this partnership will help improve the daily operational efficiency of the auction. The platform aims to automate key operations, optimise selling and purchasing procedures, and drive revenue growth and financial returns, further strengthening its position as a leader in the vehicle auction domain. In addition to increasing the supply of vehicles, this move further targets a broad spectrum of consumers and offers a seamless experience that streamlines business transactions and fosters customer satisfaction.”
Waleed Alkharji, Chief Wholesale Markets Officer at Riyadh Development Company, stated: “This strategic agreement with Elm represents a qualitative step in enhancing the digital transformation of the vehicle auction process. This partnership will contribute to automating operations and raising the efficiency of the services provided, in line with the Saudi Vision 2030, and support our strategic efforts to achieve sustainable growth. We see this cooperation as an opportunity to open new horizons that contribute to developing our services and strengthening our position in the market by adopting the latest technologies that meet the needs of our customers and keep pace with global developments.”
The terms of the agreement also entail strengthening mutual collaboration to accelerate the auction’s operations through the e-platform. In addition to identifying the operational and technical requirements and the potential future modifications to the portal, the agreement entails assessing the expansion of the portal’s reach across Saudi Arabia and beyond.
Elm will further introduce a dedicated portal for auctions, which will seamlessly facilitate both physical and online connectivity. The platform will automate auction cards and incorporate e-payment solutions. The company will also oversee the platform’s operation, maintenance, and financial transaction management, in addition to exploring the inclusion of additional services associated with automotive and auctions on the portal, contingent upon mutual agreement of the parties involved.
Elm remains at the forefront of offering cutting-edge and secure digital solutions and products to both public and private sectors within Saudi Arabia’s information technology market. The company extends its expertise through government support services and consultancy, building upon a remarkable legacy of delivering leading digital innovations. Among the prominent platforms are “Muqeem”, “Tamm”, “Salamah”, “Dhamen”, “Mojaz”, “Ertah”, “Smart Gate”, and other digital products.
The long-term partnership is in line with the Riyadh Development Company’s ‘Investing for Growth’ strategy. One of the major objectives of this strategy is fostering digital transformation within business operations and facilitating digital transactions. It also aims to capitalise on the rapid incorporation of cutting-edge technologies such as artificial intelligence (AI). This strategic approach highlights the company’s dedication to sustainable expansion through the adoption of digitisation across all its sectors and activities.