SellAnyCar.com, the U.A.E.-based used car portal, has launched a used car portal in Saudi Arabia as part of its expansion into the country.
Kayishha, which is local slang for “pay me cash now,” aims to build on SellAnyCar’s model in the U.A.E. In the Emirates, the site’s agents are based at desks in busy shopping malls and offer customers the chance to sell their cars quickly and easily.
“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 U.A.E. used car marketplace,” said Saygin Yalcin, founder and CEO of SellAnyCar and Kayishha.
The site promises to take the hassle out of private car sales by offering an alternative to auto classifieds. It promises a deal within 30 minutes, regardless of the age or condition of the vehicle. Sellers are able to book an appointment for a free inspection at any of Kayishha’s locations, or at home. After buying the car, Kayishha’s service teams take care of all necessary paperwork, title transfer and purchase agreements, delivering proceeds from the sale direct to customer accounts via online wire transfer within 24 hours.
However, critics point out that although the cars are sold to a network of thousands of pre-qualified buyers, the pool of potential buyers is still much smaller than if the vehicle was offered for sale directly. This can result in sellers fetching lower prices than they might have on the open market. For its part, Kayishha says that the simplicity of the process is its main selling point.
“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,” Yalcin said. “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.”
Kayishha plans to open concessions at more than 100 locations across the country within one year and has already established locations in high-traffic shopping malls and retail centers in Riyadh, Jeddah and Dammam.
It is also building a headquarters and customer service center in Riyadh.
The news comes after SellAnyCar secured $35 million U.S. in venture capital in February in a round led by Sanabil Investments, a subsidiary of Saudi Arabia’s sovereign wealth fund.
SellAnyCar, which was founded in September 2013 by CEO Saygin Yalcin, initially launched in Riyadh and Jeddah in 2015 and has been attempting to expand further across the country in order to gain further access to the Middle East region’s largest car market.
Last year, SellAnyCar’s gross merchandise value exceeded AED 1 billion ($272 million U.S.).
