Gumtree and MFC, Nedbank’s vehicle finance division, have launched a digital process to verify cars sold online, which offer consumers additional protection when buying or selling vehicles.
In a statement, Nedbank says with a spike in online shopping scams, this offering is aimed at individuals interested in buying or selling privately-owned vehicles instead of using more traditional channels like motor dealerships.
Vehicles are verified by MFC and then receive a “Verified by MFC” badge. To get the badge, sellers must input specified information on Gumtree, which then sends the information to MFC to conduct various checks.
These include police checks, to establish if a vehicle has been stolen or is wanted. There are also accident checks, to assist in verifying if the car has been in an accident, and finance checks, to show if the car is under finance and if the finance is in good standing.
Once the vehicle has passed all these checks, the badge is added to the advert, giving potential buyers assurance that both the vehicle and seller are legitimate.
“With people now relying more on online shopping, opportunists have emerged seeking to prey on unsuspecting individuals through a variety of scams locally and abroad,” says Douw Leadley, head of sales at MFC.
“For instance, in a buyer scam, a false proof of payment is generated and sent to a seller, usually for high-value goods such as laptops, gaming consoles and even vehicles. In seller scams, substandard or counterfeit goods are delivered for the full price, and this is detected only after conclusion of the deal.
“Although the Gumtree platform is popular and generally trusted, the advantage of having vehicles verified before advertising them is that it gives potential buyers comfort that the vehicle exists and was not stolen, and that they are dealing with a reputable seller and not being conned.
“The seller has access to potential buyers who qualify for finance, and the process ensures these buyers exist and are legitimate.”
This is the latest digital move Nedbank has made in recent months to entrench its services in the vehicle sales market.
In September, Nedbank launched the Rola digital finance offering, which is built on the bank’s vehicle asset finance application programming interface (API) for clients in Nedbank's API Marketplace.
Nedbank said at the time that by linking into the API, Rola has made it possible for visitors to the Rola Web site to get an idea of the vehicle finance amount they may qualify for.
Clients can then shop for the car they want before applying for the finance they need – all enabled online.
Nedbank launched its API Marketplace in 2018, with several products available, including vehicle and asset finance, personal loans, Nedbank Wallet, Nedbank Open Data, Nedbank Payments, Nedbank Rewards, Nedbank Accounts and Nedbank Clients.
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