Elm, a leading provider of digital solutions, has entered into a decade-long partnership with Riyadh Development Company to launch the ‘Electronic Vehicle Auction Platform’ at the ‘International Development Car Auction.’ This initiative was announced at Gitex Global 2024 and is part of a strategic effort to enhance the digital transformation of vehicle auctions throughout Saudi Arabia.
The partnership agreement was signed by Mohammad bin Abdulaziz Alomair, CEO of Elm, and Waleed Alkharji, Chief Wholesale Markets Officer at Riyadh Development Company. It aims to fully operationalize the ‘Auction for International Automotive Reconstruction’ by providing comprehensive technical, logistical, and governmental support, thereby automating the auction process and improving the overall vehicle owner experience.
Under this new agreement, Elm and Riyadh Development Company will introduce a suite of solutions to increase operational efficiency and automate day-to-day auction processes. This includes automating registration, data verification, managing insurance payments, and scheduling auctions. The system will also integrate with the internal systems of the International Reconstruction Auction, enhance bidder engagement through automated bidding cards, and streamline financial transactions related to the auction sales.
Majid bin Saad Al Arifi, Elm’s spokesperson and CEO VP of the Marketing Sector, stated, “This partnership aims to enhance efficiency and quality in performance for our government and private sector clients by integrating advanced technical solutions into the auction system, optimizing operations, and driving financial returns.”
Waleed Alkharji emphasized the alignment of this partnership with Saudi Vision 2030, noting, “This strategic agreement with Elm marks a significant step in the digital transformation of the vehicle auction process, raising service efficiency and supporting our long-term growth strategy.”
The partnership also plans to expand the electronic platform’s capabilities, including the integration of physical and online auction processes, e-payment solutions, and the potential addition of new services based on mutual agreement. This comprehensive approach not only aims to modernize the vehicle auction system but also to extend the platform’s reach across Saudi Arabia and potentially to international markets, further positioning Elm and Riyadh Development Company as leaders in the domain.
