Elm Company, a leader in digital solutions, has signed a 10-year partnership agreement with Riyadh Development Company to launch the 'Electronic Vehicle Auction Platform'. This collaboration aligns with the shared vision of both entities to accelerate the digital transformation of vehicle auctions across Saudi Arabia.
The long-term agreement was signed by Elm's CEO Mohammed bin Abdulaziz Al-Omair and Riyadh Development Company’s Wholesale Market Director Walid Al-Khurji during the GITEX Global 2024 event, which concluded on October 18, 2024, in Dubai.
The aim of the collaboration is to operate the physical auction ground, 'International Vehicle Reconstruction Auction', providing it with comprehensive technical, logistical, and governmental support. This will ensure automation and enhance the experience of vehicle owners from various categories wishing to sell their vehicles in line with international best practices and market requirements in Saudi Arabia.
Under this agreement, Elm and Riyadh Development Company will provide a comprehensive range of solutions to enhance operational efficiency and streamline daily auction processes. This will be achieved by providing secure electronic services and facilitating communication between governmental and private sectors. The collaboration will focus on automating the registration of beneficiaries, data verification, and the receipt and return of insurance amounts automatically, as well as scheduling auctions and integrating the platform with internal auction systems. Additionally, the partnership will work on automating bidding cards, allowing seamless participation in auctions.
The agreement also includes services such as obtaining seller approval through the platform, notifying bidders of the acceptance or rejection of sales, providing financial solutions for selling vehicles at auction, and linking it to the amount of insurance that will be deducted directly if the auction is allocated. Furthermore, the services include integrating the live auction taking place in the auction yard with the electronic auction gateway, allowing bidders, including those outside Riyadh, to participate through the gateway.
Commenting on the agreement, Majed bin Saad Al-Arify, Spokesperson and Vice President of Marketing at Elm, stated: 'We are pleased to sign a long-term partnership agreement with Riyadh Development Company and launch the 'Electronic Vehicle Auction Platform' and provide our advanced digital services and solutions, which we have developed as part of our integrated strategy to lead the digital transformation in Saudi Arabia. Through this partnership, we aim to support our clients in both the government and private sectors and help them achieve greater efficiency and quality in performance.'
Walid Al-Khurji, Director of Wholesale Markets at Riyadh Development Company, stated: 'This strategic agreement with Elm represents a qualitative leap in enhancing the digital transformation of the vehicle auction process. This partnership will contribute to automating processes and improving the efficiency of services provided, in line with Saudi Vision 2030, and support our strategic efforts to achieve sustainable growth. The terms of the agreement also include enhancing mutual cooperation to accelerate auction processes through the electronic platform. In addition to defining operational and technical requirements and potential future modifications to the portal, the agreement includes evaluating the expansion of the portal's scope throughout Saudi Arabia and beyond.'
