SBT and NTT Com to Commence Trial of Local Currency Price Display and Settlement System for Cross-border Used Car Sales and Export
SBT Co., Ltd. and NTT Communications Corporation announced a trial starting October 13 to introduce local currency pricing on SBT’s e-commerce site for cross-border vehicle sales. This innovative solution will utilize NTT Com’s Home Currency Anywhere (HCA) service to guarantee exchange rates throughout vehicle transportation, thus enhancing consumer convenience. The trial runs until January 2022, aiming to expand services to regions like Africa and Latin America by year-end. Used car exports from Japan are valued at approximately 6.2 billion USD annually.
- Successful trial could enhance customer satisfaction and expand the market for used vehicles.
- Introduction of guaranteed exchange rates may reduce payment risks and enhance ease of transaction.
- Potential market expansion into Africa and Latin America by the end of 2022.
- None.
Rate guarantee will eliminate the risk of exchange rate fluctuations during lengthy overseas transportation periods
Images showing local currency displays (Graphic: Business Wire)
The trial, which will commence on
The envisioned verification process will be as follows:
Step 1: Displaying car prices in the appropriate local currency on the SBT’s e-commerce site., measuring buyers’ levels of usage of these, followed by a survey collecting the reasons for users selecting local currency rates and their feedback on the facility.
Step 2: For currencies that prove to be popular during Step 1, implementing local currency settlement and rate guarantee functions, measuring usage rates of these, followed by a survey collecting the reasons for users selecting local currency settlement or guaranteed exchange rate, and whether they will use it again.
The trial will run from
Based on the results of this trial, the two companies aim to provide full-scale local currency pricing and settlement at guaranteed rates in
This collaboration with NTT Com will allow SBT to expand its business beyond a “From Japan to the World" model to a “From the World to the World" model, and the company will continue to develop services aimed at boosting customer satisfaction around the world.
Based on the business vision "Re-connect X™,5" NTT Com will contribute to the realization of a sustainable future in the new normal world by providing ICT services and solutions that reconnect consumers and businesses with society’s new values in a safe, secure and flexible manner.
The number of used cars exported from
Used cars exported from
Related links:
SBT used car export cross-border e-commerce site
Home Currency Anywhere™ Service Site
NTT Com to Launch Japan's first rate-guaranteed FX information and transaction data service. (Press release published on
1. |
According to SBT. |
2. |
Home Currency Anywhere™ is a service provided by NTT Com that delivers guaranteed FX rates and transaction information in a safe and secure environment. |
3. |
NoMado is a new communication tool being developed by NTT Com. It has multi-language translation functionality that allows a user’s speech to be simultaneously translated into other languages, for example during meetings or business negotiations with people in other countries. |
4. |
Refers to "Survey Covering the Strengthening of Wholesale Operations (2) - Export of Used Vehicles" issued by the Used Car Committee of the Japan Used Car Dealers’ Association on |
5. |
Re-connect X is the vision that NTT Com has been pursuing since 2020. Under this vision, NTT Com is contributing to the realization of a sustainable future in a “new-normal” world by providing ICT services and solutions that “reconnect customers, businesses and society with new value” in a safe, secure, and flexible manner. |
Re-connect X
https://www.ntt.com/en/about-us/re-connectx.html
About SBT
Automobile export business has been SBT's core business for over 28 years since its establishment in 1993. It is one of the leading companies in the industry with 3 domestic offices in
www.sbtjapan.com
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211012006268/en/
For more information
E-mail: hrjp@sbtjapan.co.jp
Innovation Center
E-mail: xtech@ntt.com
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