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Home / StartUp / Auto Portal Myauto Launched Auctioning Module

Auto Portal Myauto Launched Auctioning Module

Several weeks ago on the regional auto portal myauto.ge – auctioning module was launched, that allows buyers to participate and purchase high quality used vehicles directly from the European seller.

Currently vehicles for sale are supplied from Belgium, Lithuania and Estonian Leasing companies, Insurances and Banks. Any buyer can easily register at the auction, pay deposit and purchase vehicle directly through Georgian web portal.

The single auctioning module on the Georgian auto portal is part of the large distributed network, that unites it with the other car listing marketplaces and corporate sellers around the world. The company behind this technology is a Georgian – Ukrainian Blockchain startup: Shelf.Network.

Shelf.Network is a revolutionary demonstration of how can we use the blockchain technology in the e-commerce world and create a cooperative distributed platform for cross border sales. We distribute open source free auctioning software, that gets seamlessly integrated on the merchant UI side. By launching our “shelf”, each merchant becomes a separate node in the network and is automatically connected to other merchant stores and inventory pools. Technology guarantees the immutability of each auctioning lot and allows to share the buyer’s bids / trade process across the entire network through a distributed bidding ledger.

The first phase of the project is operating in 3 countries: Georgia, Ukraine and Lithuania. Network will allow leasing, renting auto companies, different dealerships and even government repossessed cars to be listed and auctioned simultaneously through leading auto merchant online stores in these countries.

First merchant was chosen from Georgia – auction.myauto.ge which is the biggest auto listing service in the region, network is supplied by the vehicles owned by European leasing companies and any auto listing merchant, from any part of the world can already join the Shelf.Network and re-market the provided inventory for their target market and audience.

While choosing the industry where we could deploy our distributed auctioning solution, we understood that cars were the perfect match, that would scale globally in short time and have cross border trades through the network. As statistics show most of the off-lease, off-rent, used cars have a natural flow from western European markets to eastern ones. But easter European local auto dealerships don’t have an access to the first hand inventory for re-marketing or directly selling thought their online stores.

This fact is caused due to the existing technical limitation in the e-commerce world, where every seller can only partner with a single auto dealership to conduct online auctions, there was no solution that, would allow multi merchant synchronised bidding – this left rest of the merchants isolated from the process and especially localised players never got exposed to such auctioning cars.

So our solution is to bring equal opportunity in re-marketing for merchants and allow sellers to reach out final buyers through their local or preferred merchant stores cross border, making auto discovery, purchasing, settlement and delivery of the right vehicle tailored and seamless for buyers.

Our strategy as for the blockchain startup is a bit controversial from the current crypto mainstream, as we’ve decided to skip all the pre-memorandum, pilot, hand shaking, ICOs and directly touched the customer and the market. Our ambition is to show the full scale industry adoption and benefits of the distributed approach and grow our company based on the operational revenue and customer acquisition.