SBT and NTT Com to Begin Testing Local Currency Price Display and Settlement System for Cross-Border Used Car Sales and Export

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TOKYO – (COMMERCIAL THREAD) – SBT Co., Ltd. (SBT), a trading company specializing in the export of automobiles and other vehicles to over 150 countries and regions around the world, and NTT Communications Corporation (NTT Com), ICT solutions and international communication within the NTT group (TOKYO: 9432), today announced that it will test a solution to display prices and settlement details in local currencies at guaranteed exchange rates on the e-commerce site cross-border SBT.

The trial, which kicks off on October 13, will introduce local currency pricing and settlement on SBT’s e-commerce site – the first of its kind in cross-border vehicle e-commerce.1 NTT Com’s Home Currency Anywhere ™ (HCA) Service2 will be used to secure the exchange rates at the time of the contract during the period of transport of the vehicles. The objective of the proposed new service is to increase convenience for users and further expand the used vehicle market, and the trial will seek to uncover other potential needs in this market.

The envisaged verification process will be as follows:

Step 1: Display car prices in the appropriate local currency on the SBT e-commerce site, measure levels of car use by buyers, followed by a survey that collects the reasons why users choose them. rates in local currency and their comments on the facility.

Step 2: For currencies that prove popular in Step 1, implement local currency settlement and rate guarantee functions, measure the rates of use thereof, followed by survey collecting reasons why users choose local currency settlement or guaranteed exchange rate, and whether they will use it again.

The test will run from October 2021 to January 2022 at SBT’s used car cross-border e-commerce site. SBT will use the HCA service to display prices and settlement amounts in the national currencies of potential buyers and to provide guaranteed rates for settlements. NTT Com will provide guaranteed exchange rates and be responsible for the design of the e-commerce platform.

Based on the results of this trial, the two companies aim to provide large-scale local currency pricing and settlement at guaranteed rates in Africa, Latin America, Asia and some other regions, by the end. from 2022. Additionally, NTT Com’s “NonMado,”3 a communication tool with multilingual translation functions will be used to facilitate commercial negotiations with foreign clients and thus increase the volume of transactions.

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 increasing customer satisfaction. customers all over the world. .

Based on the “Re-connect X ™ business vision,5“NTT Com will help achieve a sustainable future in the New Normal World by providing ICT services and solutions that reconnect consumers and businesses to new societal values ​​in a safe, secure and flexible way.

The number of used cars exported from Japan to overseas countries has grown steadily in recent years and is currently estimated at around 1.47 million units per year, with a total value of exports of 700 billion yen (about 6.2 billion dollars).4 In particular, exports to Kenya and other African countries have increased since 2016, alongside Africa’s remarkable economic growth.

Used cars exported from Japan to Africa are mostly transported by sea, with shipments taking around 30-40 days. The payment of costs is made in several installments between the conclusion of the contract and the landing of the vehicle in the country of destination in order to reduce the risk for both the seller and the buyer. However, there is a risk of exchange rate fluctuations during long transit times. In some cases, local suppliers cannot fix the selling price because the exact purchase price cannot be determined until the vehicle is unloaded, and individual buyers have to sign contracts without knowing the price. exact purchase. In addition, the lack of familiarity with foreign currencies among many market participants often leads to errors during the contract and payment process.

Related links:

SBT used car export cross-border e-commerce site

Home Currency Anywhere ™ Service Site

NTT Com will launch Japan’s first guaranteed rate currency information and transaction data service. (Press release published on November 12, 2019)

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According to SBT.

2.

Home Currency Anywhere ™ is a service provided by NTT Com that provides guaranteed exchange rates and transaction information in a safe and secure environment.

3.

NoMado is a new communication tool developed by NTT Com. It has a multilingual translation feature that allows simultaneous translation of a user’s speech into other languages, for example during meetings or business negotiations with people from other countries.

4.

Refers to “Wholesale Operations Strengthening Survey (2) – Export of Used Vehicles” released by the Used Car Committee of the Japan Used Car Dealers Association on April 26, 2021.

5.

Re-connect X is the vision that NTT Com has been pursuing since 2020. As part of this vision, NTT Com contributes to the achievement 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 way.

Reconnect X

https://www.ntt.com/en/about-us/re-connectx.html

About SBT

The 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 sector with 3 national offices in Japan and 33 offices in Japan. abroad for the export of used vehicles to more than 150 countries. the world.

www.sbtjapan.com

About NTT Communications

NTT Communications solves global technological challenges by helping enterprises overcome the complexity and risks of their ICT environments through managed IT infrastructure solutions. These solutions are backed by our global infrastructure, including leading tier 1 global public and private networks spanning over 190 countries / regions and over 500,000 m2 of the world’s most advanced data centers. Our global professional services teams provide the advice and architecture for the resiliency and security required for your business to succeed, and our scale and global capabilities in the tech world are unmatched. Combined with NTT Ltd., NTT Data and NTT DOCOMO, we are NTT Group.

www.ntt.com | Twitter @ NTT Com | Facebook @ NTT Com | LinkedIn @ NTT Com



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