The former subsidiary of Auto1 offers digital financing solutions for the used car market. The start-up was founded in 2017 and is currently active in Germany and France with headquarters in Berlin and Amsterdam. So far, Auto1 FT has focused on the B2B business of used car dealers.
The smart contracts are based on the Ethereum blockchain. The financial service provider states that the use of smart contracts reduces the cost of car financing and its documentation, as well as increases data security. According to an Auto1-FT representative, the digital solution has brought efficiency benefits for car dealers and set standards in the mobility industry.
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