A new startup will call Kingston home as it looks to provide a new option for car buyers and sellers.
Vendde is a new digital Automotive Marketplace that its creators say is "people first" and will bridge the gap between private auto sales and traditional used car sales at dealerships.
In a news release, Vendde says that the automotive sales and distribution model has remained relatively unchanged since the 1980s, and as other industries continue to innovate through technology the auto industry has lagged behind.
Consulting Partner Zermaan Khan says Vendde stands out from what is currently available sales being facilitated by "Venddors", who Khan says will play a role similar to real estate agents in the buy and sell process.
Khan says while resembling private sales on sites like Kijiji and Autotrader in some ways, Vendde offers financing options to potentially open the door to more buyers.
"When you look to sell your car privately the only individuals considering your vehicle would be those that have cash in hand," Khan said.
"But now you have financing options available."
The company's CEO Trevor Cotton is a Kingston local who owns the CarOne dealership, with locations in Belleville and west Kingston.
In Vendde's release, Cotton says the platform is easily accessible to those who want to become Venddors, and sales can come together in extremely short order.
“We train regular people how to run their own automotive sales business in a fully governed and compliant digital market environment,” says Trevor Cotton, Founder & CEO of Vendde.
“Members and Venddors are then paired together to complete a safe, secure and fully supported vehicle transaction. Purchases can be made in a little as six steps and in under one hour.”
As it stands, sales will work closely alongside the CarOne dealership with all vehicles being sold also checked at the dealership, and customers are granted a ten day test drive period to ensure the vehicle is right for them.
In Tuesday's news release, Kingston Mayor Bryan Paterson said the company and it's ideas for innovation will be a welcome addition to the city.
“It’s so great to see such a forward thinking company launch in Kingston," said Mayor Paterson.
"Vendde is reimagining the automotive marketplace with a people centered approach and this is exactly the kind of innovation we want to see grow and thrive in our city!”
While Vendde hopes to expand and scale up with a goal of delivering its services nationally, Khan added that Kingston will always remain home for the company.
"We're proud Kingstonians, we wanted to deliver this as a staple for Kingston," Khan said.
"I think it furthers the increasing identity of Kingston as a city of innovation... we were excited that we were able to put this together and deliver it in our home city and start from here. The headquarters will always be situated here."
The company's offices will be on Clarence Street in downtown Kingston, and a ribbon cutting ceremony is planned for August 4th at noon.
Story by Owen Fullerton, YGK News, for the Local Journalism Initiative