SAN FRANCISCO, Oct. 17, 2018 /PRNewswire/ — LotBlok Inc., an auto-tech company based in San Carlos, CA, is announcing the release of a blockchain-based car sales platform this coming January. By integrating advanced Blockchain and IPFS technology into their preexisting system for P2P, B2B, and P2B car sales, LotBlok will enable cheaper, easier, and faster car sales for everyone. With 1,000+ successful sales and established partnerships with Manheim Automotive and the Mobility Open Blockchain Initiative, LotBlok is poised to revolutionize the $200B+/yr used car sales industry.
“There’s never been a more pressing time,” said LotBlok CEO Ian Smith about today’s auto-sales industry. “I was practically born on a car lot, and I’ve worked with cars for 20+ years – liquidation has always been a problem, but it’s been getting increasingly worse… there’s no simple option for selling an unwanted car.” LotBlok hopes to change this with its intuitive approach to auto-sales. Using the LotBlok requires virtually no effort from the end user, and eliminates the need to deal with the hassles of finding a private buyer or negotiating with a pushy dealer.
The steps are easy: visit LotBlok.com or download the LotBlok app, enter or scan your car’s information, and receive a quote verified on the Blockchain. Once the quote is approved, a transporter arrives to facilitate title transfer and bring the car to the buyer. “We’re going to make the process easier for everyone, it’s a win-win. No more hassling over prices, payment, or transport; LotBlok handles everything smoothly,” says CEO Ian Smith.
In addition, LotBlok is said to give better payouts by replacing sluggish, outdated systems with new technology. “By replacing the costly and unreliable legacy technologies most auto companies use with blockchain technology, we can leapfrog currently established businesses and occupy a brand new market space,” said Blockchain Lead Sebastian Mellen. LotBlok aims, he says, to become a “leader of the automotive tech industry” by combining its unique position as an established company with the competitive advantage afforded by the adoption of new technologies.
The team at LotBlok, meanwhile, is preparing for the product launch – “We’ve spent the last 3 years, plenty of sweat, and a few tears developing our platform and automotive marketplace. We could not be more excited for the next step in our journey.”