The Saudi Authority for Accredited Valuers (Taqeem) and Elm Co. signed today, May 15, a contract at the authority’s headquarters to set up and operate the vehicle price reference platform.
Under the terms of the contract, Ailm will be responsible for establishing and operating the vehicle price benchmark platform.
Under the contract, Elm will leverage modern electronic technologies, artificial intelligence, and advanced software to facilitate the evaluation process of vehicles as assets for the government sector, companies, and individuals, and to enhance the methodology for accessing the indicative price of the vehicle.
The official Spokesperson for Taqeem said that the authority worked with Elmto build a reliable governmental reference platform to govern and facilitate the process of evaluating prices for new and used vehicles. This initiative aims to create a more transparent environment in the car market, saving time and effort for consumers, ensuring fair prices for used vehicles, and enhancing the methodology for accessing the indicative price of the vehicle. This, in turn, will contribute to enhancing the role of this sector as a vital sector with substantial contributions to the national economy.
Elm mentioned that this agreement came after signing a memorandum of understanding on the sidelines of its participation in the LEAP Conference last year.
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