FNB has announced that its customers can now buy and sell vehicles through its Nav» tools in its mobile banking app.
The “Nav»Car peer-to-peer marketplace” lets users list their vehicles “in minutes”, get an instant vehicle valuation, and talk with potential buyers pre-selected by WesBank.
In the future, the marketplace will ramp up to include WesBank’s trusted dealer network as well.
“Through Nav»Car, we’ve already renewed and delivered over 70,000 licence discs during the pandemic, helped customers pay over 200,000 fines on the go, and loaded nearly 700,000 cars in our digital garage,” said Ghana Msibi, WesBank Motor CEO.
How it works
In a virtual briefing held by FNB and reported on by MyBroadband, CEO Jacques Celliers explained that FNB handles the vetting process for vehicle buyers and sellers on its app, which is the new marketplace’s main draw.
The bank clears every vehicle with the police and ensures that the real owner’s details are verified before posting an advert on the app.
In addition, by vetting the users itself, FNB will also be able to determine whether a potential buyer can afford a car.
To browse the marketplace, users must select the “nav-igate life” tab after opening the app, and then select “Marketplace”.
From here, buyers can search for a variety of cars using specifications such as price, make, model, location, mileage, and model year.
If a potential buyer is interested in a vehicle, they can mark the advert to keep it in easy reach, calculate the expected monthly instalments, apply for finance, and talk to a seller directly from the app.
Selling a vehicle on the Nav»Car peer-to-peer marketplace is equally simple, with users selecting this function from the marketplace home page and then following the steps laid out.
According to FNB, the benefits of selling your car on its new peer-to-peer marketplace include contextual advice on your vehicle’s best selling price and the ability to add an inspection report to your listing.
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