Xigem Technologies Encouraged by Growth in Used Car Market: Driven by Technology
Toronto, Ontario–(Newsfile Corp. – April 22, 2024) – Xigem Technologies Corporation (CSE: XIGM) (FSE: VZ6) (“Xigem” or the “Company“), applauds the enduring strength of the global market for used cars and the role played by digital technologies.
Given the Company’s previously announced acquisition of EchoDigital, Xigem’s AI powered automotive shopping platform, Xigem may be ideally positioned to benefit from the ever dynamic global used car market.
According to The Brainy Insights, while the global market for used cars was valued at approximately USD 1.9 trillion in 2022, it is expected to reach approximately USD 3.3 trillion by 2032. Furthermore, estimates published by Gitnux show that by 2026, over 10% of cars sold in the US and Europe may be through digital platforms that use AI; that nearly 20% of used car transactions may be completely digital; that AI use in the global automotive industry is expected to develop at a CAGR of approximately 24.5% between 2020 and 2026 and that up to approximately 20% of used car transactions may be completely digital by 2035.
EchoDigital is a SaaS-based platform using a proprietary AI to seamlessly generate leads from traditional sources. The EchoDigital AI assesses and qualifies a lead and determines its psychological aptitude then matches it with the most suitable and qualified customer service/sales representative (“CSR”) to complete the sale. Prior to its acquisition by the Company, and as previously announced – subsequently, EchoDigital had delivered proven results in the automotive sales sector. EchoDigital may be readily scalable, customizable and applicable to almost any CSR-dependent sales system in a range of industry verticals, with possible application in the Company’s other technologies.
In keeping with its continuous disclosure requirements, Xigem Technologies Corporation expects to release its first quarter financial results by or on May 30, 2024.
Source:
https://www.thebrainyinsights.com/report/used-car-market-13959
About Xigem Technologies Corporation
Established in Toronto, Ontario, Xigem is positioning itself to become a leading technology provider for the emerging near trillion-dollar remote economy, with software capable of improving the capacity, productivity, and overall remote operations for businesses, consumers, and other organizations. iAgent, the Company’s patented technology, FOOi, its proprietary peer-to-peer mobile payments app, and EchoDigital, a SaaS automotive shopping platform, are intended to provide organizations, businesses, and consumers with the tools necessary to thrive in a vast array of digital working, learning, shopping and treatment environments, as the Company looks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.
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Further Information
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Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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SOURCE: Xigem Technologies Corporation
On behalf of the Company:
Brian Kalish, Chief Executive Officer
For further information:
Phone: (647) 250-9824 ext.4
Investors: investors@xigemtechnologies.com
Media: media@xigemtechnologies.com
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