Vehicle ownership is a massive market.
A vehicle sale requires a change of title –
a record of ownership maintained by local government.
vehicles are currently registered in the U.S.
new cars sold in 2017
admin cost for titling & retitling*
a vehicle changes hands every 8 years on average
*Between $50 and up to $90 on average.
The status quo is an expensive slow, risky, paper-based system
- Title data is prone to fraud and theft
- Odometer readings, vehicle provenance, service record data are not traceable
- Buyers and sellers are concerned with line, insurance, unpaid tax, or ownership dispute issues
- A $70 processed loss for each title is incurred (between $50 and up to $90 on average)
- Titling is slow and involves the auto retailer, manufacturer, insurer, bank lender, and local government
- Used vehicle sales tax is often not collected
- Manual systems are susceptible to use error and bad actors
How it Works
The CHAMPtitles Solution
A world-class vehicle title solution where data is no longer at risk and efficiency drives expense savings.
Through the application of its secure, patent-pending technology, CHAMPtitles ends the reliance on legacy systems to manage U.S. automobile titles. The CHAMPtitles approach is to partner with each party in the vehicle title ecosystem to reduce their costs in handling titles, turning the burdensome administrative process of issuing a vehicle title into a profitable activity.
Optimizing Vehicle Title Management
Prior to blockchain, paper was the only trustworthy medium for documenting vehicle ownership.
How would you verify the identity of the buyer and seller? Who would confirm that the buyer had insurance? Who would make sure the car dealer had repaired their loan for acquiring the vehicle from the manufacture? Who would believe a car owner laying claim to a vehicle without paper confirmation?
CHAMP utilizes a Blockchain Encrypted Ledger That’s Executable and Distributed, a BELTED system, to create a trusted marketplace whereby all disparate parties are linked together in a secure and immutable way. This allows electronic verification for each’s party relevance and stake in the vehicle’s transaction.
Meet the Team
Subject matter expertise
First-hand user experience by way of the founding partner who had a distinguished 30+ year career in the retail automotive business
Deep roots in the political, automobile, and financial arenas to solve the auto-title expense problem for states, vehicle manufacturers, banks, and insurance companies
An entrepreneur-led company implementing blockchain technology to solve real-world problems for business