Plano-based Carnomaly is boosting its mission to transform the future of the automotive industry through a new partnership with the National Motor Vehicle Title Information System.
Carnomaly, an automotive crypto company that offers a fleet of tech solutions, will now be able to offer consumers up-to-date records for their vehicles. Operated by the American Association of Motor Vehicle Administrators, the National Motor Vehicle Title Information System (NMVTIS) is designed to protect people from fraudulent and unsafe vehicles, while keeping stolen vehicles from being resold.
Under the partnership, NMVTIS will offer Carnomaly membership holders reliable, secure vehicle title and history data. That will allow consumers to avoid falling victim to title fraud issues and related scams, according to the companies.
Since 1992, NMVTIS has assisted states and law enforcement in deterring and preventing title fraud and other crimes. It’s a nonprofit, educational association that represents U.S. and Canadian officials responsible for administering and enforcing motor vehicle laws.
Scott Heninger, founder and CEO of Carnomaly, said in a statement that he’s excited about the NMVTIS partnership. “With their decades worth of data and expertise, they’re the perfect partner to team up with on this endeavor in order to further revolutionize and modernize consumers’ access to the most up to date information,” he added.
Connecting blockchain and the auto industry
Carnomaly aims to bring digital innovation to the automotive industry through the power of blockchain and cryptocurrency. Ultimately, the company sees the technology changing the way consumers buy, sell, shop, report, and finance new and used vehicles.
The first step is making blockchain and crypto approachable and valuable for every car owner, the company says. It’s about understanding the tech’s value first—and how it can offer accessibility, security, and transparency to the car buying and selling process.
To do so, Carnomaly will offer three applications: CarrChain, CarrDefi, and Carnomaly.
CarrChain, a “digital car management that rewards you,” is a web-based app that makes it easy to manage and update a vehicle’s digital profile. With a convenient and comprehensive digital profile, a vehicle can be protected through the security that comes with blockchain technology. This also promises a fairer price for your vehicle. It recently passed its final inspection, according to the company.
CarrDefi, in its second stage of development, is what Carnomaly calls the future of car buying. DeFi (Decentralized Finance) uses a decentralized blockchain system so that its users can buy and sell loans and assets without having to rely on a bank. According to Carnomaly, users connect with borrowers and lenders through loan pools created by a team of financial experts. The loan pool is then secured in a blockchain with a public history that can be checked and verified by users.
The Carnomaly application, which is up next to launch, allows people to use cryptocurrency to buy a car. The online automotive marketplace innovation lets users search for a vehicle, pay with crypto, confirm payment with the dealer, then have it shipped worldwide. The platform currently accepts Bitcoin, Ethereum, and LTC. Additionally, a CARR token has just launched—Carnomaly’s own minted ERC-20 token that’s available on six exchanges and counting.
“After years in car sales and management, we knew the status quo—and it wasn’t great. We wanted to change that,” Carnomaly writes on its website. “We figured there had to be a better way to make owning a car more versatile but, especially, more rewarding. And so Carnomaly was created.”
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