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Disrupting the used car market; one vehicle at a time

Today, the used car market in India has come a long way over the years. In earlier times, someone who is looking to sell their car had to talk to multiple used car dealers or list their car on online websites, negotiate deals, be available for car inspection and test drives and finally, wait for a deal to work out. The hassle increased further due to last minute buyer back-offs, delays in payments and the very lengthy paperwork and other formalities. And even if one does manage to finish all of this, there’s no guarantee that they will get the best price for their car. CARS24 is aiming to change this.

Disrupting the market with innovative solutions

CARS24 is a company that buys cars of any make, in any condition directly from owners. Ever since the company was founded in the year 2015, they have revolutionized the used car market by enabling car owners to sell their cars in a matter of hours and this includes instant payment and RC transfer as well.

An important aspect of the services offered by CARS24 is the fact that owners can sell their vehicle in a single visit. In the less than two hours that one will spend at any of the CARS24 outlets, their vehicle will be inspected, test driven and a value for the same will be communicated to the owners. This reduces the time required for selling the old car by leaps and bounds. Also, this total time of two hours includes the transfer of payment to the seller for the vehicle. The money is transferred to their account within a matter of minutes. The Indian used car market is known to be unorganized and fragmented. This is why the single visit sales approach of CARS24 has disrupted the market completely. Not only is it very convenient for sellers looking to sell their old vehicles, it is also highly organized and streamlined. The cars they purchase are sold to their partner dealers across the country.

The supply first model

Disrupting the used car market; one vehicle at a time
 

The company sells the purchased cars through an online auction model to its partner used car dealers across the country through a proprietary platform owned by the company. This is really viable for the seller as he is able to get the best price for his vehicle from prospective buyers across the country. This is a path-breaking move as previously, the sellers could sell their vehicle only to the limited local buyers and used car dealers. This innovative Consumer to Business (C2B) model of CARS24 has created a “supply first” sales model and is a major innovation in the Indian used car market which has previously only seen the a C2C or a B2C model so far.

This disruptive model has taken the erstwhile disorganized used car market of India by storm in a matter of just three years. Today, it has bought more than 100,000 cars all over the country. With an employee strength of over 1800 and 10,000 trusted business partners in more than 100 Indian cities, CARS24 currently boasts of 108 branches across 20 cities in India. The company hopes to sell over a million cars by the year 2020 and open 1000 branches across 100 cities by then.

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Printable version | Sep 23, 2020 6:00:21 AM | https://www.thehindu.com/brandhub/disrupting-the-used-car-market-one-vehicle-at-a-time/article25779964.ece

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