Cars24 enters used car retail sales market
Customers looking for used cars will now be able to buy such a car on the Cars24 platform. So far, Cars24 had been a mobile auction platform that allowed owners to auction their cars to used-car retailers. The firm claims that over 2,00,000 cars have been sold on their platform in the last four years.
Under this new service, buyers have access to a complete health report of the car. Every car sold goes through a 150-step verification process. Also, Cars24 experts will guide prospective buyers through the entire process. They will help identify the car best suited to the buyer's requirements, and take care of all associated paperwork including transferring the registration. For buyers not satisfied with their purchase, a buyback guarantee option is available. This facility is available across 30 cities in India.
Cars24 also buy cars from owners, which it claims is only an hour-long process, including instant reimbursement. It then sells these cars online through its auction platform to businesses across India. The firm has grown quite a bit in the last few years and now employs over 3000 people. CARS24 has over 191+ branches in 62 cities. The company is backed some big-ticket
investors like Sequoia India, Exor Seeds, Apoletto, Kingsway Capital and KCK.
Vikram Chopra, co-founder and CEO of Cars24 said, "Car buying experience has always been a worrisome affair due to lack of trust, transparency and right set of information. We were getting a huge demand from people looking to buy pre-owned cars. While we are already solving the challenges of selling pre-owned cars, we wanted to replicate the similar model for buyers too and offer convenient and safer option to buy cars. With the new offering, we hope to further enhance our reach and strengthen our bond with our consumers as they can now sell and buy cars from the same platform without any trouble. We are expecting to reach over 1 million potential buyers in 100+ cities by 2020."