Cheap Used Cars Mn – OLX has collaborated with the German-based Frontier Car Group (FCG) to launch an offline used car sales store called ‘Cash My Car’. This marks the FCG’s first step to the Indian market. The company claims to have an overall market share of 77% in the Indian used car segment. Currently, 27 Cash My Car stores operate in 10 cities – New Delhi, Gurugram, Faridabad, Noida, Ghaziabad, Bengaluru, Mumbai, Hyderabad, Pune and Chennai.
“Plans are underway to aggressively expand store footprints up to 150 by the end of 2021 in 40 cities,” a company spokesman said in a media statement. OLX and FCG have agreed to share technological, expertise and knowledge resources to build and operate Cash My Car shops in all cities in India.
Cheap Used Cars Mn
FCG builds and operates pre-owned automotive markets in emerging markets such as Nigeria, Mexico, Chile, Pakistan and Indonesia. Supported by OLX Ventures, OLX’s global line of business investment arm. As part of a joint venture, FCG will help prepare the back-end technology for Cash My Car and then help scale the business in terms of operations.
According to Sujay Tyle, co-founder and CEO of Frontier Car Group, OLX Cash My Car will reduce the friction associated with used car sales by focusing on price, transparency and speed.
Users can now sell used cars directly on the OLX platform online, OLX Auto, or offline at the Cash My Car local store. The OLX Cash My Car official inspection agent car agent will check the condition of the car and documentation physically. Based on the inspection, this car is then auctioned online to OLX Cash My Car partners throughout the city. The entire process can be completed in 45 minutes, OLX claims.
“Through our pricing algorithm, we can standardize the prices associated with used cars. We run online auctions, which give customers 100 percent visibility to the price quotes they receive for each car we check in our store and price quotes can be done in a few minutes, “added Tyle.
OLX currently claims to have 40 million users who register more than 4.8 Mn pre-owned cars every year and a network of more than 40 thousand partners. Overall, OLX claims to have an 85% market share in the consumer-to-consumer sales segment in India.
“After building depth and width in this segment, and deep customer understanding, we now provide users with choices and other points of contact with this new initiative,” said Amit Kumar, VP, OLX India who also leads the OLX Cash My Car operation.
The market for used cars in India is estimated to reach $ 75 billion by 2023, recording a CAGR of 15.2% during the forecast period, according to a May 2018 report by Mordor Intelligence.
About 3.4 Mn used vehicles are bought and sold every year. But only a small portion of this (400 K) comes from business to consumers and is processed by organized dealers.
However, heavier taxes for new cars, rising fuel prices, and access to used car sellers offline make a proposition to buy used cars more acceptable to Indian consumers. In recent years, this growing market has spawned a number of used automotive companies such as CarTrade, CarDekho, ZigWheels, Gaadi.com, Droom, Truebil, and Quikr Cars.
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