CARS24, the leading online marketplace for pre-owned vehicles in India is an innovative e-commerce platform for pre-owned autos, such as automobiles and motorcycles. It makes buying and selling autos simple. With just a click of a button, users can buy certified cars and receive convenient home delivery.
Recently, the exchange4media group hosted the virtual edition 3.0 of the Pitch CMO Summit. ‘Future‑proofing brands’ was the theme of this edition, and industry leaders from various sectors attended.
As part of his remarks on how the company is redefining pre-owned vehicle buying in India, Gajendra Jangid, Co-Founder & CMO of CARS24, outlined the platform’s journey and stated that CARS24 is the Amazon of used cars in India. Therefore, let’s examine how it is so in the following sections, based on excerpts of that speech.
Why is CARS24 the Amazon of Used Cars in India?
Despite being just a few years old, the company already conducts over 1,00,000 transactions a year because of the sufficient availability of cars on the supply side. Over 15 cities in India offer their cars to CARS24, which sells them in over 100 cities within India. Using its unique C2B model, the company has surpassed the existing B2C and C2C models.
India’s auto industry contributes 7% of GDP which is the second-largest after agriculture. Its per capita ownership rate is just 3%, which shows that the industry has a lot of room for growth. Based on the potential opportunities that lie ahead, the market will be in par with China over the next five years.
Digital economy transformations are evident in car buying. For instance, among 94% of consumers who research for used vehicles online, only 62% would consider purchasing it online whereas the other 52% would test drive only one car.
Gajendra Jangid explained how CARS24 enhances this experience and stated that it is akin to Amazon for used cars in India. Currently, the company transacts approximately 2.5 lakh vehicles per year. As India’s second-largest organized player, he said that the company should be considered as a significant player in the industry. He also shares how CARS24 transformed the pre-owned vehicle transaction space by maintaining its competitive edge and combining the following pillars:
- The vehicles are 100% owned by the individuals
- The brand’s top of mind recall value
- End-to-end online financing process
- An online e-commerce platform that offers a full range of services
- Integrating logistics from start to finish
- Warehouses throughout India
The goal of these pillars is to meet the demand and conduct large-scale reconditioning to match the high standards demanded by consumers. These processes were created considering the consumer journey and their challenges. The aim is to provide a seamless customer experience.
Conclusion
CARS24 is indeed the Amazon of used cars in India. Under its new initiative, it offers customers several benefits, like a free home delivery option, a seven-day return policy, and six-month vehicle warranties, seller protection policy, and many more features just like Amazon.
