If you're thinking of selling your used car - then look no further, CARS24 offers a convenient and dependable platform to sell your second-hand car. Not only does it offer some of the best second-hand cars, but it also provides a great service along with the best prices.
CARS24 is revolutionizing used car selling in India
What Sets CARS24 Apart From the Rest?
Well it's simple - CARS24 eliminates the hassles of making multiple calls, listing on multiple websites, facing buyers who develop cold feet and back off at the last moment, ownership transfer issues, etc. Their efficient processes ensure that your car is sold at the best price through inspection and live auction. Instant payments and complimentary RC transfer is an added advantage offered on your used car by CARS24. The seamless process can be completed within 2 hours in just a single visit with the help of their cutting-edge technology, intelligent workflow and massive reach.
How Does CARS24 Achieve All This?
- Pricing Engine: The in-house algorithm of CARS24 anticipates the accurate market value of the car upon inspection. It predicts the prices using the information collected from 1 lakh plus auctions conducted by CARS24 till now.
- Inspection App: The experts at CARS24, use the app to upload scientific inspection reports achieved upon inspection.
- Scientific Inspection: With the help of tools like tire tread gauge, paint spectrometer and on-board diagnostics plugin devices - objective reports are generated. Also, the experts at CARS24 are extensively trained and evaluated. The inspection app consists of information like refurbishments costs, detailed pictures and history of critical issues that generally appear in the same make or model.
- Live Online Auction: The auction enables car owners to get the best price thanks to the constant bidding on cars by thousands of buyers.
- Authorised Buyer Support: With access to a plethora of options, buyers can easily submit offers from their homes. Car tracking system, payment wallets and home delivery of cars is an added convenience.
CARS24 Business Model and its Features
The CARS24 funda is quite simple - firstly, they vet the car in terms of functionality by running diagnostic tests. Then, they register the details of the used car on their online database - ready for auction. After which, it goes live for anyone to bid and then buy the used car.
CARS24 revenue sources include: CARS24 earns a commission of 4-5% on each sale. It also offers credit financing as loans to customers (interest rates starting from 8%, accumulating funds) and investors, such as DST Global, acting as sponsors.
Why Did CARS24 Begin and How Does It Work?
Given the unorganised and spurious used car industry, the founders at CARS24 decided that it was time to implement something more streamlined plus trustworthy. The valuation, testing and reporting of vehicle condition wasn't standardised either, meaning that buyers were often misled. Furthermore, it was cumbersome to list and arrange the document transfer formalities. This gap made them realise the existence of huge potential in the pre-owned car industry.
CARS24 Process: To sell their used car, individuals can either book a detailed ISO 200-point inspection online that involves a technician visiting their home or they can visit the nearest CARS24 branch. Subsequently, the used car is auctioned online and sold within 1 hour, followed by payment transfer.
For Purchasing, individuals can visit the CARS24 yard or the owner's place with a CARS24 representative to check the condition of the car and take the test drive. If purchased, the car will be delivered within 1 hour of payment receipt, with optional loan facility and money back satisfaction guarantee.
CARS24 Statistics
- Sold around 3 Lakh cars since inception in 2015, over a 6-year period.
- Expanded to over 200 branches across 70 states.
- They have several apps and associations with their channel partners.
- Pioneered in procuring an NBFC from RBI for consumer lending (loans)
Summary
In conclusion, CARS24 is one of the most popular and trusted brands in the used-car industry. They ease the pain of buying or selling a second-hand car with the help of their innovative technological interface and customer-focused approach. Their effective auctions sources genuine buyers and generate business, whilst putting a smile on both buyers and sellers.
