The auto retail market is booming with the abundance of manufacturers, suppliers and consumers. The auto industry is the most competitive sector in the Indian market.
In 2020 the used car market was valued at USD 27 billion in India. A recent study estimates it to reach USD 50 billion by 2026. Registering a CAGR of 15% during the forecast period, 2021-2026.
Organized and semi-organized sales sectors contributed a lot to the growth of the used car market in the country. In FY2020 the used car market recorded sales of 4.4 million units while the new passenger vehicles sold only 2.8 million units.
Last year, 71 million vehicles were purchased. Technological advancement has changed the way dealers conduct business & compete, as now a time most people prefer researching and buying online.
Market-watchers anticipate new cars and certified pre-owned cars will hit a record high this year.
The car suppliers are leveraging digital tools to connect to potential buyers. The USP is to connect with the new generation of car buyers with the digital platforms they use. Online selling and buying platforms like CarDekho, CarzSo, Spinny & Cars24 are changing the dynamics of the industry.
CarDekho.com is a platform that helps users buy cars that are curated for them. Its website features rich content such as detailed specs, expert reviews and prices, comparisons as well as videos and pictures of all car brands and models available in India. CarDekho has collaborated with more than 4000 car dealers and numerous financial service providers to facilitate the platform.
Cars24 facilitates buying or selling of used cars, all over India. Cars24 is leveraging technology along with country-wide partners. They provide easy and convenient solutions to all the problems associated with selling and buying a car. Whether buying or selling, one gets a quick, easy, fair, transparent, hassle (and haggle) free process.
CarzSo provides a pre-owned car buying and selling experience, by making the whole process convenient. They offer the virtual reality of cars inside and out and a real-time car tour on a video consultation. They give doorstep delivery, with comprehensive warranty & 111-hour money-back guarantee on all cars.
Spinny is a pre-owned car platform. It aims to bring transparency and convenience through a technology-enabled service. Spinny’s online-to-offline model enables customers to discover cars on its website and make the final purchase offline at its Car Hub. Spinny’s website features an assortment of cars available for sale, one can schedule a test drive at the nearest Spinny car hub.