India's online automobile classifieds firm Cartrade on Thursday announced that it has acquired Adroit Inspection, leading vehicle Inspection and valuation company with tie ups with leading banks and insurance companies and a well-entrenched team of over 300 field inspectors spread across the country. Adroit will inspect over one million vehicles this year.
Cartrade, post with its merger with Carwale, is India's leading automobile marketplace which helps consumers to buy and sell new and used cars. To further strengthen its services in the new and used car segment, the platform has acquired this leading vehicle inspection and valuation company.
"There are immense opportunities waiting to be tapped in the vehicle inspection and valuation space. The Adroit team undoubtedly is the best in the market. We are extremely excited to have on board such young and dynamic entrepreneurs in order to further strengthen our dominance in the new and used vehicles market segment," said founder and CEO Cartrade, Vinay Sanghi.
"This acquisition addresses a crucial challenge the ability to inspect vehicles promptly across the spread of the country. The ability to touch and feel vehicles not only enables smooth and efficient used vehicle transactions but is also the core for supplementary propositions, which includes aspects like re-finance, warranties, insurance etc. The collaboration will help execute over 1 million physical inspections and valuations in the current fiscal year," said President and Auction head Cartrade, Ravi Mehra.
"We are very happy with this partnership and are excited to be a part of Cartrade, which is India's largest used and new Car online platform currently," said CEO Adroit Inspection, Mukesh K Gupta.
CarTrade along with Carwale has 35 million visits per month, leadership in both used and new cars and partners with approximately 8,000 new and used car dealer partners. The platforms list more than 200,000 used cars for sale every month and auctions over 200,000 vehicles to the wholesale market every year. Warburg Pincus, Temasek, JP Morgan and March Capital are its key investors.