 "Gajendra Jangid, co-founder and chief marketing officer of Cars24")
Autotech company CARS24, which is into the sale and purchase of used cars, is leveraging customer satisfaction and technological advancements to position itself as a leader in the segment.
Currently, the company captures about 4 per cent of the total used cars market, said Gajendra Jangid, co-founder, CARS24.
In India, approximately 6 million used cars are sold annually. CARS24, headquartered in Gurugram, has surpassed a turnover of $1 billion.
“The increasing cost of cars, easier financing for used cars, technological advancements, and standardisation of information related to car health will give us an advantage,” said Jangid, adding, “We currently hold about 4 per cent by selling over 2 lakh cars.”
The company expects the domestic used-car market to exceed from $25 billion to $100 billion over the next decade. The other major players in the segment are Maruti Suzuki True Value, Mahindra First Choice, and other multibrand players like Spinny and CarDekho.
The rising average sale price (ASP) is also driving CAR24’s growth. The ASP at CARS24 has risen to 5.5 lakh from 4.5 lakh last year. The price segment of Rs 4 lakh to Rs 8 lakh contributes to 40 per cent of the company's business, while another 40 per cent comes from cars priced above Rs 8 lakh. Only 20 per cent of sales are from cars priced below Rs 4 lakh.
Jangid mentioned that while the company has not yet reached the break-even point, it is focused on launching new products and technologies and expanding into new business areas. These include financing, on-demand driver services, scrapping, RTO assistance, car servicing, and sales of accessories and spare parts.
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In 2022, CARS24 said that it was considering an initial public offering (IPO) to widen its funding base.
In its technological push, CARS24 has enhanced its app with a new feature called Orbit. This feature integrates a range of services, including on-demand driver services, insurance, repairs and maintenance, and RTO assistance, all under one platform.
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