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Dubai: CARS24, one of the world’s fastest-growing e-commerce platforms for pre-owned cars, has already made a significant mindset shift in the UAE by taking the entire car buying experience online. Since the launch of operations in the UAE in April this year, the brand has sold close to 1000 plus cars and a significant percentage of these transactions were conducted online. CARS24 has sold close to 400,000 plus cars in other global markets.
“UAE’s automobile industry, with regard to the pre-owned car segment, has a massive growth potential and we have experienced it first-hand. As a new entrant, we have sold thousands of cars and this speaks volumes about the appetite present in this market. We wanted to be known as the gamechangers within the pre-owned cars segment in the UAE and we can see that we are very close to achieving these objectives. More importantly, we want to be a catalyst in bringing a paradigm shift by redefining the car buying experience in the UAE,” stated Abhinav Gupta, CEO, Gulf Region, CARS24.
Vehicles on the CARS24 platform undergo a 150+ point inspection check and are refurbished thoroughly. Furthermore, these cars go through the stringent RTA test before they are listed online on the platform. Additionally, every car bought from CARS24 comes with a 7-day return policy and 2 years warranty.
“Growth in the pre-owned car sales was driven primarily by the opening up of the economy, the upcoming Expo 2020 Dubai, which increased online buying behavioural trends. As consumers become more aware and safety conscious after the pandemic, they are investing in personal mobility now more than ever. As per our internal market studies, we also found that around 30 percent of commuters were looking to shift from cab or other forms of transport to privately-owned cars due to Covid-19 safety concerns,” added Abhinav.
The company marked its entry recently through an engaging digital campaign by unveiling its brand story on Burj Khalifa, the world’s tallest tower.
Founded in 2015, CARS24 facilitates a seamless experience for UAE customers looking to buy cars by owning the entire journey of car buying on the backbone of strong technology. The company is backed by marquee investors like Sequoia India, Exor Seeds, DST Global, Kingsway Capital, Unbound, Moore Strategic Ventures, and KCK. The company has raised a funding of US$400 million till date. CARS24 aims to enter the other Middle Eastern and Southeast Asian markets later this year.
“CARS24 is the new-age way of buying pre-owned cars where a customer can preview, select their favourite car, complete the entire payment and documentation processes, and get the car home delivered all within a few clicks,” concluded Abhinav.
The company’s exponential growth and expansion was made possible by using the product, technology, and data science to fuel growth in the pre-owned cars sector. This vision and framework further enabled the highest quality experience for customers, who were able to buy the car online right from the comfort of their homes.
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About CARS24: ( https://www.cars24.com/ae/ )
CARS24 is the largest online transaction platform for pre-owned vehicles in India. Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, it offers an efficient, reliable, and hassle-free transacting experience to customers to buy and sell pre-owned vehicles (cars and bikes) as well as financing options.
Since its inception, CARS24 has built a strong technology backbone that features various first-of-its-kind offerings including an innovative auction format, a state-of-the-art proprietary inspection app, and a powerful algorithm that matches supply and demand across the country. In addition, CARS24 also features an innovative price discovery mechanism for used vehicles.
CARS24 is the first player in the Indian pre-owned vehicle industry to procure a non-banking financial company (NBFC) license and launch consumer lending business with CARS24 Financial Services and two-wheeler segment BIKES24. It is backed by marquee investors like Sequoia India, Exor Seeds (venture arm of Exor, one of the world’s leading holding companies controlled by the Agnelli Family), DST Global, Kingsway Capital (London based multi-billion US$ fund), Unbound (global investment firm headquartered in London), Moore Strategic Ventures and KCK (Silicon Valley & New York based investment firm).
For further information, please contact:
Media contact:
Prem A. Ramachandran
White Water Public Relations
Mobile :0097150-4537253,
prem@whitewaterpr.com
Dubai, UAE
© Press Release 2021
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