CarTrade launches multi-channel auto platform post IPO
Automobile classifieds platform, which launched an IPO with an issue of 20.3 times its subscription last month, has announced the launch of a multi-channel platform - CarWale abSure.
In its BSE filing, the company said, "CarTrade Tech Limited, a multi-channel auto platform, has launched ‘CarWale abSure’, a tailor-made platform to provide hassle-free buying and selling experience to customers, all under one roof."
In a conversation with YourStory, Banwari Lal Sharma, CEO, Consumer Business, CarTrade, talks about the company's plans and what it aims to do with its latest offering.
The CarTrade Team
Edited excerpts from the interaction:
YourStory (YS): What is the main purpose of CarWale abSure?
Banwari Lal Sharma (BLS): CarWale abSure is a used car retail platform that is built on our decade-long experience in dealing with used cars. While customers find several issues in buying and selling used cars, we primarily intend to solve the trust deficit, which is the single biggest problem that has kept the used car industry from reaching its potential.
Whom to sell my car to, whom to buy a used car from, and is the car I'm buying a reliable vehicle, are some of the questions that each used car consumer goes through every time they are in the market.
CarWale abSure intends to be the online-offline platform that enables hassle-free and trusted transactions and thus providing a convenient and delightful experience to our consumers.
YS: What consumer issues and problems does it solve? How does it help the consumers?
BLS: To begin with, it will solve trust issues. Anyone who has never transacted in used cars should be able to sell their old car at the right price, without having to worry about how the ownership transfer will take place or if they are free from all potential liabilities after the car is sold. Customers should also be able to choose the right car on our platform, make the payment online, and then get the car at their doorstep.
If the customer doesn't like the car, they can return the car within seven days and exchange it with another vehicle or get a full refund. It also solves value as a problem.
The cars offered on the abSure platform go through stringent inspection, and hence are absolutely high quality and they come at a considerably lower price compared to a brand new car.
We also intend to solve the selection problem at scale. We want consumers to buy the cars they like, and not compromise because a particular car is not available in a variant or if the colour is not available. In our experience, a fair percentage of consumers don't buy a used car because they can't find what they want and are often lured by sellers to buy what they have.
YS: How does the platform work?
BLS: CarWale abSure is an online-offline platform that starts with consumers reaching out to us either on our websites -- CarWale or CarTrade, our apps, or they walk into one of our offline retail outlets. Whether they intend to sell their car or buy a pre-owned car, the journey can be commenced on any of these platforms.
While the entire transaction can be carried out by themselves online, we have a team that facilitates and hand-holds customers.
YS: What can we expect in the near future?
BLS: We intend to establish ourselves as one of the most-trusted used car retail platform in the country and we are going to leave no stone unturned. Being a public organisation, we won't be able to give any number guidance.