Ola forays into used car market with Ola Cars; to reach 100 cities by 2022

Ride-hailing platform Ola on Thursday said it is foraying into the used car segment that will enable customers to buy new and pre-owned vehicles through the Ola app.

The Bengaluru-based company expects to scale the reach of the vehicle commerce platform Ola Cars to 100 cities by next year.

"Ola Cars will begin with pre-owned, and over time, Ola will open it up for new vehicles from Ola Electric and other automotive brands as well... Starting with 30 cities, Ola Cars will soon scale up to over 100 cities by next year," it said in a statement said on Thursday.

Ola Cars will offer a bouquet of services to customers, beginning with purchase, vehicle finance and insurance, registration, maintenance, including vehicle health diagnostics and service, accessories, and finally, resale of the vehicle back to Ola Cars, the statement added.

"It will be a one-stop-shop for customers looking at hassle-free buying, selling, and managing their cars," it added.

Ola Cars will now compete with players like Droom, CarDekho, and Cars24, among others, in this space.

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The company has also appointed former Amazon India and Reliance Trends executive Arun Sirdeshmukh as the Chief Executive Officer of Ola Cars.

Arun brings over 30 years of experience in the consumer internet, FMCG, retail, and fashion industries. He will oversee the entire sales and distribution, service, marketing, customer support, and go-to-market strategy for the business, Ola said.

In August, Ola Electric had unveiled its Ola S1 electric scooter in two variants — S1 and S1 Pro.

Ola Founder and CEO Bhavish Aggarwal said, "Customers are looking for a new way to buy, service, and sell their vehicles. They are no longer satisfied with the archaic retail store mode. They want more transparency and a digital experience. With Ola Cars, we are bringing a completely new experience for buying, selling and overall ownership for both new and owned vehicles."

Sirdeshmukh said, "With Ola Cars, the company is completely reimagining not just buying and selling but also vehicle finance, insurance, and maintenance — an end-to-end digital-first experience for customers."

"We have plans to expand aggressively over the next few months across India and international markets, and also launch new verticals in this business, including pre-owned two-wheeler and new vehicles, he added.