22 July 2023: CARS24, released its highly anticipated DriveTime Quarterly Report, providing valuable insights into the second quarter of 2023. The April-June quarter witnessed a remarkable surge in demand for pre-owned vehicles across the country. CARS24, in particular, achieved a substantial sales increase during this period, with an impressive 87 percent leap compared to the same period in 2022. The report also highlights a significant milestone with individuals selling INR 1,800 crores worth of cars to CARS24, reflecting the paradigm shift in Indian buyers trusting innovative car-buying and selling avenues.
The growing preference for affordability and value among customers, alongside the availability of flexible financing options and extended warranties, has established used cars as a practical alternative. Moreover, the convenience of online marketplaces and digital platforms for buying and selling pre-owned vehicles has significantly improved the overall experience. With the ease of purchasing a car online, complete with financing and delivery options, the process has become more convenient than ever before. Highlighting key trends and parameters of buying a car, the DriveTime Quarterly report navigates through the country's car-purchasing behavior.
Gajendra Jangid, Co-Founder of CARS24, expressed his enthusiasm about the burgeoning customer preference for used cars in the current quarter. He stated, "It is truly exciting to witness such a remarkable surge in transactions within the used car market. In fact, during this quarter alone, people sold 30 cars every 60 minutes on our platform. This remarkable upward trend is far from being a mere coincidence; rather, it is an integral part of a larger market movement that is reshaping the automotive landscape. Several key factors have contributed to this rapid growth, including evolving consumer preferences, the implementation of favorable government initiatives, the increasing necessity for personal mobility, the availability of expanded inventory levels, the desire to upgrade to new-generation vehicles, the inclusion of comprehensive warranty options, and the focus on customer-centric digitalization. It is the culmination of these combined factors that has propelled the second-hand car market to new heights throughout India. As more customers recognize the immense value and advantages of embracing the pre-owned car market, we are truly honored to lead the way in this transformative revolution."
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