Cars24, a top player in used car sales, now offers a new car aggregation platform as part of its one-stop super app strategy. Co-founder Gajendra Jangid aims to replicate their success in used car sales by leveraging technology to cater to customers looking to buy or sell new cars.
The ‘New Cars’ platform aggregates car models from various auto OEMs, offering detailed video tours, pricing info, test drives, and financing. Jangid noted that 50% of current Cars24 users are exploring new car options and pledged support in finding their ideal vehicle, whether new or pre-owned.
In August 2023, Cars24 launched a super app, offering ancillary services like vehicle servicing, insurance payments, vehicle financing, chauffeur booking, and FASTag distribution. This move into selling new cars is the latest addition to its services. Jangid highlighted that while new car sales may not drive immediate growth due to lower margins, the main goal for next year is to boost traffic on the platform.
Despite new service launches, Cars24’s predominant revenue driver is its used car business, constituting over 90% of revenue. In FY24, revenue increased by 25% to ₹6,917 crore with losses of ₹498 crore. The company anticipates strong growth in the used car segment due to its expanded market and faster growth compared to new cars.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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