Truebil, a platform for car auctions, will begin buying cars from individual sellers and trade-ins from car showrooms and then sell the cars to dealerships. The dealers will sign on to the app and will be able to find and view cars, and then begin bidding on them. Via the platform, Truebil already is conducting around 200 transactions per month in most cities and is aiming to reach 500 transactions per month within the next three months.
Commenting on the newly launched platform, Shubh Bansal, co-founder and marketing head, Truebil said, “We have created this auction platform for dealers to connect with buyers, without incurring heavy marketing costs easily. This segment is growing at a fast pace, and we expect to sign up more than 1,000 dealers in all three cities by the end of July 2018. The auction app is sure to drive Truebil’s transactions and improve the supply of cars on the platform. We haven’t kept any restrictions on the mileage and age of the cars on the auction platform, as we believe we have developed a channel to offload any supply.”
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