Consumers who are trying to find a good enough deal for trading in their used cars often find the process complicated and frustrating. Even when offered a good price the overall transaction can still feel bad.
Identifying these pain points and challenges, Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal launched Cars24 in 2015 with a dream to offer hassle-free transaction and superior customer experience. “We wanted our customers to never face the last-minute buyer-back offs or deal with unrealistic and time-consuming rounds of negotiations,” says Chopra, Co-Founder, Cars24.
“To ensure that we are on the right track, we analysed the market and identified that car owners usually approach 30-40 potential buyers to sell their cars but face last-minute quibbles and back-offs. They never know the right price for their vehicle until they discuss it with people around them,” he informs.
This unorganised process and endless haggles consume a minimum of 4-6 weeks and that’s where Cars24 stepped in. Chopra says, “We solved this problem by creating a model that provides a way to sell the car with utmost convenience, without wasting their time. They can visit our store anytime they want by taking a prior appointment and can avail a free car inspection.”
He adds: “Once approved, we then start the bidding procedure and as soon as a customer agrees to a price, he gets paid instantly. From that point onwards, the vehicle is our responsibility and we take care of all the paperwork. Further, we also help in the smooth functioning of the market by connecting supply with demand channels and significantly reducing the supply bottlenecks and organise the system.”
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