Fleet of vehicles on the CARS24 Platform | Image Courtesy: CARS24
One of the world’s fastest-growing eCommerce platforms for pre-owned cars, CARS24 has sold nearly 1000 plus cars in UAE since it launched in April and a significant percentage of these transactions were conducted online, which reflects the change in the mindset of customers towards online car buying.
Vehicles on the CARS24 platform undergo more than 150 point inspection checks and are refurbished thoroughly. These cars also go through the stringent RTA test before they are listed online on the platform. Further, every car bought from CARS24 comes with a 7-day return policy and 2 years warranty.
Abhinav Gupta CEO – CARS24 Gulf Region
“UAE’s automobile industry, with regard to the pre-owned car segment, has massive growth potential and we have experienced it first-hand. As a new entrant, we have sold thousands of cars and this speaks volumes about the appetite present in this market. We wanted to be known as the game changers within the pre-owned cars segment in the UAE and we can see that we are very close to achieving these objectives. More importantly, we want to be a catalyst in bringing a paradigm shift by redefining the car buying experience in the UAE.”
In other global markets, CARS24 has sold close to 400,000 plus cars. Since its inception, the company has made exponential growth by using the product, technology, and data science to fuel the expansion in the pre-owned cars sector.
“Growth in the pre-owned car sales was driven primarily by the opening up of the economy, the upcoming Expo 2020 Dubai, which increased online buying behavioral trends. As consumers become more aware and safety conscious after the pandemic, they are investing in personal mobility now more than ever. As per our internal market studies, we also found that around 30 percent of commuters were looking to shift from a cab or other forms of transport to privately-owned cars due to COVID-19 safety concerns,” added Mr. Abhinav.
CARS24
Founded in 2015, CARS24 facilitates a seamless experience for UAE customers looking to buy cars by owning the entire journey of car buying on the backbone of strong technology. The company is backed by marquee investors like Sequoia India, Exor Seeds, DST Global, Kingsway Capital, Unbound, Moore Strategic Ventures, and KCK. The company has raised a funding of $400 million till date.
CARS24 aims to enter the other Middle Eastern and Southeast Asian markets later this year. Recently, the company marked its entry through an engaging digital campaign by unveiling its brand story on Burj Khalifa, the world’s tallest tower.
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