CARS24, one of the world’s leading online platforms for pre-owned vehicles, has revealed that the company’s newly opened Mega Refurbishment Lab (MRL) in the UAE would roll out more than 20,000 cars in a year.
The lab will run 24×7 to ensure that each vehicle undergoes a stringent 150-point quality check prior to listing the cars on its eCommerce platform. The MRL at Jebel Ali has 70 bays, 5 high-end Italian paint booths, and has the capacity to roll out close to 1500 cars a month. This leased 1,000,000 sq.ft facility with a total contract value in excess of $11 million, is one of Dubai’s largest-ever leasing deals on record.
CARS24, which has a market capitalization of about $3.3 billion, is transforming the way people buy used cars in the UAE. CARS24 has sold more than 3500 cars in the UAE since its inception in May of 2021, with 100 percent of the transactions conducted online.
“With the launch of our Mega Refurbishment Lab in the UAE, our endeavor would be to ensure that all our customers get a completely certified car by us. We have dedicated teams for each of the stages such as the pre-refurbishment audit, quality control, and post-refurbishment teams that conduct microscopic checks both internally and externally. CARS24 also leverages AI, machine learning, and data science to standardize and optimize the refurbishment process.“
In addition to the UAE, CARS24 has 12 other major mega refurbishment labs spread across the globe, including markets such as India, Australia and Thailand.
In November 2021, CARS24 raised $20.4 million in local debt funding from Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, and in September, it announced that it would be investing another $100 million in the UAE and other GCC countries to further expand its presence.