New Delhi, 20 July 2023: CARS24, the leading AutoTech company for pre-owned vehicles in India, released its highly anticipated DriveTime Quarterly Report, providing valuable insights into the second quarter of 2023. The April-June quarter witnessed a remarkable surge in demand for pre-owned vehicles across the country. CARS24, in particular, achieved a substantial sales increase during this period, with an impressive 87 percent leap compared to the same period in 2022. The report also highlights a significant milestone with individuals selling INR 1,800 crores worth of cars to CARS24, reflecting the paradigm shift in Indian buyers trusting innovative car-buying and selling avenues.
The growing preference for affordability and value among customers, alongside the availability of flexible financing options and extended warranties, has established used cars as a practical alternative. Moreover, the convenience of online marketplaces and digital platforms for buying and selling pre-owned vehicles has significantly improved the overall experience. With the ease of purchasing a car online, complete with financing and delivery options, the process has become more convenient than ever before. Highlighting key trends and parameters of buying a car, the DriveTime Quarterly report navigates through the country's car-purchasing behavior.
Gajendra Jangid, Co-Founder of CARS24, expressed his enthusiasm about the burgeoning customer preference for used cars in the current quarter. He stated, "It is truly exciting to witness such a remarkable surge in transactions within the used car market. In fact, during this quarter alone, people sold 30 cars every 60 minutes on our platform. This remarkable upward trend is far from being a mere coincidence; rather, it is an integral part of a larger market movement that is reshaping the automotive landscape. Several key factors have contributed to this rapid growth, including evolving consumer preferences, the implementation of favorable government initiatives, the increasing necessity for personal mobility, the availability of expanded inventory levels, the desire to upgrade to new-generation vehicles, the inclusion of comprehensive warranty options, and the focus on customer-centric digitalization. It is the culmination of these combined factors that has propelled the second-hand car market to new heights throughout India. As more customers recognize the immense value and advantages of embracing the pre-owned car market, we are truly honored to lead the way in this transformative revolution."
Love at First Drive: Unleashing Passion with around 2,00,000 Exhilarating Test Drives in a Car Buying Frenzy!
The second quarter witnessed an extraordinary phenomenon at CARS24 as car enthusiasts across India booked around 2 lakh test drives. In the pursuit of finding their perfect match, 80 percent of buyers flocked to CARS24 yards, allowing them to test drive cars from different manufacturers without having to hop from showroom to showroom. The remaining 20 percent chose to test drive their shortlisted cars from the comfort of their homes. This surge in test drives signifies a growing interest in car ownership and the eagerness to explore a wide range of options.
This record-breaking quarter showcases the strong connection between buyers and the physical touchpoints of car buying. While online car shopping has gained popularity, the allure of a test drive continues to captivate enthusiasts, reaffirming the importance of experiencing a vehicle firsthand.
Indians Swipe Right on AutoTech: Selling Cars Worth INR 1800+ Crores Sparks a Perfect Match
CARS24's DriveTime Quarterly Report has unveiled a truly astounding revelation for the second quarter, showcasing the remarkable surge in Indians embracing innovative approaches to sell their used cars. CARS24 facilitated sales of cars surpassing an astonishing value of over INR 1800 crores. This monumental figure not only demonstrates the open-mindedness of Indian buyers but also solidifies the unwavering trust they place in CARS24's exceptional services.
The current trend of replacing cars within a few years has significantly contributed to this exponential growth. This could be due to various factors such as changing preferences, the desire to own newer models with advanced features, or the availability of attractive financing options. As a result, more people are choosing to sell their used cars, creating a vibrant market for platforms like CARS24 that offer convenience, trust, and a streamlined selling process.
Maruti Magic Reigns Supreme: Swift, WagonR, and Baleno Drive the Used Car Craze on CARS24!
In the second quarter of 2023, Maruti Suzuki continued to assert its dominance in the used car market, reaffirming its position as the leading brand on the CARS24 platform. With a notable presence in both car searches and sales, Maruti hatchbacks, including the Swift, WagonR, and Baleno, emerged as the most coveted choices among buyers. Maruti's remarkable performance accounted for an impressive 38 percent of total cars sold in Q2, with a noteworthy concentration of buyers coming from non-metro cities. Following Maruti's lead, Hyundai, Honda, and Renault showcased commendable performances in the market. In the realm of emerging brands, Toyota experienced a significant surge in market share in Q2 2023. The brand's commitment to engineering excellence, safety innovations, and fuel efficiency resonates with buyers who prioritize long-term value and peace of mind.
Hatchbacks the Undisputed Champs, but Sedans Stage a Classy Comeback in Q2 Auto Sales Showdown!
In the ever-shifting automotive landscape, hatchbacks continue to assert their unyielding dominance on the roads. In a testament to their enduring appeal, hatchbacks captured an astounding 62 percent of total sales in the second quarter of the year, solidifying their position as the unrivaled choice for drivers from all walks of life. Their versatility, fuel efficiency, compact yet spacious design, and ability to effortlessly navigate through congested cities make them the go-to option for urban dwellers, families, and adventure enthusiasts alike.
While hatchbacks continue to reign supreme, sedans have been quietly plotting their resurgence in the market. In the second quarter, sedans experienced a notable uptick in sales, accounting for 19 percent of total sales on the platform. This resurgence can be attributed to the timeless allure of sedans, which exude an air of sophistication, elegance, and refined style. With their sleek profiles, luxurious interiors, and cutting-edge features, sedans have been captivating discerning drivers who seek a balance of comfort, performance, and prestige.
Non-Metro Cities Challenge Metros in Pre-Owned Car Market, Pune and Ahmedabad Take the Lead
Non-metro cities challenged the dominance of metros in car purchases, as Pune and Ahmedabad experienced a surge in pre-owned car sales. These cities are witnessing a notable increase in car deliveries, with the Maruti Swift and Hyundai Grand i10 emerging as top choices among Indian car buyers. Pune and Ahmedabad's impressive performance demonstrates the equal prowess and contribution of non-metro cities to the automotive market. Cities including Kochi, Chandigarh, Patna, Lucknow, Jaipur and Surat also contributed to the increasing car sales in the used car market. In terms of metro cities, New Delhi emerged as the top purchaser of cars in Q2, followed by Bangalore, Hyderabad and Kolkata.
CARS24 Financial Services Records 100 percent Year-on-Year Growth in Car Financing, Disburses INR 2,000 Crore in Loans since inception
CARS24, has also achieved a remarkable feat through its financial arm, CARS24 Financial Services Pvt Ltd (CFSPL). With an impressive track record and exceptional growth, CFSPL has witnessed a phenomenal 100 percent year-on-year increase in loan disbursements, surpassing the noteworthy milestone of INR 2,000 Crore since its inception. This outstanding achievement not only turns the dreams of countless car enthusiasts into reality but also solidifies CARS24's unmatched position as an industry leader.
CARS24 is now present in 150+ cities in India, the newly added cities include Berhampur, Balasore, Dibrugarh, Jorhat, Udupi, Darbhanga, Ratlam, Dewas, Katni, Godhra, Surendranagar, Thodupuzha, Thodupuzha, Thodupuzha, Nadiad, Ambala, Tirur, Chandrapur, Kalol, Davangere, Thanjavur, Kashipur, Dharwad, Rajahmundry, Nellore, Kakinada, Palakkad, Tirupati, Karimnagar, Puri, Bilaspur, Pollachi, Akola, Chitradurga, Warangal, Hassan, Shimoga, Cuddalore, Parassala, Sitapur, Haldwani, Jaunpur, Asansol, Kasaragod, Sikar, Malappuram, Hardoi, Azamgarh, Baghpat, Muzaffarnagar, Alappuzha and Jalgaon to name a few.