CarDekho to invest $20 million in the pre-owned car business

The brand has also entered into a franchise model, launches the first store in Jaipur

NEW DELHI: CarDekho will invest $ 20 million (approx. Rs 150 crore) in its used car business in the ongoing financial year.

The Girnar Software owned venture plans to open 250 franchise stores this year and ramp up this network to over 1,000 retail locations by 2022. The franchise outlets would be branded CarDekho Trustmark stores.

The used car market is seeing a surge in demand as buyers are increasingly preferring for personal mobility instead of public transportation due to Covid2019 scare.

CarDekho co-founder, Amit Jain said, “There is a surge in demand for used cars as this pandemic has reinforced the need for a personal vehicle. In FY20, there were 1.3 used car transactions for every new car transaction. We see this number going well above 1.8 times in the current year as people prefer personal mobility at a lower cost. We are entering into the franchise business model for selling Trustmark cars with the aim of providing economical personal mobility solutions to people in the most transparent and hassle-free manner.”

The pre-owned car market in India crossed 4 million units in size as the industry saw tailwinds post the GST rationalization to 12-18% and penetration of organized channels, said findings of the Indian Blue Book, compiled by Mahindra First Choice Wheels Ltd, released last year.

The Trustmark stores will also provide on the spot Loans and insurance service along with RC transfer facility under one roof. Moreover, the evaluation report of every Trustmark car is transparently available on the website and any customer can see it and discuss it before buying.

Announcing its foray, the company said it has launched its first franchise store for the sale of certified used cars in Jaipur. The next upcoming stores are planned in Delhi NCR and Bengaluru respectively.  

The company already operates over 50 CarDekho Gaadi stores across India where it acquires used cars from their existing owners.

Earlier in June, CarDekho reported that its digital platform saw a 99% recovery in customer traffic for used cars after the lockdown wherein cars in the ₹1-5 lakh range saw maximum traction.

Latest Reads
Zivame pushes saree shapewear in its new spot

Zivame, an online lingerie store, continues its differentiated approach to bring to life real issues that women face with intimate wear, with humour and quirk.

MAM Marketing MAM
Havas Group India launches an internship program ‘Havas Spark’

NEW DELHI: Havas Group India has rolled out a unique internship opportunity for freshers to help add a spark to their careers. The program titled ‘Havas Spark’ is intended to provide bright and talented interns, educational and career development opportunities through practical experience in a...

MAM Marketing MAM
Colgate Vedshakti collaborates sand artist Sudarsan Pattnaik

NEW DELHI: Colgate-Palmolive (India) Limited has collaborated with Padma Shri awardee and internationally acclaimed sand artist from Odisha, Sudarsan Pattnaik, to create a stunning sand sculpture for Colgate Vedshakti toothpaste at Puri Beach in Odisha.

MAM Marketing MAM
Wunderman Thompson India crowned ‘Digital Agency of the Year’ at IAMAI’s 11th India Digital Awards

Wunderman Thompson India begins the new year on a high. At the recently concluded 11th India Digital Awards presented by the Internet and Mobile Association of India (IAMAI), the agency was awarded gold as the ‘Digital Agency of the Year’ and stole the show with a stupendous win of 8 metals for...

MAM Media and Advertising AD Agencies
Grofers makes grocery shopping exciting with the fifth edition of its Grand Orange Bag Days sale

NEW DELHI: To educate the country about the fifth edition of the semi-annual “Grand Orange Bag Days (GOBD)” grocery sale, Grofer launched a robust marketing campaign that includes television commercials, print advertisements, radio spots, influencers, and digital marketing spread. The two-film...

MAM Marketing MAM
VMLY&R Commerce Encompass launches in India

NEW DELHI: As 2020 wound down VMLY&R and Geometry joined forces to launch VMLY&R Commerce, a new end-to-end “Creative Commerce Company” combining the talent and scale of two thriving global commerce offerings. Led by global CEO Beth Ann Kaminkow, it will operate as a distinct company within...

MAM Marketing MAM
Ye Glance Hai: Glance Unlocks Power of Lock Screen Based Content with its Latest Campaign

Glance, the world’s leading screen zero platform which provides digital content on the lock screens of smartphones, has today announced the launch of its multi-media advertising campaign “Ye Glance Hai”. Crafted by DDB Mudra to communicate the exciting possibilities of content delivered on locked...

MAM Marketing MAM
What marketers and agencies are expecting from the union budget 2021

NEW DELHI: After a massive slump in the economy that 2020 brought in with its unprecedented and uncertain nature, headlined by the Covid-2019 crisis, industries are once again trying to put their heads up. The road to recovery looks quite challenging from here, however, they are playing their bets...

MAM Marketing MAM
Vishnu Mohan moves on from Havas after 25 years

New Delhi: Vishnu Mohan will step down as chairman and CEO of Havas Group southeast Asia (SEA), India and north Asia. A veteran of 25 years with the organisation, Mohan will be succeeded by Alberto Canteli, currently CEO of middle-east and eastern Europe Havas Group, who will be additionally...

MAM Media and Advertising People

Sign up for our Newsletter

subscribe for latest stories

* indicates required