OLX India and Frontier Car Group launch OLX Cash My Car :brick-and-mortar used car selling centres. To expand to 40 cities with 150 such stores by 2021.
26 NOV 2018 OLX, India’s largest online marketplace for pre-owned goods, and the leader in the online pre-owned automobile sector with an 85 percent market share, has announced its offline pre-owned car selling initiative- OLX Cash My Car. This initiative complements OLX’s core offering. Users can now either sell a pre-owned car directly on the OLX online platform or offline at a Cash My Car local store.
The initiative is a joint venture with Frontier Car Group (FCG). Frontier Car Group builds and operates pre-owned automotive marketplaces within emerging markets. Under the agreement, OLX and FCG will share technological resources, expertise and knowledge to build and operate OLX Cash My Car stores across cities in India.
OLX Cash My Car is an end-to-end free service for users and is defined by speed, convenience and trust. A user can visit a nearby OLX Cash My Car store and request a free inspection. An OLX Cash My Car authorized vehicle inspection agent physically inspects the condition of the car and the documentation. Basis the inspection, the car is auctioned online to OLX Cash My Car empaneled channel partners across cities and the best price is offered to the car owner. Once the user accepts the offer, payment is received immediately by the user and the vehicle is transferred.
The entire process can take less than 45 minutes and offers a hassle-free experience to the user with all paperwork and transfer of RC and other documents being handled by OLX Cash My Car for free. It promises car owners immediate cash and channel partners the chance to build up inventory.
Currently, 27 OLX Cash My Car stores are operational across 10 cities – New Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Bangalore, Mumbai, Hyderabad, Pune, and Chennai. Plans are afoot to aggressively expand the store footprint to 150 by end of 2021 across 40 cities.
With 40 million users who register 4.8+ Million pre-owned cars annually and a channel network of 40,000+ channel partners, OLX enjoys deep penetration, influence and trust with the ecosystem.
“In the last decade, OLX has changed the way users sell their pre-owned cars through classifieds. Having built both depth and width in this segment, and profound customer understanding, we are now providing users another choice and touch point with this new initiative. said Amit Kumar, VP, OLX India who is heading the OLX Cash My Car operation. “Frontier Car Group’s know-how of emerging economies, expertise in scaling offline automotive platforms and building infrastructure tailored to the local environment coupled with our local reach and know how, is a winning combination for both users and channel partners’, he added.
“We are excited to partner with OLX, the market leader in pre-owned automobiles in India. Our vision is to reinvent how the used automotive sales sector operates in global emerging markets, by engaging with the best local talent and companies to help create the right infrastructure in which we could build marketplace platforms,” said Sujay Tyle, Co-founder and CEO of Frontier Car Group. “OLX Cash My Car will ease the friction associated with selling pre-owned cars by focusing on pricing, transparency and speed. Through our proprietary pricing algorithm, we are able to standardise the prices associated with pre-owned cars. We run online live auctions, which gives customers 100 per cent visibility into the price offer they receive for any car we inspect at our store and a price offer can be made within minutes,” he added.
Pre-owned cars will continue to outpace the new car industry while simultaneously opening up new monetization opportunities for car dealers and value addition for car buyers.
