Cars24 has grown 3x from 2018-19: Gajendra Jangid, Co-founder & CMO
Gajendra Jangid, Co-founder & CMO, Cars24, tells us that the marketing mix for the company for the remaining year is offline as well online
There is no denying that selling a car is a fairly tedious process that takes several weeks of effort involving interaction with strangers, allowing test rides and haggling for a price. Additionally, getting the RC transferred and ensuring that you are getting paid in full can take additional months.
But CARS24, a growing tech-enabled used car company, aims to transform the way people sell cars in India. “With the understanding of the emotional connect that people have with their cars and how the brand resonates with the feeling of the consumers, CARS24 has focused on driving the conversation around how selling a car can be a memorable experience instead of just being transactional,” said Gajendra Jangid, Co-founder and CMO, Cars24.
In extension to the ByeByeDrive campaign launched earlier this year, CARS24 has already come up with three new ad films showcasing the simple yet beautiful memories cars owners have. The emotional connect of ByeByeDrive campaign has won the hearts of many and hence, CARS24 is expecting to win more mass attention. “We want to communicate with our consumers that their car is in safe hands and we will take care of their car. One can sell their car at Cars24 in a hassle-free manner,” Jangid added.
The brand launched the campaign in February, with the India-Australia cricket series which ran for over two months. This was followed by another campaign during the World Cup. The company plans to come up with different stories, themes where customers will be able to connect emotionally.
There is a lot of back and forth when it comes to calculating the price of a car while selling it, so what algorithms do Cars24 look at, when it comes to people using online services right now? According to Jangid, “Cars24 has launched an online algorithm based model where we have coupled all the transactions that we have done in the past. So, there is transparency which helps in gaining the trust of a consumer. Also, if a consumer decides to sell his/her car, we have launched a property on our platform called ‘Carculator’ where you can calculate the price of your car easily.”
The car selling company has over 10,000 trusted channel partners from more than 230 cities across India. However, the company’s business model differs from its peers, by focusing more on the supply side. It allows car owners to sell their vehicles, paying them almost instantly, post the necessary vehicular inspection at its 150-plus branches in more than 35 cities across the country. It then sells the cars through its proprietary auction platform to businesses dealing in pre-owned vehicles. The company grew 3X from 2018-19.
The company aims to expand that to 100 cities by the end of the current calendar year. Whereas the marketing mix for the company will be both online as well offline, Jangid told us.
According to reports, Cars24 is in the final stages of closing a fresh equity-financing round, estimated at $70-80 million, as the online used car marketplace looks to expand its presence across the country. When asked Jangid about the same, he refused to comment.
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