We are the Amazon of used cars in India: Gajendra Jangid, Cars24

At Pitch CMO Summit 3.0, the Co-founder & CMO of Cars24 shared thoughts on ‘how Cars24 is revolutionizing buying of pre-owned vehicles in India’

e4m by exchange4media Staff
Updated: Sep 28, 2021 12:07 PM
Gajendra Jangid

The exchange4media group hosted the virtual edition 3.0 of the Pitch CMO Summit on Friday, 24th September 2021. The theme of this edition was ‘Future-proofing brands’ and the summit witnessed the gathering of industry leaders across sectors. Gajendra Jangid, Co-founder & CMO, Cars24, recounted the platform’s journey while speaking on the topic ‘How Cars24 is revolutionizing buying of pre-owned vehicles in India’.

Jangid commenced his session with an industry overview. He shared, “Auto is currently contributing 7% of India’s GDP, the second largest contributor, and we have only 3% cars per capita, therefore there is so much headroom for this industry to grow. We will hit somewhere close to the China market in the next five years or so considering the volume of opportunity that lies ahead. The fundamental thing that makes so much room for disruption is the fact that it is largely an unorganized sector and therefore there is a lot of potential for technology to organize it and also solve the genuine pain points of the consumer. When we were beginning, we knew that most people do not enjoy the process of buying and selling a car.”

He further added, “The digital economy is transforming car buying, in the sense that 94% of used cars buyers research online, 62% of them would consider buying it online if given that option, and 52% consumers test drive only one vehicle.”

He further explained how Cars24 is enhancing this journey. “We are the Amazon of used cars. Currently, Cars24 is transacting about 2.5 lakh cars per year. We can say that we are in a way India’s second largest organized player. The monthly traffic stands at 13 million users. What we are trying to do is turn the entire process online, making car buying 100% online, just like online shopping on any e-commerce website with a few clicks. What is really working for us is keeping both the supply and demand up. For that, we start at a better pricing model, that brings more sellers for us and that helps us step up and provide a bigger assortment to the buyers.”

He shared how Cars24 is truly revolutionizing the transactions in the pre-used vehicle space. “The pillars that work in tandem to keep us on top of our game and ahead of competition are 100% individual proprietorship of the vehicles, our brand’s top of mind recall value, end-to-end financing journey online, fully online e-commerce experience, end-to-end logistics and warehousing across India to match the demands and large-scale reconditioning to meet the quality standards for the consumers. We also do a deep learning driven automated inspection. All of this is done keeping in mind the consumer journey as good as buying a new car every time and solving all consumer pain points to deliver a seamless experience.”

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