Chennai being a metro city has will always experience a rise in the auto market thus resulting in increased used car sells and buys. In the last few months, Chennai has seen growth in the second-hand car market though in comparison with other metropolitan cities then the base of the inspection has been lower. The highest inspection went for Maruti Swift up to 120 whereas the procurement was only 26. There could be multiple reasons for slow growth like fewer options new launches of cars, petrol/diesel pricing or for that matter the awareness level about selling or buying used cars. In the top nine used cars, Hyundai i10 comes on the second spot with 69 inspections out of which only 17 made to final procurement. In fact, Maruti Swift Dzire also stands close to the Hyundai i10 with 62 inspections but with a much lesser success rate of just 12% only.
Looking at such a trend we can also attribute another reason to the declining figures is unfinished official documents of the cars which can really make the purchase difficult. Though OLX Cash My Car includes in its service of a hassle-free transfer of the car to the new owner, yet the seller needs to produce a basic set of documents to fulfill the criteria. Similarly, other brand cars like Hyundai i20 and Volkswagen Polo are at a procurement percentage of 19% and 22% with an inspection base of 58 and 49 respectively. The numbers show that OLX Cash My Car is cautious about what type of cars should be kept in storage which could later keep meeting the demand and thus, never lies in the garage for a long time. For a company dealing with second-hand, valuable items need to make sure that the physical demand and supply is being matched with the online algorithm. It’s an interesting formula helping to match the online and offline data points which also enable organizations to make wiser decisions.
Brands like Maruti WagonR and WagonR 1.0 models have got 6 and 7 out of inspections base of 21 and 26 respectively. Surprisingly, other markets have seen WagonR inspection base an increased number in comparison to Chennai therefore, it will be interesting to watch the numbers in the coming months. It can also be analyzed that Chennai car users are still holding back to the cars over an average of 5 years and thus the rate of selling a car is lower than in other cities.
OLX Cash My Car building its credibility through presence across important cities like Delhi, Bangalore, Mumbai, Faridabad, Gurgaon, Faridabad, Noida, Ghaziabad, Bangalore, Hyderabad, and Pune. The mix of the online-offline model has enabled the company to speed up the process as well as conversion rates. As Amit Kumar, VP New Ventures at OLX India says “This is a very exciting time for the pre-owned car market in India, and by extension, for OLX Cash My Car wherein the industry is ripe for disruption. The growth we have seen in such a short period of time is a testament to the above.”

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