OLX Cash My Car on expansion drive
By Retail4Growth Team | February 25, 2019
The Naspers-owned brand opens its 50th store in Mumbai and plans to expand footprint to 10 cities in 6 months and have 150 pre-owned car stores by end of 2021 across 40 cities.
Naspers-owned OLX Cash My Car has announced the opening of its 50th store in Bandra, Mumbai, a development that the company calls a “milestone for the brand’s strategic expansion plans in India”. OLX Cash My Car has continued to expand its footprint aggressively with presence across 10 key cities in India, since its launch in August 2018. During the last month itself, OLX Cash My Car clocked around thousand transactions from its existing network of stores, underlying the strength of its reach and customer base, the company said in a statement.
In keeping with the company’s focus on building scale, OLX Cash My Car plans to expand its operations to have 150 pre-owned car stores by end of 2021 spread across 40 Indian cities. Today, the 50 OLX Cash My Car stores are operational in 10 cities - New Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Bangalore, Mumbai, Hyderabad, Pune, and Chennai. Majority of these stores are in Mumbai, Delhi-NCR and Bangalore, regions that reportedly make up nearly 65% of all car sales demand.
“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 testament to the above,” said Amit Kumar, VP New Ventures at OLX India. “The market has responded exceptionally well, and we are excited to expand our operational footprint. This expansion, aimed to reach the same eminence as OLX in the online classifieds space, will ride on the back of OLX India’s national reach, recognition as the industry’s leading brand, and continued investments in people and technology,” he added.
In order to enhance its network and facilitate high quality services, OLX Cash My Car will focus on engaging deeply with its channel partner network. It will target to reach 6000+ channel partners across India through 50+ meets throughout the year. These are conceptualised to educate partners about the emerging trends in the pre-owned automobile market, host workshops with experts from the industry, and promote knowledge sharing on regulatory developments in the automobile sector.
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 engineer physically inspects the condition of the car and the documentation. Based on the inspection, the car is auctioned online to OLX Cash My Car empanelled channel partners across cities and the best price 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 payment, and channel partners access to their requirements.
The pre-owned car market in India has witnessed strong growth over the years. It is slated to reach a market size of $75 billion by 2023, at a CAGR of 15.2%, as per a report published by Mordor Intelligence. This growth will be bolstered by rapid urbanization, the growing adoption and penetration of smartphones, changing consumer needs, and an ever-growing population of millennials.