In order to consolidate its position in the online automobile classified market, CarTrade is planning to offer financing options to its potential customers and is in talks with several public and private sector banks for collaboration.
Car Trade which just took controlling stake in Carwale,com – a website for purchasing new cars- is also looking to develop Bikewale.com to become a formidable force in the two-wheeler segment as well.
In their quest to offer vehicles financing options to their customers CarTrade has also tied-up with HDFC Bank and Reliance Capital and is in talks with some other banks as well. “Today only 10% of the used car are financed and in the days to come it will expand significantly. In the next six months we are going to offer financing service in thirty cities,” said Vinay Sanghi the founder of CarTrade.
Sanghi also added that CarTrade certifies 40,000 pre-owned car per months which will help the banks to offer financing options to customers who want to buy used cars.
In the next twelve months car trade will focus on making available financing options for all the potential customers. Developing Bikewale as one of the leading portals for purchasing new two-wheelers in the country is also high on the Sanghi’s agenda.
Bikewale caters both to the new and old motorcycles and scooters. “We are going to expand our team in the next one or two months. Currently we get around three million visits on Bikaewale in a month” added Sanghi.
After the merger with new car buying portal Carwale, CarTrade has become the leading player in the segment with 70% market share and presence across 91 cities and over 9000 thousand dealers listed on the websites.
Online auto classified platform CarTrade acquired rival CarWale from leading European digital publisher Axel Springer for an amount which was not disclosed.
In the next one year CarTrade wants to expand its team to more than 2,000 employees and will look to get 12 million hits on its website every month.
The web portal does not need any funds for the expansion as it raised funds from JP Morgan and Warbug Pincus before the merger with CarWale.