Cars24, the platform to buy and sell used cars, has named its two-wheeler vertical as Cars24 Moto. It was launched the day the ‘unlock’ started in the first week of May. “We will be leveraging our existing outlets for two-wheelers,” says Gajendra Jangid, co-founder & CMO, Cars24. “Going forward, we may have a separate website for two-wheelers as well.” Jangid says that when Cars24 was launched, the focus was only cars—and that’s why the name—but later the company restructured its goals. “We now want to be a big player in the overall automotive segment, which includes two-wheelers. During the lockdown we got time to brainstorm. We wanted to bounce back fast. The idea of getting into the two-wheeler space was already there, but backend planning, onboarding, restructuring the teams and so on happened during the lockdown,” he adds. The company has retailed over 200 two-wheelers post the lockdown.
On the cars side, Jangid says that the platform is now seeing more first-time car buyers. “Pre-Covid-19 around 45% buyers on our platform were first-time car buyers, but now that has increased to about 55%. The lockdown has triggered the need for car buying further,” he says. There is also a 13% drop in ticket size of cars at the platform, Jangid says, implying that people are turning rational buyers. The average ticket size price pre-lockdown was Rs 2.6 lakh, but the average ticket size price post-lockdown has reduced to Rs 2.25 lakh.
Post-lockdown, the market recovery is the maximum in Delhi NCR, followed by Bengaluru. It had transacted 3,000-plus cars in the recovery period of May, and more than 5,000 already in June.
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