Okshan, a B2B virtual marketplace, has announced foraying into the country’s used car market. Okshan connects new car dealers and used car brokers to enable buying and selling of used cars on its platform from the assured inventory on a real-time basis. Okshan is one of its own kind of marketplace which facilitates transactions between business to business (B2B). The main USP of Okshan is that sellers can see real-time bidding and get an update when any consumer, dealer or broker lists a particular car on the platform. Once the transaction is done, Okshan will charge a simple commission on it.
At present, Okshan is operating in Chandigarh, Punjab, Haryana, Delhi, Noida, and Ghaziabad. With over 150 employees, Okshan has so far signed up over 3,000 brokers and 200 new car dealers on its platform.
Okshan’s initial target is to capture North India within the first quarter of the ongoing fiscal year and then achieve nationwide presence by the end of FY2021-22. The platform’s target is to achieve 12,000-15,000 transactions every month nationally by the end of the first quarter of 2022. The company also aims to expand into Southeast Asian countries such as Indonesia, Malaysia, Vietnam and Thailand.
“There is still a huge gap in the organized used car market if we look at current C2B and B2C business models as most of the time deals don’t happen even after the auction because there was no real inventory. With the help of technology, we are aiming to organize the used car market to do more transparent transactions of cars between dealers and brokers. Okshan will bring transparency in their existing used cars business and the stakeholders can keep an eye on this hidden gem,” Ranjeev Dahuja, Founder and CEO, Okshan, said.
“New car dealers that used car business generate revenue but at the same time profitability is low. With our platform, they can reduce manpower-related costs and increase their margins, bring efficiency in rotation, and having outlets to sell cars from different states plus get expertise in the evaluation of their cars,” he further explained.
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