Online used-car sales boom in India amid pandemic | WARC | The Feed

Online used-car sales boom in India amid pandemic

India’s leading car-sales platforms, CarWale and CarTrade, have seen a 175% surge in inquiries for used cars since the easing of lockdown as commuters look to avoid crowded public transport. There’s also been a rise in car-loan leads of 146%.

Key to the upsurge is consumers’ greater readiness to use online services to do much more than simply scroll through prices, even for big-ticket items, reports Pitch.

The context:

• Potential car buyers now expect a richer experience on car-sale sites than ever before. CarWale, the leading platform for those looking for new cars, offers prices, but also comprehensive specs, photos, videos, and expert and user reviews. The platform says it’s seen a 36% increase in traffic year-on-year, and a 91% rise in people looking for on-road, new-car prices in September.
• Online innovations now include allowing car buyers to state how much they want to spend on a vehicle and then open negotiations with sellers, rather than having to wait until they get to the showroom to cut a deal.
• Google’s Auto Gear Shift India Report 2020 found 94% of used-car buyers now research online to find what they’re looking for, and all used-car sellers look to digital platforms to research price and reach out to buyers.

Key takeaway:

More consumers are confident in using the wider services offered by digital platforms. Not only are inquiries up, but so are sales. CarWale reports 20% growth year-on-year in lead conversion for September to October in 2020.

Sourced from Pitch