Pre-owned vehicle sale, purchase and financing platform CARS24 announced that vehicles worth over Rs 1,800 crore were sold on its platform during the April-June quarter. They reported selling 30 vehicles every hour, with hatchback models dominating sales at 62% during the June quarter of 2023. Sedans also made a stylish comeback during this period. The company highlighted a paradigm shift in Indian buyers trusting innovative car-buying and selling, as individuals sold cars worth Rs 1,800 crore to CARS24. They attributed the surge in demand for pre-owned vehicles to the growing preference for affordability and value among customers, along with the availability of flexible financing options and extended warranties. CARS24 also emphasized the convenience of online marketplaces and digital platforms for buying and selling pre-owned vehicles, leading to an improved overall experience. Gajendra Jangid, Co-founder of CARS24, expressed excitement about the remarkable surge in transactions within the used car market and mentioned the key factors contributing to this growth. Additionally, the platform mentioned that while hatchbacks continued to dominate sales, sedans experienced a notable uptick and accounted for 19% of total sales on their platform during the second quarter. They also highlighted the rise in pre-owned car sales in non-metro cities such as Pune and Ahmedabad, along with cities like Kochi, Chandigarh, Patna, Lucknow, Jaipur, and Surat. In terms of metro cities, New Delhi emerged as the top purchaser of cars in Q2, followed by Bangalore, Hyderabad, and Kolkata.
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