• Plans to invest $20 million in the used car business in FY 20-21
• Plans to open 50 Exclusive Franchise stores and 200 Retail Trustmark locations in FY 20-21 and 1000+ Retail Trustmark Locations by 2022
• All cars comes with a Trustmark and offer 6 Month/7500 Km Engine and Transmission warranty
New Delhi, August 17, 2020: CarDekho, India’s
These Trustmark stores will ensure similar user experience one gets while visiting a showroom for buying a new car. With an investment plan of $20 million for FY 20-21 in the used car segment, the company plans to open 50 Exclusive Franchise stores and 200 Retail Trustmark locations in FY 20-21 and 1000+ Retail Trustmark Locations by 2022. The next upcoming stores will be in Delhi NCR and Bangalore respectively.
All cars sold from exclusive stores will be Trust Mark cars and comes with a 6 Month/7500 Km Engine and Transmission warranty as well as a 7 Day Shield. This Shield for 7 days post purchase of the car is an industry first where if the car develops any issues related to mechanical or electrical functioning which were not part of the evaluation report, the Store will get the issues rectified totally free of cost for the customer. These cars undergo a thorough evaluation process with checks on ownership, challan history, odometer tampering, accidental history, age of the Car along with general condition of the car. Most of these checks are beyond the capability of a regular buyer and CarDekho’s expertise and experience takes away this burden from their head and makes the Used Car buying experience far simpler, easier and enjoyable.
The Trustmark stores will also provide on the Spot Loans and insurance service along with RC transfer facility under one roof. Moreover, the Evaluation report of every Trustmark cars is transparently available on the website and any customer can see it and discuss before buying.
Commenting on the launch, Mr Amit Jain, Co-founder and CEO of CarDekho said, “There is a surge in demand for used cars as this pandemic has reinforced the need for a personal vehicle. In FY20, there were 1.3 used car transactions for every new car transaction. We see this number going well above 1.8 times in the current year as people prefer personal mobility at a lower cost. We are entering into Franchise business model for selling Trustmark cars with an aim of providing economical personal mobility solutions to people in the most transparent and hassle free manner.”
The company had recently released a report on customer outlook about used cars post-lockdown and has seen a huge tremendous rise in search for such vehicles across the country.
CarDekho Group, headquartered in Jaipur, was founded in 2008 and has footprints in India, Indonesia and the Philippines. The group currently operates various leading Indian auto portals such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, InsuranceDekho.com, PowerDrift.com and more. It recently launched an online insurance portal (www.insurancedekho.com) offering services in motor and health insurance and its CarDekho Gaadi stores serve as the one-stop destination for selling pre-owned cars. The group also pioneered specialized portals such as TyreDekho.com and TrucksDekho.com. In 11 years, the company has seen a phenomenal uptake and is now recognized in India as the largest automotive video content player with 2 million+ YouTube subscribers, the largest consumer-facing digital destination with 41 million monthly unique visitors, and the largest auto social media platform. In 2016, the company expanded its presence in Indonesia under the brand name OTO, which has become the number one auto site in the country. It recently acquired the Philippines operations of Carmudi thereby expanding its operations to two Southeast Asian countries. CarDekho has raised funding from marquee investors including Sequoia India, Hillhouse Capital, Ping An, Sunley House, CapitalG (formerly known as Google Capital), HDFC Bank, Axis Bank, Times Internet, Trifecta, Ratan Tata, Times Internet Limited, Kreatif Media Karya and Dentsu.