Plans to invest $20 million in the used car business, Open 50 Exclusive Franchise stores and 200 Retail Trustmark locations in FY 20-21
CarDekho, a full-stack auto tech company, forays into selling of Certified pre-owned cars through a Franchisee business model. The company launched its 1st franchisee store known as CarDekho Gaadi Trustmark stores in Jaipur today.
This is yet another milestone in CarDekho’s journey of becoming the largest personal mobility player in the country. CarDekho already has 50+ CarDekho Gaadi Stores across India for buying used cars from customers.
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 the general condition of the car. Most of these checks are beyond the capability of a regular buyer and CarDekho’s expertise and experience take away this burden from their head and make 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, 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.”
He further added, “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 a Franchise business model for selling Trustmark cars with the 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.