PUNE: Cars24, the AutoTech company which buys and sells pre-owned vehicles, on Wednesday said vehicles worth over Rs 1,800 crore were sold to CARS14 platform in April-June quarter of this year with as many as 30 vehicles getting sold at every hour during the quarter.
The car sales increased an impressive 87 per cent during this quarter compared to the same period in 2022, the company said in a statement.
Hatchback models dominated the total sales with 62 per cent share during the June quarter of 2023 while the sedans made a stylish comeback.
Also, non-metro cities challenged the dominance of metros in car purchases, as Pune and Ahmedabad experienced a surge in pre-owned car sales.
“The April-June quarter witnessed a remarkable surge in demand for pre-owned vehicles across the country,” the company said in a statement.
Gajendra Jangid, Co-Founder of CARS24, said during this quarter alone, people sold 30 cars every 60 minutes on our platform.
“This remarkable upward trend is far from being a mere coincidence; rather, it is an integral part of a larger market movement that is reshaping the automotive landscape,” he noted.
In fact, several key factors have contributed to this rapid growth, including evolving consumer preferences, the implementation of favorable government initiatives, the increasing necessity for personal mobility, the availability of expanded inventory levels, the desire to upgrade to new-generation vehicles, the inclusion of comprehensive warranty options, and the focus on customer-centric digitalization.
The company said that 62 per cent of used car sales were dominated by hatchbacks, while sedans accounted for 19 per cent of total sales, despite the market shifting towards SUVs.
Maruti Suzuki models such as the Swift, Wagon R and Baleno dominated the used car searches and sales in the last quarter, comprising 38 per cent of Cars24's sales.
The Maruti Suzuki Swift and Hyundai Grand i10 emerged the top-two used car choices among potential buyers.
The company also claimed that its financial services arm - Cars24 Financial Services doubled its business and disbursed used car loans worth Rs 2,000 crore in Q1 FY24.
