Cars24 has released its sales report for the 2nd quarter of 2023. In this report, the company has achieved an 87% of year-on-year growth in Q1 of FY’2023-24. Meanwhile, the company has sold cars worth 1,800 crores in this timeline.
Details of Sales and Test Drive Report of Cars24
Cars24 has recently achieved the milestone of selling used cars. In the report, the company has achieved good growth in its sales. The brand has provided its favorite options to the customer. As a result, the company has achieved a business earning worth Rs. 1,800 crores with the sales of used cars.
Also, the company has registered a new record of the bookings of test drives. In this milestone, the company has achieved a record of 2 Lakh test drive bookings. Meanwhile, 80% of people preferred physically visiting the company’s yard for test driving the vehicle.
But, 20% of people have opted for home test drives which is a convenient option. The test drive has added its contribution to the business growth of Cars24 company.
Which cars contributed to the growth of Cars24?
As per the Cars24 report, Maruti Suzuki is the best-selling manufacturer in the used car market. The carmaker has a 38% contribution in the used car sales for the Q2 of 2023. With these sales, Maruti Suzuki got the first position on the top-selling carmaker’s list.
Meanwhile, hatchbacks have the highest contribution of 62% in used car sales. Also, the sedans have showcased good performance. These days, customers prefer to opt for the cars like Swift, Wagon R, and Baleno.
Apart from this, other carmakers like Hyundai, Honda, and Renault have contributed to the sales of the company. Moreover, Toyota has played an important role in the business growth of the company.
Details of Growth in Cars24 Financial Services
Cars24 has achieved excellent growth in its financial services department. The purchase of cars is popular in the market. Most buyers prefer to opt for a loan or leasing service during purchasing a car.
As a result, the company has achieved the milestone of earning Rs. 2,000 crores in Financial Services. With this contribution, the company has achieved 100% year-on-year growth in the Q2 of 2023.
Sales of Used Cars in Non-Metro Cities
In the new report of Cars24, the sales of used cars have achieved good growth in non-metro cities. In the non-metro cities, popular cars like the Grand i10 and Swift have contributed to the sales of the company. The contribution of Pune and Ahmedabad is equal in the growth of the company’s business.
Meanwhile, other cities like Kochi, Chandigarh, Patna, Lucknow, Jaipur, and Surat have contributed to used car sales. Talking about the Metro Cities, the sales of used cars are highest in New Delhi. While the sales in other metro cities like Bangalore, Hyderabad, and Kolkata are significant.
Official Statement
Gajendra Jangid, Co-Founder of CARS24, expressed his enthusiasm about the burgeoning customer preference for used cars in the current quarter. He stated, “It is truly exciting to witness such a remarkable surge in transactions within the used car market. In fact, 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 further added “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. It is the culmination of these combined factors that have propelled the second-hand car market to new heights throughout India. As more customers recognize the immense value and advantages of embracing the pre-owned car market, we are truly honored to lead the way in this transformative revolution.”