Automobile industry

Online inquiry of used cars in India will increase by 175% in 2020 From CarWale

The following is the Online inquiry of used cars in India will increase by 175% in 2020 From CarWale recommended by And this article belongs to the classification: Automobile industry.

The New Coronavirus pandemic has overturned businesses around the world, resulting in a decline in revenues from many industries. However, in the most challenging environment, carwale, India’s largest automotive media, reported that India’s overall car growth was 33% compared with the pre fashion level.

The data show that during the pandemic, car purchase has climbed to the priority list of consumers.

Micro budget for big purchases

Due to the impact of the pandemic on the job market, a large number of consumers have tightened their budgets and reduced their spending on large commodities. However, due to the lack of social distance in India’s public transport system, personal travel tools have become a top priority. Online inquiries for used cars by carwale and cartrade surged 175%. In addition, the resulting auto loan opportunities surged by 146%. Despite a 30% increase in demand for hatchbacks, other “affordable” luxury models, such as SUVs and MUVS, have also attracted interest, given the pent up demand. Millennials and first-time buyers are increasingly interested in “economy” cars for commuting and daily use, and SUVs and MUVS are gradually becoming competitive areas.

More and more rely on digital platform research

Carwale has become the preferred online research platform for consumers who want to buy new cars and want to keep abreast of the latest products. Compared with September 2019, the number of new car searches on the website has increased by 36%, and by September 2020, the number of customers searching for car prices has increased by 91%.

According to Google, 94% of used car buyers in India choose online research to find the vehicles they need, and all used car sellers prefer to use digital platforms to conduct research and establish contact with buyers. Driven by this demand, the number of users of carwale and cartrade increased by 67% year on year between September 2019 and September 2020. From November 2019 to January 2020, 54% of consumers asked about more than three brands when searching for used cars.

New normal brings new opportunities for automobile industry

More and more consumers are satisfied with the non-contact services provided by the digital platform, which leads to the increase of digital sales and online automobile consulting. From September to October 2020, carwale’s lead conversion rate increased by 20%.

“So far, carwale has been a profitable year,” said banwari LAL Sharma, carwale’s chief executive. Our strategy revolves around customer focus, enhanced tools to enhance customer experience, consumer confidence and employee retention. We understand that cars are generally the second most expensive asset consumers buy, so we focus on optimization to ensure a seamless and worry free experience. We aim to provide the most comprehensive and convenient service for car buyers. “

Read more: China Automobile Circulation Association: China used car manager index in March 2020 is 46.6% China Automobile Circulation Association: National used car price index in December 2020 China Automobile Circulation Association: Weekly express of used cars from March 8 to March 14, 2021 China Automobile Circulation Association: National used car price index in November 2020 China Automobile Circulation Association: used cars in November 2020 Market depth analysis China Automobile Circulation Association: exploring the new pattern of used car market in the future Meeting: in depth analysis of the national second-hand car market in March 2020 China Automobile Circulation Association: brief analysis of the second-hand car market in March 2020 Shanghai second-hand car Association: transaction data of Shanghai second-hand car from January to March 2020 China Automobile Circulation Association: transaction volume of the national second-hand car market in February 2020 71100, transaction volume decreased by 92.78% on a month on month basis China Automobile Circulation Association: brief analysis of the second-hand car market in October 2020

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