CarBazaar is India’s first dealer-to-dealer application that helps to make the business of car dealers, brokers, and agents easier with the help of technology. The founder, Mr. Mahesh Kale, and his team noticed the unparalleled potential of the used cars market in India. On the other hand, problems like reduced cash flow forced buyers to look for alternative car buying options due to the pandemic.
This application was ideated after evaluating the need of the Indian market at USD 27 million. This is expected to reach over USD 50 billion by 2026, registering a CAGR of 15% during the forecast period, 2021-2026.
Mr. Mahesh Kale, founder of CarBazaar has worked in the used cars industry for many years. He developed a used car business for Volkswagen and worked with Maruti True Value. With his experience, he pinpointed two major issues faced by used car dealers; a limited number of cars and the right pricing for them. CarBazaar was developed to provide a solution for the same.
“We’ve been dwelling over the numbers in the used car business and were quite taken aback when we found that there’s over 900 million USD turning around in this business and over 300k+ dealers. Irrespective of that, customers and dealers still had to go through an awful journey while dealing with cars. We just wanted to make a satisfying experience for everyone and facilitate a smoother deal,” said Manohar Nihalani Co-Founder & CFO. He continued, “CarBazaar lets dealers access its extensive network and communicate with others. It gives dealers the flexibility that they need. We are confident that CarBazaar will soon be dealers’ go-to app for used car business as there is no bounding anyone.”
CarBazaar’s Unique Features
CarBazaar offers a one-stop experience for both buyers and dealers by creating a smooth flow between them. The feature of networking i.e. letting dealers connect with other dealers eases communication among them. It also gives them access to a pool of used cars from other dealers so they can sell to their customers directly.
Also known as ‘India’s car stock exchange’, Car Bazaar tackles the problem of parking space for dealers. Dealers don’t have to spend on parking spaces as they will have access to upload unlimited car stock on their application. This stock is also displayed to customers with proper details and pictures, helping dealers expand their customer base.
CarBazaar lets dealers access its extensive network and communicate with others. It gives dealers the flexibility that they need. We are confident that CarBazaar will soon be dealers’ go-to app for used car business as there is no bounding anyone.
The online pricing tool available on the app saves a lot of time and effort for users. Using this tool, customers know the prevailing price of a particular car model in the market. This way, they can take an informed buying decision.
Expressing CarBazaar’s plans, Mr. Rishi, Co-Founder & COO says, “our plans include the launch of the paid version at the beginning of 2022, adding insurance and finances for dealers, CRM for used car dealers, and the use of the AI/ML-based 360-degree tool.” Additionally, with cutthroat competition in the market, Rishi Malhotra is confident that CarBazaar will stand out from its competitors.
In the long term, the CarBazaar team aims to solve the needs of used car dealers like customer car finance, car insurance, extended warranty, and CRM.
CarBazaar among many innovative startups was also a part of the TIIPS Incubation, a platform for startups to match with investors and mentors. It was organized by JBIMS-Jamnalal Bajaj Institue of Management Studies in association with Touchwood Advisory and Management. TIIPS included mentors and investors who shared their journey and experience to inspire budding entrepreneurs. Mr. Abhishek Karnani, Managing Director- Free Press Journal was the chief guest of this event.