Virtual used car showroom CarzSo has entered into a strategic alliance with MeriEMI to offer car loans at aggressive interest rates and disrupt the used car finance market in the country, a public figure announced on Monday. communicated. The alliance aims to build India’s first used-car supermarket in addition to planning to launch a buy-back option for customers, which will be backed by MeriEMI, the car tech startup said.
As part of the strategic combination, Deepak Khanna, director of Meri EMI and an experienced automotive professional, will also join CarzSo as director of retail finance and insurance and take responsibility for supporting operations. physics of the startup. , the statement said.
Citing unnamed unidentified sources, he said the used car market in India stood at 3.8 million units, which is 1.5 times the new car market of 2.6 million units. in fiscal year 2021, and that this business is becoming a great opportunity. Even though the used car market is larger than the new car market, the sector is still unorganized, according to the platform. Therefore, the effort is to organize the market by bringing used car sales online and bridging the gap between physical and digital sales, he added.
“CarzSo was started with the concept of providing a flawless customer experience for those looking to buy used cars. The growing demand from rural areas, Tier II/III cities due to the increased need for mobility with the significant need for financing options has given us the impetus to enter into this strategic alliance,” said Vaibhav Sharma, Founder and CEO of CarzSo.
CarzSo has managed to establish a strong commercial presence in rural areas, Tier 2 and Tier 3 cities, a market that other players have not been able to serve in a short time, he said. declared.
“CarzSo has sown the seeds in unconventional market areas with their presence. Now, with this partnership with MeriEMI, it will further leverage this business model. This alliance aims to facilitate the unbanked and underserved population with little or no access to finance, to fulfill their dream of owning a car,” Khanna said.
MeriEMI, using a digital agent channel, will make car loans available and accessible, he said, adding that it is working to position itself as a one-stop platform for all financing needs related to customers’ cars.
Read also :