Pre-owned cars business increases, OLX doubles business seller base
As per industry estimates, the market size for pre-owned cars is valued at 3.8 million units.
An online portal which is a classifieds marketplace for Auto, Real Estate and Goods and Services with 40 million monthly active users, has extended its reach in the pre-owned cars category. The growth includes listings, business sellers and revenue streams.
The automobile category on OLX includes cars and bikes and is the largest section on the platform, with 45 percent of the total user visits. Over 15,000 cars are listed for sale, every day. Each car listing on an average gets more than 1000 views, and almost 65 per cent of cars are sold within the first week. In 2017, transactions on the platform increased by 25 per cent, from 2.4 million units sold in 2016 to 3 million units in 2017 (Jan- Dec).
As per industry estimates, the market size for pre-owned cars is valued at 3.8 million units.
In 2017, new dealer signups in automobile category doubled on the platform. To foster the community, OLX invested in dealer connect program- Driveathon, an initiative to assist dealers to come online. In 2017, OLX ran the program across 20 cities touching over 3,000 dealers.
OLX registered a growth of 50 per cent in the number of buyers, while the seller base grew by 100 per cent in the pre-owned cars category, in 2017. See More
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