Mumbai, May 31st, 2022: CarTrade Tech’s CarWale abSure, the most trusted source for high-quality pre-owned cars, today announced a strategic partnership with IDFC FIRST Bank, to offer easy and smart financing for used cars.
As part of the agreement, IDFC FIRST Bank will be one of the preferred financiers for customers purchasing the used vehicles from CarWale abSure’s dealers. IDFC FIRST Bank will customise its products and offerings to suit the needs of CarWale abSure’s customers. This collaboration between IDFC FIRST Bank and CarWale abSure will make mobility accessible to the masses. It will make automobile purchase flexible and reliable. Furthermore, it will propel the growth of the used car market which is expected to grow at a CAGR of at least 11% over the next five years.
Commenting on the partnership, Banwari Lal Sharma, CEO – Consumer Business, CarTrade Tech Limited said; “As a brand that is most committed to customer centricity and satisfaction, CarWale abSure and IDFC share common values. We want to make personal automobile the new reality of middle class India and given IDFC’s long standing legacy, we are sure that together we will be able to aid our customers in this journey and make it a memorable one for them. Our financing offerings with IDFC will ensure a hassle free experience backed by trust and reliability. It is definitely an honour to partner with IDFC FIRST as this will bring in liquidity in the used car segment.”
Mr. Rishi Mishra, Business Head – Vehicle Loans, IDFC FIRST said, “The tie-up offers great synergies for both partners and we are looking forward to this association with CarTrade Tech. IDFC FIRST Bank’s scorecard-based loan sanctioning and end-to-end digitised and automated loan onboarding journey will empower CarTrade / CarWale abSure dealers. It will also offer seamless loan processing experience to customers.”
A large number of customers visit CarWale to buy a used car and / or to sell their used car. CarWale provides these customers a large pool of used cars to choose by using advanced filters and sort options. Tools such as price guides, certifications and more are available for customers to make use of so that they can transact with more confidence. When a customer expresses interest in a used car, CarWale connects them to the right dealers there by assisting them in their car buying journey.
About CarTrade Tech Limited: (www.cartradetech.com; NSE:CARTRADE;BSE:543333)
CarTrade Tech Ltd. is a multi-channel auto platform with a presence across vehicle types and value-added services. The platform got 30 million average monthly unique visitors (Q4 FY22) and had 1.2 million listings for auction in FY22. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. These platforms enable new and used automobile customers, vehicle dealerships, Vehicle OEMs and other businesses to buy and sell vehicles in a simple and efficient manner.
