CarDekho to invest $20 mn in used car business in FY21
Girnar Software which owns auto portal CarDekho has firmed up plans to invest $ 20 mn in its used car business in the ongoing financial year.With this investment, the company plans to open 50 exclusive franchise stores and 200 Retail Trustmark locations in FY 20-21 and over 1000 Retail Trustmark Locations by 2022.
Amit Jain, co-founder, CarDekho said, “There is a surge in demand for used cars as this pandemic has reinforced the need for a personal vehicle. In FY20, there were 1.3 used car transactions for every new car transaction. We see this number going well above 1.8 times in the current year as people prefer personal mobility at a lower cost. We are entering into franchise business model for selling Trustmark cars with an aim of providing economical personal mobility solutions to people in the most transparent and hassle free manner.”