Since its launch in 2006, Hyderabad-headquartered DrCars (drcars.in), billed as India’s pioneering online trading platform for used cars, has witnessed measurable success. For over one and half decades, the company has facilitated direct used car interactions and transactions between buyers and sellers on its platform and has become the industry preferred mediator for U-cars.
The platform was created keeping in mind the convenience demanded by new age customers and a value proposition based on power of choice, guaranteed savings, total transparency, and hassle-free deals. DrCars has been persistently upgrading its offerings to cater to picky customers.
DrCars is an online marketplace which enables research, buying, selling of used cars, and also facilitates meetings between buyers and sellers.
The platform is favored for its ease-of-use and deals in used cars priced between Rs 2 Lakh and Rs 1 Crore.
The story of their success
DrCars has on offer 21 brands of automatic & manual transmission, diesel & petrol variants that come in myriad colors. One can deal in sedans, hatchbacks, MUVs and SUVs of 4-5 seaters & 7-8 seaters with mileage over 10Km/L and engine power ranging from 624 cc–6592 cc.
As reported in Dare in 2010, DrCars strengthened its offerings by introducing an innovative way to simplify used car transactions between family and friends where expert validation is not particularly required. To quicken such transactions, DrCars sought to address the genuine concern of validating and technically endorsing cars by inviting buyers and sellers to fetch their cars to the yard to be checked up and verified at an attractive price of INR 500.
This service also included price estimation of the car and issue of a certificate based on nine heads and 104 check points relating to AC, engine, transmission, brake, electricals, suspension, steering, body, and accessories. This unique offering revolutionized the pre-owned car market and competitors followed suit.
Indian U-car Market
Post-pandemic, India’s car market has risen like the Phoenix. The trading in pre-owned cars has seen a change in thinking in terms of customer preferences and expectations. The Indian passenger vehicle market clocked record sales of 3.8 million units in 2022. There is still plenty of headroom for growth. For a country with 1.35 billion people, India averages only around 22 cars per thousand people. This is a niche where the used car market can make breakthroughs.
The Indian pre-owned car market is leapfrogging. It has beaten the new car market and is anticipated to clock a 12-14% CAGR over the next few years, taking the market size to over 7 million vehicles by 2026. Currently, this market is 4.3 million-units-strong, where organized players like Maruti Suzuki True Value, Mahindra First Choice, Hyundai Promise and Honda Auto Terrace, hold only a 20% share.