OLX Autos Reaches US$1b in Second-hand Car Transactions
OLX Autos combines online trading platforms with offline car inspections to offer consumers the ‘next generation’ in second-hand car buying and selling
Every month, around half a million cars are listed for sale on OLX Autos platforms by consumers and dealers
To date the business has surpassed US$1B in total car transactions since its formation in January 2020, via its convenient and trusted car selling service
AMSTERDAM--(Business Wire / Korea Newswire) August 25, 2021 -- Today, OLX Group, a leading global network of trading platforms, reveals that OLX Autos, an innovation leader for second-hand car trade in 10 countries across Asia and the Americas, has surpassed US$1 billion in sales since its formation in January 2020.
Every month, around half a million cars are listed for sale by consumers and dealers on OLX Autos classifieds platforms In India, Indonesia, and Latin America. OLX Autos attributes its rapid growth to offering customer solutions for car sellers, car buyers, and dealers, via its integrated online and offline capabilities:
· Car sellers benefit from access to free valuation of their car, through either an in-person inspection at one of 450+ authorised OLX Autos inspection centres or a remote inspection from the comfort of their driveway. A realtime online dealer auction reaching a network of over 13K car dealers means that sellers are offered a fair market price in under an hour, offering a trusted car selling service with immediate and guaranteed payment.
· For buyers, OLX Autos offers the reassurance of a wide range of inspected and verified cars, and an option to buy “OLX Autos Certified” cars directly from OLX’s online classifieds platforms. Buyers can also opt for convenient services such as financing, insurance, and assistance with registration, which are being rolled out country by country.
· Finally, OLX Autos provides car dealers a reliable and fairly-priced source of autos inventory.
By bringing offline and online services together into a unified customer experience, OLX Autos offers a simplified car transaction process that aims to bring trustworthiness and peace of mind to one of life’s most high-stakes transactions.
OLX Autos has further accelerated its product development and customer experience in response to the Covid-19 pandemic, developing proprietary technology to pioneer home and self-inspection services. In this way, car sellers can use their mobile phone to capture their car data, take photos, upload videos, record audio of the engine, and get the convenience of a fair valuation from the comfort of their own home.
Gautam Thakar, CEO of OLX Autos said: “At the heart of what we do is innovate to solve customer pain points, and we keep finding more ways to make the car transaction process as pain-free and satisfying as it can possibly be. Introducing home and self car inspections during Covid-19 has helped our customers cope with the lockdown period that hit many of our markets, when car inspection centres had to close their doors for a time.”
“We use data, technology, and artificial intelligence to provide to a seller the car’s fair price, while offering buyers insurance and guarantees to provide peace of mind during what otherwise can be one of life's most stressful transactions,” Thakar concluded.
OLX Autos History
OLX Autos’ journey started in 2018 with a minority investment by OLX Group in Frontier Car Group (FCG). A further $500m investment into FCG in 2019 made OLX Group a majority shareholder. Starting in January 2020, OLX and FCG blended operations in selected markets, rebranding from local brands to “OLX Autos” in most countries. For the first time in these countries, FCG’s ‘real world’ inspection centres were paired with OLX’s online car trading platforms, addressing the customers’ need of helping overcome barriers of buying or selling a car online from a stranger.
OLX Autos at a glance
· Operations (online platforms, inspection centers) in 10 countries (alphabetical): Argentina, Chile, Colombia, Ecuador, India, Indonesia, Mexico, Pakistan, Peru, and the United States.
· Every month, ~500K cars are listed on OLX Autos classifieds platforms by consumers and dealers
· 450+ inspection centres offer free car inspection with a convenient and trusted car selling service and immediate payment in 1 hour for car sellers
· Monthly inspections of ~50,000 cars
· Network of 13K+ dealers
· To date, OLX Autos has bought, sold, and inspected 400K+ cars. In FY21 ~100K cars were sold
· 4.6K+ employees assisting customers transact their cars, in 3 continents and 10 markets
· “Self-inspection” mobile app allows car sellers to inspect their own cars, and submit the data remotely - replicating the inspection center experience from the comfort of their own homes
· After a first year accelerated with growth and innovation milestones, in March 2021, consumer internet and marketplace veteran Gautam Thakar (eBay, Shopping.com, Living Social) joined as OLX Autos global CEO, based in India - the largest of OLX Autos’ markets.
About OLX Autos
OLX Autos builds advanced trading platforms for buying and selling second-hand cars. It combines online and offline services in a simple one-stop solution - bringing convenience, safety, and peace of mind to car buyers and sellers alike, and across 10 countries and three continents.
OLX Autos operates more than 450 inspection centres across Asia and the Americas, and online trading platforms for people to buy and sell cars. To date, OLX Autos has bought, sold, and inspected more than 400,000 cars.
OLX Autos is currently active in Argentina, Chile, Colombia, Ecuador, India, Indonesia, Mexico and Peru. It operates under the well-known webuyanycar.com brand in the US, and CarFirst in Pakistan.
OLX Autos is part of OLX Group, which operates one of the fastest-growing networks of trading platforms globally. It serves 322 million people every month in 30+ countries around the world, helping them buy and sell cars, find housing, get jobs, buy and sell household goods, and much more. For more information, visit www.olxgroup.com.
About OLX Group
OLX Group operates one of the fastest-growing networks of trading platforms globally. Serving 322 million people every month in 30+ countries around the world, OLX Group helps them buy and sell cars, find housing, get jobs, buy and sell household goods, and much more. With more than 20 well-loved local brands including Avito, OLX, OLX Autos, Otomoto, and Property24, its solutions are built to be safe, smart, and convenient for its customers.
OLX Group is powered by a team of 11,000+ people around the world, who are unified in their ambition to shape the future of trade to unlock the hidden value in everything. For more information, visit www.olxgroup.com.
OLX Group is a division of Prosus, a global consumer internet group and one of the largest technology investors in the world. Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the JSE Limited (XJSE:PRX), and is majority-owned by Naspers. For more information on Prosus and its companies and investments, please visit www.prosus.com.
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