OLX Group on Monday said its trading platform OLX Autos for second-hand cars has crossed USD 1 billion (over Rs 7,420 crore) in sales in ten countries across Asia and the Americas.
Every month, around half a million (5 lakh) cars are listed for sale by consumers and dealers on OLX Autos classifieds platforms in India, Indonesia, and Latin America, OLX Group said in a statement.
It further said, “To date, the business has surpassed USD 1 billion in total car transactions since its formation in January 2020, via its convenient and trusted car selling service”.
“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,” OLX Autos CEO Gautam Thakar said.
It was formed in January 2020 by blending operations of Frontier Car Group (FCG), in which OLX Group had picked up a minority stake in 2018 and then became a majority shareholder with a further investment of USD 500 million in 2019.
The company said it operates more than 450 inspection centres across Asia and the Americas, besides online trading platforms for people to buy and sell cars. It is present in Argentina, Chile, Colombia, Ecuador, India, Indonesia, Mexico and Peru.
It operates under the webuyanycar.com brand in the US, and CarFirst in Pakistan.
“To date, it has bought, sold, and inspected more than 4,00,000 cars,” the company said.