OLX, India’s largest classifieds marketplace for auto, real estate, goods and services, has launched an offline channel for buying and selling used cars directly. The new platform, Cash My Car, is a joint venture with Berlin-based Frontier Car Group.
Cash My Car (CMC) is an offline-to-offline, full-stack model that allows for the purchase of used cars under OLX Auto. It will be enabled via OLX India directly, and is the first transaction-based business for OLX India.
The used car business under OLX Auto is currently the largest revenue-grossing vertical in India, making up over 25% of its overall revenue.
The joint venture marks Frontier Car Group’s entry into the Indian market. Frontier Car Group (FCG) is a used car marketplace operating in Indonesia, Pakistan, Chile, Mexico and Nigeria. It’s backed by OLX Ventures, the investment arm of OLX Group. Under the joint venture, FCG will help lay the back-end technology and, over time, scale the business operations of CMC.
“CMC gives users the option to enable an instant transaction at the retail centre with detailed inspection and assessment of the fair price. The buying of the car is through an auction process, with buyers spanning large dealers and leasing companies, among others,” said Amit Kumar, VP of OLX India and Head of the Cash My Car business.
Cash My Car has 27 retail centres in six cities across India. Amit Kumar added, “we are looking to aggressively expand the Cash My Car model to 150 centres across 40 cities by 2021.”