Used car virtual showroom CarzSo has entered into a strategic alliance with MeriEMI to offer auto loans at aggressive interest rates and disrupt the used car finance market in the country, according to a statement released on Monday. . The alliance aims to build India’s first used car superstore in addition to plans to launch a buyout option for customers, which will be backed by MeriEMI, the auto tech startup said. As part of the strategic merger, Deepak Khanna, director of Meri EMI and experienced automotive professional, will also join CarzSo as director of retail finance and insurance and take responsibility for supporting the physical operations of the company. startup. , the statement said. Quoting unidentified anonymous sources, he said the used car market in India is 3.8 million units, 1.5 times the new car market of 2.6 million units. during fiscal year 2021, and that this activity is becoming a great opportunity. Even though the used car market is larger than the new car market, the industry is still unorganized, according to the platform. Therefore, the effort is to organize the market by bringing used car sales online and bridging the gap between physical and digital sales, he added. “CarzSo started with the concept of providing a flawless customer experience for those looking to buy used cars. The growing demand from rural areas and Tier II / III cities due to the increased need for mobility along with the extended need for financing options has given us the impetus to enter into this strategic alliance, ”said Vaibhav Sharma, Founder – CEO of CarzSo.
CarzSo has succeeded in establishing a strong commercial presence in rural areas, Tier 2 and Tier 3 cities, a market that other players have not been able to serve in a short time, he said. declared. “CarzSo sowed the seeds in unconventional market areas with their presence. From now on, with this partnership with MeriEMI, it will rely more on this business model. This alliance aims to help unbanked and underserved populations with little or no access to finance realize their dream of owning a car, ”said Khanna. MeriEMI, using a digitally enabled agent channel, will make auto loans available and accessible, he said, adding that it is striving to position itself as a one-stop-shop for all car financing needs. automotive related customers.
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