Bangalore-based used two-wheeler consumer brand, CredR has announced its plans to invest $15 million (Rs 110 crore) in its used two-wheeler business in the upcoming financial year. With this investment, the company plans to open 50 CredR franchise showrooms offering Gold Standard used two-wheelers in FY 2021-2022 and over 100 Showrooms by 2023.
The Gold Standard stores is said to offer similar experience as visiting a showroom for buying a new two-wheeler. CredR already has a wide network of showrooms across 7 cities namely Delhi NCR, Jaipur, Bhilwara, Chittorgarh, Sikar, Pune, Bangalore and is looking to expand to more cities in the coming months.
Sasidhar Nandigam, chief strategy officer, CredR said, “There is a 400% surge in demand for used two-wheelers as this pandemic has reinforced the need for a personal vehicle. In FY2020, there were 1.3 used two-wheeler transactions for every new two-wheeler transaction. We see this number going well above 1.7 times in the current year as people prefer personal mobility at a lower cost. Our Gold Standard used two-wheelers are aimed at providing economical, value-driven personal mobility solutions to people in the most transparent and hassle free manner.”
According to the company all used two-wheelers sold from CredR Showrooms will come with a 6-month engine and gearbox warranty as well as a no-questions-asked 7-day Buy Protect, wherein post purchase of the used two-wheeler if it develops any issues related to mechanical or electrical functioning, CredR will get the issues rectified totally free of cost for the customer.
The Gold Standard two-wheelers undergo a thorough evaluation process with checks on over 120 quality checkpoints, ownership, challan history, odometer reading, accidental history, age of the two-wheeler along with general condition of the two-wheeler. All two-wheelers in the CredR journey are refurbished by experienced auto-experts. CredR two-wheelers also come with additional benefits such as Assured Buyback in 12 months and contactless doorstep delivery.
The showrooms will also provide on the spot insurance service along with RC transfer assistance under one roof.
“Overall, since Unlock 1.0, we have already touched a 100% of our pre-covid numbers and we expect the used two-wheeler business to grow 3-4x by the end of this fiscal year”, concluded Nandigam.