Okshan, a brand of Sanch Motors has launched what it claims is the country’s first B2B virtual marketplace for used cars. The platform connects new car dealers and used car brokers to enable buying and selling of used cars on its platform from the assured inventory on a real-time basis.
The company claims unlike other auction websites and classified websites that are consumer to business (C2B) or business to consumer (B2C) driven, Okshan is one of its own kind of marketplace which facilitates transactions between business to business.
The main USP of Okshan is that sellers can see real-time bidding and get an update when any consumer, dealer or broker lists a particular car on the platform. Once the transaction is done, Okshan will charge a simple commission on it.
Ranjeev Dahuja, founder and CEO, Okshan said, “Being into both used car and new car business for over 27 years, I feel there is a huge opportunity in the used car market. But at the same time, it is having its own challenges. To solve this, we are bringing a technology driven platform which is transparent, seamless and trustworthy.”
“There is still a huge gap in the organised used car market if we look at current C2B and B2C business models as most of the time deals don't happen even after the auction because there was no real inventory. With the help of technology, we are aiming to organise the used car market to do more transparent transactions of cars between dealers and brokers,” added Dahuja.
At present, Okshan will begin its operations in Chandigarh, Punjab, Haryana, Delhi, Noida and Ghaziabad. With over 150 employees, Okshan has so far signed-up over 3,000 brokers and 200 new car dealers on its platform. Going further, Okshan aims to achieve a pan-India presence.
Anjani Mishra, COO, Okshan said “We are aiming to become the first go-to platform for any used car transaction that takes place in the market. Our initial target is to capture North India within the first quarter of the ongoing fiscal year and then achieve nationwide presence by the end of FY2021-22”.
The platform targets to achieve 12,000-15,000 transactions every month nationally by the end of the first quarter of 2022. It further plans to expand into South East Asian countries such as Indonesia, Malaysia, Vietnam and Thailand which are highly unorganised in the used car space.