Mumbai-based online marketplace for buying and selling used vehicles, Truebil, has today launched its online auctions platform, which it states will help it towards amplifying auto transactions massively.
On the auction platform, Truebil will purchase cars from individual sellers and trade-ins from the new car showrooms and sells these cars to the dealers. The dealers signed in on the app, will be able to view the vehicles and then bid accordingly. On the platform, Truebil currently conducts around 200 transactions every month in every city and aims to scale it up to 500 transactions every month in the cities in the next three months.
Commenting on the newly launched platform, Shubh Bansal, co-founder and marketing head, Truebil said, “We have created this auction platform for dealers to connect with buyers, without incurring heavy marketing costs easily. This segment is growing at a fast pace, and we expect to sign up more than 1,000 dealers in all three cities by the end of July 2018. The auction app is sure to drive Truebil’s transactions and improve the supply of cars on the platform. We haven’t kept any restrictions on the mileage and age of the cars on the auction platform, as we believe we have developed a channel to offload any supply.”
Truebil currently has more than 500 dealers in Mumbai, around 300 dealers in Bangalore and over 200 dealers in Delhi. The company claims its two-year-old inventory model, Truebil Direct, has contributed almost 50 percent towards the company’s ARR share of over Rs 100 crore as of March 2018.
Truebil is an omni-channel platform for buying and selling of pre-owned cars. With 1,000 of cars that are handpicked and inspected, the customers have ample choice with a detailed report of each car along with pictures that can help them make informed purchase decisions. The company also offers end-to-end services on the entire buying-exchange process through easy loan and paper transfer.