Sun, May 28, 2017 | updated 08:16 AM IST

72 percent of monthly used car sales in India happen on OLX

Updated: Sep 23, 2016 13:08 IST      
72 percent of monthly used car sales in India happen on OLX

New Delhi [India], Sep 23 (ANI): India's largest online marketplace for used goods OLX has reinforced its position as the number one destination for buying and selling of used cars in the country.

Latest data from OLX shows that the platform is the market leader in the used car space registering over 370,000 listings of used cars per month, out of which 200,000 cars get sold every month.

As per industry estimates, there are 275,000 used cars sold in India every month. According to OLX's data, the platform sells 200,000 cars monthly, implying that OLX sells 72 percent of all the used cars sold in India every month.

The number of cars sold by OLX per month is also bigger than the combined monthly sale of the two largest consumer automobile players in the country. The combined sale value (GMV) of the sold cars on OLX put together is equivalent to 1 billion USD per month.

OLX is India's number one marketplace for used goods including used cars, motorcycles, and household items, commanding 80 percent market share of the consumer-to-consumer (C2C) trade in the country. The auto category is the largest category by traffic on OLX, generating 45 percent of the traffic, resulting in 1.3 billion page-views, per month.

"OLX's success in the used cars space is a result of three distinct customer benefits that the platform offers - Largest quantity of unique and high quality user-generated listings from car owners, great value for both buyers and sellers because of disintermediation, and maximum traffic driving a steady stream of used car buyers. These benefits, put together, have made OLX the most liquid market for used cars," said CEO OLX India, Amarjit Singh Batra.

The used car market in India has grown steadily in the last few years, driven by growing disposable incomes, better living standards and high penetration of internet and mobile resulting in ease of transactions. According to industry reports, for every new car sold in India, there are approximately 1.2 used cars sold in the country.

While this figure is steadily rising, it is still distant from the developed economy standards of more than three used cars sold for every new car sale.

Each car listing on OLX is viewed on an average more than 1000 times, and receives 11 unique buyer responses. OLX also receives 1.2 million buyer enquires on used cars every month. A regional break-up of the car listings shows 52 percent of them coming from metro markets of Delhi, Mumbai, Bangalore, Chennai, Hyderabad, and Kolkata.

The remaining 48 percent of the listings come from non-metro cities. Last year, 4,000 cities and towns across India sold on OLX.

Maruti Suzuki, Hyundai, Tata, Mahindra and Toyota, in that order are the most popular brands sold on OLX. While the Maruti Alto, Maruti Swift Dzire, Toyota Innova and the Mercedes C/E Class are the most popular models in Hatch, Sedan, SUV and Premium cars respectively.

As per the Frost and Sullivan Survey, the leadership of OLX has also been corroborated by third party sources. A 2016 market survey by 'Frost and Sullivan' and OLX to determine the buying and selling behaviour of 'used cars' through both online and offline platforms in India, confirmed that online platforms such as OLX offer three times better leads over offline mediums for used cars.

According to the findings of this survey, the top reasons for deciding on the platform for selling - whether offline or online - is getting the most number of potential buyers, followed by the ease of use, and convenience. Selling online is preferred as it is considered to be hassle-free and less time consuming, and provides more leads than offline channels.

Now more and more people are using the online platform, and websites like OLX are being preferred to buy and sell 'used' vehicles. On one hand, the online buyer has a greater 'choice' in terms of variety of brands and models to choose from and on the other hand, the online seller has an opportunity to expand his potential buyer base beyond geographical boundaries.

Transactions through online websites like OLX not only reduce both cost and time of searching and spreading the word through one's network, they also give the user the liberty to decide whom to conduct the transaction with. (ANI)

Criminal prosecution by IT Dept. surged by cent pct during Modi regime

Updated: May 27, 2017 19:41 IST      By: Shailesh Yadav

New Delhi [India], May 27 (ANI): Criminal prosecution by the Income Tax Department has witnessed a sharp increase of more than 100 percent during the last three years of Prime Minister Narendra Modi-led Government.

Full Story >>

New Delhi [India], May 27 (ANI): Aiming to empower Nagpur's electric mobility drive, Ola and Mahindra on Friday announced their collaboration with the Government of India in a first-of-its-kind programme to build an electric mass mobility ecosystem in Nagpur, which will bring about a transformational change in the automotive and transportation landscape in the country.

Full Story >>

New Delhi [India], May 27 (ANI-NewsVoir): President of India Pranab Mukherjee received the first copies of the book 'Mann Ki Baat' - A social revolution on Radio, at Rashtrapati Bhavan, New Delhi, on May 26, 2017.

Full Story >>

New Delhi [India], May 27 (ANI-NewsVoir): Indian-American Businessman Nitin Khanna entered California with his Cannabis business, the fastest growing industry in America. As more states legalize recreational use, the demand for premium cannabis is expected to increase. With a population of 39.1 million, California is the largest market in America within this industry; it was also the first state to legalize the medical use of marijuana back in 1996.

Full Story >>

Epson launches express service centres in NCR

Updated: May 27, 2017 09:23 IST     

New Delhi [India], May 27 (ANI): Digital imaging and printing solutions provider Epson on Friday announced the inauguration of two express service centres in Noida and Gurugram.

Full Story >>

Pune (Maharashtra) [India],May 26 (ANI-Businesswire India): Bajaj Finserv, India's most diversified financial company, through its lending arm Bajaj Finance, is offering home loans at just 8.50% for a limited period. The special offer is valid till May 29, 2017.

Full Story >>

Jugnoo takes a big leap in restaurant aggregation

Updated: May 26, 2017 16:51 IST     

New Delhi [India], May 26 (ANI-Newsvoir): Jugnoo, India's leading hyper local startup, offering a diverse range of services like rides, ready to eat meals, restaurant food delivery, grocery and B2B Delivery, records phenomenal growth for its restaurant aggregator vertical, menus.

Full Story >>

GST Bill unanimously approved in Tripura

Updated: May 26, 2017 15:15 IST     

Agartala (Tripura) [India], May 26 (ANI): On the concluding day of the three-day session of the Tripura Assembly on Thursday, the Left-ruled state approved the Goods and Services Tax (GST) Bill unanimously by voice vote.

Full Story >>

Sensex surpasses 31,000 mark, shoots by 255.17 points

Updated: May 26, 2017 14:54 IST     

New Delhi [India], May 26 (ANI): Achieving yet another milestone in just a few hours, the Sensex on Friday saw a significant surge, reaching a fresh all time high of 31,005.20, recording a rise by 255.17 points, with Nifty inching closer to the 9,600-mark.

Full Story >>

New Delhi [India], May 26 (ANI): The most economically developed states are not adequately adding to skill sets, which may result in severe shortages of skilled manpower in the coming years, according to an ASSOCHAM-Thought Arbitrage Paper.

Full Story >>

FICCI to set up StudyinIndia pavilion at NAFSA 2017

Updated: May 26, 2017 13:20 IST     

New Delhi [India], May 26 (ANI): The Federation of Indian Chambers of Commerce and Industry (FICCI), along with the Ministry of Commerce, Government of India and Service Export Promotion Council and in partnership with Education Promotion Society for India will be setting up a 'StudyinIndia' pavilion, leading a delegation of over 50 Indian higher education leaders to the 69th Annual NAFSA conference scheduled to take place from May 28 to June 2 2017, in Los Angeles, U.S.A.

Full Story >>

Atal Pension Yojana registers 53 lakh subscribers

Updated: May 26, 2017 12:36 IST     

New Delhi [India], May 26 (ANI): The subscriber base under the Atal Pension Yojana (APY) reached approximately 53 Lakhs. At present, 235 banks and the Postal Department are involved with the implementation of the scheme. Besides the branches of the banks and CBS-enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment.

Full Story >>

New Delhi [India], May 26 (ANI): The Central Board of Direct Taxes (CBDT) on Friday issued a clarification on furnishing statements of financial transactions.

Full Story >>

New Delhi [India], May 26 (ANI): The market on Friday witnessed a surge in its trade with the Sensex and Nifty hitting an all time high of 30,862.63 and 9,534.75 respectively.

Full Story >>

New Delhi [India], May 26 (ANI-BusinessWire India): ITC Limited has won the prestigious Porter Prize 2017 award for 'Excellence in Corporate Governance and Integration' and for its exemplary contribution in 'Creating Shared Value'.

Full Story >>

New Delhi [India], May 26 (ANI): C-Zentrix, a Gartner Magic Quadrant for CCI 2016-recognised product company and a cloud-based advance communication management provider on Thursday announced the launch of two new products in its customer engagement solutions portfolio, 'TrixChat' and 'ZenBot'.

Full Story >>

nexGTv now available on Amazon's Fire TV Stick

Updated: May 26, 2017 08:10 IST     

New Delhi [India], May 26 (ANI): nexGTv, a subscription-led video entertainment app on Thursday made its big-screen debut with its launch on Fire TV Stick, a digital streaming device from Amazon, and is now available on Amazon India.

Full Story >>

New Delhi [India], May 25 (ANI-NewsVoir): Rakesh Kapur, Joint Managing Director, Indian Farmers Fertiliser Cooperative Limited (IFFCO), has been elected as the Chairman of the International Fertilizer Association (IFA) at the recent IFA's Annual Conference held from May 22nd - 24th in Marrakech, Morocco in which 1400 participants were present.

Full Story >>

New Delhi [India], May 25 (ANI-NewsVoir): Unveiled at its Insights 2017 customer conference, Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth, has introduced the latest version of Epicor ERP, the global enterprise resource planning solution in use today by thousands of customers in 150 countries worldwide.

Full Story >>

New Delhi [India], May 25 (ANI): Credit rating agency ICRA expects Indian GDP and gross value added (GVA) at basic prices to expand by 7.1 percent and 6.9 percent, respectively, in year-on-year (YoY) terms in Q4 FY2017.

Full Story >>