Sat, Jul 22, 2017 | updated 08:20 PM IST

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

Updated: Sep 23, 2016 16:48 IST      
72 pct of monthly used car sales in India happen on OLX

New Delhi [India], Sept. 23 (ANI): OLX, country's largest online marketplace for used goods, 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 the 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. (As of August 2016)

Said Amarjit Singh Batra, CEO, OLX India, "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."

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 the 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. (ANI)

New Delhi [India], July 22 (ANI): The fourth edition of Madhya Pradesh Travel Mart themed 'Seek-Discover-Explore' will be held at Bhopal from October 27 to 29.

Full Story >>

New Delhi [India], July 22 (ANI): Telecom Regulatory Authority of India (TRAI) Chairman R S Sharma on Saturday said that the authority is in view of creating a framework for data privacy and protection, which will be specifically limited to the telecom sector.

Full Story >>

New Delhi [India], July 22 (ANI): Toronto Recombinant Antibody Centre (TRAC) from the University of Toronto, Canada agreed to license MedGenome's patented cancer immunotherapy solution OncoPept to develop biomarkers for their drug candidates against immune modulators to treat cancer.

Full Story >>

Tokyo [Japan], July 22 (ANI): AVX Corporation signed a definitive agreement to acquire the transportation, sensing and control division (hereinafter called TS&C), from the UK company, TT Electronics PLC.

Full Story >>

Planning easy travel, refer to these top five apps!

Updated: Jul 22, 2017 14:20 IST     

New Delhi [India], July 22 (ANI): With the season of festivals getting back to its fervor, it is time again to plan, save time and fly to your preferred destination, without particularly burning a giant hole in your pocket.

Full Story >>

India was funded by invisible money for 70 years: Jaitley

Updated: Jul 22, 2017 11:09 IST     

New Delhi [India], July 22 (ANI): Finance Minister Arun Jaitley, while calling for a greater degree of transparency in political funding, said India was being funded by invisible money for 70 years.

Full Story >>

Return on PMVVY scheme exempted from GST: Jaitley

Updated: Jul 21, 2017 20:18 IST     

New Delhi [India], July 21 (ANI): Union Finance Minister Arun Jaitley on Friday said that rate of return being provided to senior citizens under the Life Insurance Corporation of India's (LIC) new scheme will be exempted under the new Goods and Services Tax (GST) regime, and will be free from fluctuation, thus ensuring more stability to the aged.

Full Story >>

New Delhi [India], July 21 (ANI): Bank of Baroda on Friday announced entering into a Memorandum of Understanding (MoU) with the Directorate General of Supplies and Disposal (DGS&D) for extending various banking services to the Government e-Marketplace (GeM) initiative.

Full Story >>

Mercedes-Benz India launches new AMG GLC 43 4MATIC Coupe

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Commemorating the completion of 50 years of its performance brand-AMG, luxury car maker Mercedes-Benz India on Friday launched the all new Mercedes-AMG GLC 43 4MATIC Coupe, an SUV Coupe which embodies superlative driving performance and agility.

Full Story >>

Uber launches UPI-linked payment services on Android

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Taxi aggregator Uber on Thursday announced third payment option for their Android app users, apart from cash, e-wallet and credit/debit card with the integration of the Unified Payment Interface (UPI) payments platform.

Full Story >>

New Delhi [India], July 21 (ANI): While addressing shareholders at 40th annual general meeting (AGM) of Reliance Industries Chairman Mukesh Ambani announced a bonus issue of 1:1, which means that shareholders will get one bonus share for every one share held by an investor.

Full Story >>

New Delhi [India], July 21 (ANI-NewsVoir): EO Gurgaon organised conversation with Vikram Oberoi, the third generation scion of India's best-known luxury hospitality chain. He is the most successful purveyor of luxury hospitality in the country. Over the 10 years, when he stepped into a mainstream management role as General Manager of the Oberoi Rajvilas in Jaipur, he has relentlessly focused on quality and succeeded.

Full Story >>

New Delhi [India], July 21 (ANI): Government think-tank NITI Aayog on Friday approved investments worth Rs. 18,000 crore for high-speed rail projects for major routes of Delhi-Mumbai and Delhi-Kolkata, Union Minister for Railways Suresh Prabhu said at an ASSOCHAM event here today.

Full Story >>

ShopClues appoints Deepak Sharma as new CFO

Updated: Jul 21, 2017 15:23 IST     

New Delhi [India], July 21 (ANI): India's first and largest managed online marketplace ShopClues on Friday announced appointment of Deepak Sharma as CFO.

Full Story >>

Mumbai (Maharashtra) [India], July 21 (ANI): Reliance Industries Chairman and Managing Director (CMD) Mukesh Ambani on Friday launched its VoLTE feature phone, JioPhone, in India at an 'effective price' of Rs 0.

Full Story >>

New Delhi [India], July 20 (ANI): Paytm now enables customers to get their cashback as Paytm Gold. This will combine the spending and saving experience with an asset that is close to the hearts of Indians.

Full Story >>

Reliance Industries announces Q1 profit at Rs. 9108 crore

Updated: Jul 20, 2017 18:46 IST     

New Delhi [India], July 20 (ANI): Reliance Industries' on Thursday announced its earnings with a consolidated profit at Rs. 9,108 crore, partly driven by one-time gain of Rs. 1,087 crore.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Created with an objective to deliver striking blow to counterfeiting, LetsVeriFy, an innovative and cutting-edge application by ThinkCurve is witnessing a high growth in popularity amongst customers and manufacturers in India.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Preethi Kitchen Appliances, an inseparable brand of any Indian kitchen, entered Global Book of World Records, Asia Book of Records and India Book of Records recently for the demonstration of its mixer grinder's grinding prowess by organising the Longest Mixer Grinder Grinding Marathon-the first brand across the globe to achieve such a feat.

Full Story >>

New Delhi [India], July 20 (ANI-BusinessWireIndia): Been into the news since its inception, Applancer has become a renowned name in IT industry. After continuous enhancements, Applancer has become world's first decentralized software development outsourcing platform. We all are pretty aware that mobile apps are ruling the digital industry currently.

Full Story >>