Now for every new car a used car is being sold, the market for pre-owned cars has moved into its next gear, and is looking to move at a faster rate than the new car market. This has largely been possible with a whole new set of consumers, growing income levels and getting access to aspirational cars at reasonable value, thus owning a pre-owned car does not seem to be a stigma anymore.
As per available estimates the Indian used car market alone will be expectedly touching the number of new cars being sold this year, thus clocking in sales of around 2.5 million units each. At one end wherein the recognized players have been trying to make transactions more transparent and are also trying to ensure that both the buyer & seller get a fair deal, the same stands absolutely opposite for the unrecognized market wherein the local dealer dictates the pricing for the car.
Thus, necessitating the presence of a Marketplace even for the unrecognized market wherein interests of the buyer & seller are kept at heart and a fair trade is offered to both parties. At droom we try to be just that. We allow a registered seller to meet a registered buyer, without the need of selling the lead of either a buyer or seller to a larger set and allowing only interested parties to interact with each other. Thus, trying to be an online market place for the automotive industry and ensuring a fair trade.
One of the other major catalysts which have aided the rise is the availability of more economical alternatives & greener fuels such as CNG & LPG that has reduced running costs of the vehicle. All these parameters taken together will alone tell the story behind the increase in number of first time buyers for used cars, which have rocketed to 17% in 2014 from just a measly 4% in the year 2011. The market which has been steadily growing owes to the efforts of the big players in the organized segment such as Maruti True Value, Mahindra First Choice & many more but is still largely governed by the dynamics of a very highly unrecognized market.
As per recent statistics around 65% of car buyers from all major cities search online before they make a purchase decision. This has given classified websites another line of business wherein they allow sellers to post their ads for free and work as a lead generation engine, and being a consumer portal they assure a fair deal. However, this only leads to generation of multiple phone calls a buyer gets rather than actually getting a right price, quality bid for the vehicle. Thus, reducing the consumers’ faith, requiring a more reliable and what is a transparent transaction medium.
At droom we are trying to aid the growth of a market segment which is moving out of the small nest it was staying in and needs a market place. Wherein, the sellers can connect with the right audience and the buyer can trade fairly without the need to worry about the high market prices being quoted, quality of vehicle being sold or reputation of the person selling the vehicle.