Carousell’s largest vertical is autos, now focusing on secondhand cars

Earlier in April, the classifieds marketplace platform Carousell Group launched Carousell Auto Group as part of its drive to deepen its dominance in the auto industry in Southeast Asia.

The automotive vertical is apparently the largest vertical of the Group, contributing to a third of its turnover.

“Carousell Auto Group is the most visited ranked automotive platform in our markets, which means we have the most high-intention audience traffic,” said Gaurav Bhasin, new chief strategy officer for Carousell Group, also CEO in Malaysia.

“Our diversity and the breadth of our products and categories within the automotive industry provide great value to users and ensure their grip. Our goal is to leverage this loyalty to provide our users with an e-commerce-like experience when it comes to the automotive ecosystem in cars and beyond.

In this new role of Chief Strategy Officer, Gaurav’s role is to lead the strategy and execution of Carousell Auto Group. He brings a dozen years of expertise to the classifieds space, having successfully transformed Mudah into a profitable business.

Reinventing the automotive market industry in SEA

Asked about the Group’s business model, Gaurav explained that they have two basic models. The first is classified as a registration tax, with a tax for value-added services. The second concerns transactional services, in which a charge rate model applies.

carousell automobiles
Screenshot of the Carousell Autos homepage

Carousell Auto Group consolidates individual automotive brands in the market – Mudah Auto in Malaysia, Cho Tot Xe in Vietnam, Carousell Autos in the Philippines, Hong Kong and Singapore – with the innovative transactional platforms OneShift and Revo Financial with a regional perspective to accelerate the growth of verticals and create impact for users.

“This is an indication of our ambition to reinvent the experience of buying, selling and owning automobiles in the region,” said Gaurav.

According to the company, its vision is to “make buying, selling and owning cars a magical experience for middle-class consumers in Southeast Asia.”

So how does the Group intend to create this “magical experience”?

We have developed our artificial intelligence capabilities so that users can set up detailed car listings seamlessly with just a few clicks, expanding partnerships so that used car conditions can be certified hassle-free with warranty and warranty. ability to build from our large historical data sets. to improve the ability of users to obtain a fair price.

We have OneShift, the pioneering transactional models from Revo Financial in Singapore and we continue to push the needle with new innovations to improve the car buying journey and strengthen the car ownership journey with the best of the ecosystem of Carousell automotive categories, including workshops, accessories and services.

– Gaurav Bhasin, Strategy Director of Carousell Group

With its acquisition of OneShift, they launched Carousell SwiftQuote, a C2B auction platform that allows car owners in Singapore to sell their cars to dealers in our network and get the best price from our dealers.

It also aims to improve the car buying journey with financial services through Revo Financial.

Covid-19 is pushing more people to buy and sell online

In an interview with Vulcan Post, Gaurav recognizes the enormous potential of the automotive market.

“What we’re really passionate about is reinventing it as a fully online model – that’s where we come in with our expertise as the region’s largest online classified ad and what we do on the front of recommerce in other sectors. “

covid-19 car drivers
Image Credit: Carousell Blog

As the world recovers from the effects of the pandemic and the many ripple effects it has inflicted on the economy, Gaurav feels that used cars are getting back on their feet.

COVID-19 has definitely redesigned our world and the way we navigate it. People are more open to buying and selling online. So why not cars, especially in a region where the middle class is the fastest growing.

– Gaurav Bhasin, Strategy Director of Carousell Group

He added that by 2030, the number of middle-class consumers in Southeast Asia will more than double, from 135 to 334 million. These users will not only want access to cars, as a means of getting around comfortably, but they will also expect the convenience and transparency of e-commerce in their car transactions.

Acknowledging that Covid-19 has accelerated the trend for users to buy and sell online, including for cars, Gaurav said the Group wanted to go “even further” to power its automotive brands with transactional models to simplify buying, selling and owning cars.

“Our auto brands are leaders in Malaysia, Vietnam and the Philippines, and we have the ambition to translate this deep expertise to become the number one car classifieds company in Singapore and Hong Kong over the next three years.”

Used cars are a key focus at the moment

carousell cars
Image Credit: Carousell Blog

With the formation of Carousell Auto Group, Gaurav said he would make substantial investments to achieve transformative scale-up and develop partnerships in its markets.

He remains low-key about sharing any additional details about these partnerships, but simply said that partnerships across the auto ownership value chain would help them position themselves perfectly to continue to be the leader in the auto classifieds space. .

For now, used cars are a priority for the company.

According to Mordor Intelligence, the Southeast Asia car rental market is expected to register a CAGR of around 6.7% during the forecast period of 2020 to 2025.

used car market sea
Image Credit: Mordor Intelligence

Consumers are unwilling to invest heavily in newer commodities and choose to buy used products. As a result, the used car industry is on the rise. In addition, used car platforms have proven to be largely safe, accessible, and available at reasonable prices.

Used car sales are also 1.3 times greater than new vehicle sales and this ratio is expected to double over the next decade. Various factors, including increasing population and growing economy, make Southeast Asian counties the fastest growing economic market and also attractive to investors.

One of the biggest barriers to opportunity is trust, and that’s a big priority for us across all of our categories as a classifieds market. We bring the same user-first approach to Carousell Auto Group and prioritize trust to ensure that users can transact with confidence, especially when buying second-hand.

– Gaurav Bhasin, Strategy Director of Carousell Group

Lucas Ngoo, co-founder of Carousell, also shared his ambitions to transform Carousell Auto Group into a “one stop shop for everything automotive related”.

“Soon, our users in the region will be able to quickly sell and buy their cars in a transparent way and access the entire automotive ecosystem: workshops, accessories and services.”

Prepare for the EV revolution

Electric car
Image Credit: Kārlis Dambrāns via Flickr

Additionally, Singapore has announced that it is phasing out internal combustion engine (ICE) vehicles by 2040.

Gaurav is not fazed by this phase-out and instead considers it a “step in the right direction”. After all, electric vehicles are already rapidly gaining popularity in many parts of the world, he added.

By 2040, technology will continue to advance in leaps and bounds, which will likely make ICE vehicles obsolete. By then, the infrastructure to support electric vehicles (EVs) will likely be in place, making ownership much more convenient.

As a classifieds market, we reflect and are very malleable to adapt to user needs. As users turn to electric and hybrid vehicles, our content and search experience will adapt directly to those needs.

– Gaurav Bhasin, Strategy Director of Carousell Group

As more and more electric cars are sold on its platform, Carousell Auto Group will work on our update of its platform accordingly to better meet the needs of electric vehicle sellers, such as having smart attributes specific to electric vehicles with specifications such as charging capacities, electric vehicle mileage and Niro. EV.

“We also need strong partnerships with automakers to make this transition possible. Securing strategic partnerships is an important objective for Carousell Auto Group and we will be making announcements in the coming months.

Featured Image Credit: Carousell

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