Algorithms, smart tools, zero guesswork: how Cars24, Spinny, et al. put used cars in top gear
Automobile

Algorithms, smart tools, zero guesswork: how Cars24, Spinny, et al. put used cars in top gear

By Eduardo Saverin

Synopsis

Used cars are outstripping new-car sales. The business is expected to hit USD60 billion by the end of this decade. Organised players are expected to account for 30% of the pie by FY26 from 20% in FY21. Tech-driven, VC-funded startups are powering this change and have raised USD1.8 billion. Some even plan to list in the coming years.

“Cash for clunkers put the pedal to the metal…Smell that new car smell…”– Loudon Wainwright, American singer-songwriter, in the album The New DepressionLet’s begin with the backstory first.The year was 2001. India’s No.1 carmaker Maruti was looking for another sticking point to hook customers – where they would buy a new car in exchange for the old one. Maruti found its calling in True Value. Rival M&M got wiser in 2008 and started

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Eduardo Saverin