CarTrade Tech inks strategic alliance with Chola for CarWale abSure!
Chennai, May 23, 2022: CarTrade Tech’s CarWale abSure, the most trusted source for high-quality pre-owned cars, today announced a strategic partnership with Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of Murugappa Group, to offer easy and smart financing for used cars.
As part of the agreement, Chola will be the preferred financier for customers purchasing the used vehicles from CarWale abSure’s dealers. Chola will customise its products and offerings to suit the needs of these customers. This collaboration between Chola and CarWale abSure will make mobility accessible to the middle-class Indian. It will make automobile purchase flexible and reliable. Furthermore, it will propel the growth of the used car market which is expected to grow at a CAGR of at least 11% over the next five years.
Commenting on the partnership, Banwari Lal Sharma, CEO – Consumer Business, CarTrade Tech Limited said, “This partnership between CarWale abSure and Chola is extremely beneficial to both of our customer bases because the main goal is to provide seamless financing for used cars. Given Chola’s legacy in the space, we are certain that together we will be able to alleviate the long and paperwork-intensive purchase cycle in the country. Additionally, CarWale abSure’s 4S promise of ‘Sure, Secure, Safe and Smart’ quality checks will ensure that we have the first-time buyer’s ‘beginner’ anxiety covered at every stage of the journey. We want to make automobile buying affordable and attainable across geographies in the country.”.
“We are happy to be partnering with CarWale abSure. Their culture of innovation and excellence, which reflects in their offerings, will bring added value to our customers. This alliance is also in line with our continuous endeavour in enabling our customers to ‘Enter a Better Life’. We are committed to building lasting, loyal relationships with customers and partners by consistently delivering excellent value for both. The best aspect about this tie-up with CarWale abSure is the fact that the biggest beneficiaries will eventually be our esteemed customers. Together, we aim to offer used vehicle buyers a never-before experience through customised finance packages that would come with speedy, convenient, and transparent processes,” says Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited
A large number of customers visit CarWale to buy a used car and / or to sell their used car. CarWale provides these customers a large pool of used cars to choose by using advanced filters and sort options. Tools such as price guides, certifications and more are available for customers to make use of so that they can transact with more confidence. When a customer expresses interest in a used car, CarWale connects them to the right dealers there by assisting them in their car buying journey.
About CarTrade Tech Limited: (www.cartradetech.com; NSE:CARTRADE;BSE:543333)
CarTrade Tech Ltd. is a multi-channel auto platform with a presence across vehicle types and value-added services. The platform got 30 million average monthly unique visitors (Q4 FY22) and had 1.2 million listings for auction in FY22. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. These platforms enable new and used automobile customers, vehicle dealerships, Vehicle OEMs and other businesses to buy and sell vehicles in a simple and efficient manner.
About Cholamandalam Investment and Finance Company
Cholamandalam Investment and Finance Company Limited (Chola), incorporated in 1978 as the financial services arm of the Murugappa Group. Chola commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and a variety of other financial services to customers.
Chola operates from 1145 branches across India with assets under management above INR 82,904 Crores.
The mission of Chola is to enable customers enter a better life. Chola has a growing clientele of over 16 lakh happy customers across the nation. Ever since its inception and all through its growth, the company has kept a clear sight of its values. The basic tenet of these values is a strict adherence to ethics and a responsibility to all those who come within its corporate ambit – customers, shareholders, employees, and society.
For more details, please visit www.cholamandalam.com
About Murugappa Group
Founded in 1900, the INR 417 Billion (41,713 Crores) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd.
The Group holds leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Bicycles, Fertilisers, Sugar, Tea and Spirulina (Nutraceuticals). The Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 53,000 employees.
For more details, visit https://www.murugappa.com
