CredR, a leading online marketplace for used two-wheelers, is expanding its operations in Southeast Asia and Africa.
The company's innovative business model has already disrupted the traditional methods of buying and selling used two-wheelers in India, and now it aims to revolutionize the automobile market in other regions as well.
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Nikhil Jain, the co-founder of CredR, is excited about the company's expansion plans. "We are thrilled to bring our customer-centric approach to Southeast Asia and Africa," says Mr. Jain. "We believe that our platform will provide buyers and sellers with a seamless and hassle-free experience, and we are committed to building a sustainable business that benefits all stakeholders."
CredR's expansion into Southeast Asia and Africa is part of its long-term growth strategy. The company plans to leverage its technology stack consisting of three applications: CredR Connect, CredR Refresh, and CredR.com to offer a unique value proposition to its customers in these regions.
CredR Connect is a mobile app that enables sellers to instantly sell their two-wheelers. This app will be available in local languages, making it easy for sellers to list their two-wheelers on the platform. CredR Refresh is a proprietary pricing tool that uses machine learning to determine the best price for refurbished two-wheelers. This tool is accompanied by a mobile app that ensures the two-wheelers meet high-quality standards before being sold. CredR.com is a transparent online platform that allows buyers to purchase any used two-wheeler with just one click. This platform also offers value-added services such as warranty, servicing, insurance, financing, and buy-back options to ensure a hassle-free experience for buyers.
Nikhil Jain, also a serial technology entrepreneur and IIT-Bombay alumnus added that CredR's expansion into Southeast Asia and Africa comes at a time when there is a growing demand for used two-wheelers in these regions. "We have seen a significant increase in demand for used two-wheelers in Southeast Asia and Africa, and we believe that our platform can meet this demand," says Mr Nikhil Jain. "Moreover, our platform will also help in promoting a sustainable mode of transportation, which is important for the environment."
To support its growth in Southeast Asia and Africa, CredR will be partnering with local dealers and distributors. The company plans to leverage their expertise and local knowledge to provide customers with the best possible service.
"We are committed to providing our customers in Southeast Asia and Africa with the best possible experience, and we are constantly improving our platform to make it even more user-friendly," says Jain. "We understand the importance of transparency and trust when it comes to buying or selling a used two-wheeler, and we strive to provide our customers with complete peace of mind."
There is a growing demand for used two-wheelers in Southeast Asia and Africa. In Thailand, approximately 1.8 million motorcycles were sold in 2020, while over 4.6 million motorcycles were sold in Indonesia and over 3.3 million motorcycles were sold in Vietnam during the same year. In Africa, approximately 1.7 million motorcycles were sold in Nigeria in 2020, while approximately 180,000 motorcycles were sold in Kenya in 2019. Generally, the pre-owned two-wheeler market is 1.5-2 times larger than the new two-wheeler market.
CredR plans to meet this demand by leveraging its technology solutions, partnering with local dealers and distributors, and investing in out-of-home and digital media campaigns to create brand awareness and onboard local celebrity endorsers.
Recently, the company has also developed a buyback program that guarantees a price for customers who buy new EVs now but may want to sell them later. CredR has over 350 touchpoints and relationships with various original equipment manufacturers (OEMs), providing a single brand for purchasing used two-wheelers across India and other regions.
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