UAE pre-owned car market is growing at a fast pace, CEO says.
Cars24, a leading global e-commerce platform for pre-owned vehicles, said it had opened two new test drive hubs in Sharjah and Abu Dhabi in a move to boost its share in the GCC used car market, which is forecast to hit $29 billion by 2027.
Abhinav Gupta, CEO of the Gulf region at Cars24, said the UAE pre-owned car market is growing at a fast pace.
“Through the two hubs, we are confident to expand our offerings to a larger audience and provide full-stack end-to-end solutions to our customers.”
With a focus to transform the business of pre-owned cars in the region, the company aims to continue its growth by investing $100 million in the GCC region to expand its presence and become one of the largest tech enablers in the pre-owned car industry, Gupta said.
The newly opened test drive hubs offer a great starting point for customers looking to choose between multiple cars. Buyers in Sharjah and Abu Dhabi can visit the corresponding hubs and select up to three cars for a free test drive from an assortment of over 50 cars in Sharjah and more than 100 cars in Abu Dhabi respectively. Additionally, customers can browse through more than 1,500 cars on the Cars24 app and book a free test drive from the comfort of their homes.
The hub in Sharjah is located opposite Matajer in the Al Khan area and in Musaffah in Abu Dhabi. The latest introductions are an addition to the MRL test drive hub in Jebel Ali, Dubai spanning 1 million sq. ft., with a capacity to roll out up to 20,000 cars annually.
According to statistics by Mordor Intelligence, the growth in the GCC used car industry has been substantial, with valuations of $28.98 billion predicted by the end of 2027. As per Cars24’s latest H1 2023 report, for every new car sold, three used cars are purchased in the UAE. Leading this trend is the millennial segment, with the report highlighting that there has been a 20 percent increase in the first half of 2023 as compared to H2 of 2022.
Since its opening in the UAE in 2021, the platform, which has a presence in the Middle East, India, Australia, and Southeast Asia, has serviced over 15,000 customers and offers a significant assortment of up to 2,000 pre-owned vehicles, a company statement said.
News Source: Khaleej Times
