CarTrade Tech, an auto selling and buying platform, has partnered with Cholamandalam Investment and Finance Company (Chola) to offer financing for used cars.
Chola, the financial services arm of the Murugappa Group, will be the preferred financier for customers purchasing used vehicles from CarTrade Tech’s CarWale absure dealerships. Chola will customize its products and offerings to meet the needs of these customers. This collaboration between Chola and CarWale abSure should make mobility accessible to the Indian middle class. The deal will propel growth in the used car market which is expected to grow at a CAGR of at least 11% over the next five years, the two parties said.
“This partnership between CarWale absure and Chola is hugely beneficial to both of our customer bases as the primary focus is to provide transparent financing for used cars. Given Chola’s heritage in the space, we are confident that “together, we will be able to alleviate the long and tedious shopping cycle in the country,” said Banwari Lal Sharma, General Manager Consumer Affairs at CarTrade Tech.
CarWale offers customers a set of used cars to choose from using advanced filters and sorting options. When a customer expresses interest in a used car, CarWale connects them with the right dealerships helping them through their car buying journey.
“We are pleased to partner with CarWale absure. Their culture of innovation and excellence, which is reflected in their offerings, will add value to our clients,” said Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company.