CarTrade Tech inks strategic alliance with Chola for CarWale abSure

 (L – R): Mr. Vijay Kini (Senior Vice President & Business Head – PV, 2W & 3W, Chola) & Mr. Banwari Lal Sharma (CEO – Consumer Business, CarTrade Tech)

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.