Encouraged with the results, CarFirst, online platform to connect the used cars sellers and dealers, is planning to expand its presence especially in Karachi by increasing the number of its purchase centres from existing six to 14 in the next calendar year.
At present, the platform has a total of 16 purchase centres in Lahore, Karachi, Faisalabad and Islamabad. "We are planning to establish additional purchase centre in Islamabad while to almost double these centres in Karachi," said Raja Muard Khan, Co-Founder and CEO of CarFirst while talking to Business Recorder.
He claimed that CarFirst is transforming the way used-cars are traded by bringing international best practices to Pakistan. "Car sellers can now get their cars inspected and sold at a "fair price" within an hour through CarFirst's safe and hassle free process.
Our nationwide network of purchase centers use an internally developed algorithm, market intelligence, and a professionally trained team to conduct inspections and valuations," Raja Murad said and added that multiple physical evaluations of the vehicles are conducted, which includes engine, brakes, tires and road testing. The potential seller is advised on the current market value of the car and then an offer is made to buy accordingly.
Murad further said they were also providing a first of its kind online auction platform for used cars in Pakistan, giving our private network of dealers the fastest way to find the perfect car that fits their buyers' needs. "Our private network of buyers (called as partners by the Company) can choose from an extensive variety of CarFirst certified used-cars from across the country checked through latest gadgets. CarFirst ensures providing the safest marketplace for their partners," he claimed.
He said the trade of used car in the country is 4-5 times higher than the salepurchase of new ones, but the government has to look into the whole transfer procedure afresh making process transparent and trustworthy besides generating more revenue for the official kitty.
Through our platform, we are trying to connect sellers of used automobiles to partners (dealers) with our guarantee that the automobile being sold is transparent and trustworthy meeting the specifications being attributed to it, he said. Founded in November 2016 and become operative in January 2017, the technology based platform has sold around 1000 used cars during a year period with a growth rate of 25 percent.
"We are eyeing to sell 1000 cars during the first quarter of 2018," Murad said and added that they came in to this field witnessing that those searching used cars were 85 percent dealers and such a platform can provide them verified used cars in a transparent manner.
He said that this field of used car trading was not regulated in Pakistan and the government had to look into the whole transfer procedure to make it transparent. "We do all our transactions from buying the used cars to selling it to our partners through banking channel, which ensures transparency and authenticity. It also ensures due payment of taxes to the government," Raja Murad concluded.