New Delhi sources stated that online marketplace for pre-owned goods, OLX, Monday announced offline expansion of its used car business with plan to set up 150 outlets in 40 cities across India by 2021. Meanwhile the company, which has been running a pilot in six top cities in the country with around 30 outlets, is now accelerating the business under 'OLX Cash My Car' chain in partnership with Berlin based Frontier Car Group (FCG).
As per report OLX India Vice-President and Head of OLX Cash My Car, Amit Kumar, said with the used car market growing at 15 to 16% annually, the company is very bullish on its new offline business for pre-owned vehicles. He said "Our plan is to expand OLX Cash My Car in top 40 cities in India with about 150 outlets by 2021”. Presently there are 27 OLX Cash My Car stores in the capital, Gurgaon, Faridabad, Noida, Ghaziabad, Bangalore, Mumbai, Hyderabad, Pune, and Chennai.
Moreover Kumar said OLX will leverage on FCG's know how of emerging economies, expertise in scaling offline automotive platforms and building infrastructure tailored to the local environment. Further he said "We are looking at almost all new stores to be owned by us and that is the model we would follow and he however, declined to comment on the investments that will be put in for the expansion of used car retail business”.
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