CarTrade Tech’s CarWale abSure, announced its strategic partnership with Cholamandalam Investment and Finance Company (Chola), to offer financing options 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, a press release from the company said.
Additionally, the financial service company will customise its products and offerings to suit the needs of these customers.
The company believes that this partnership 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. Many customers visit CarWale to buy a used car and/or to sell their used car. CarWale provides these customers with 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 use to transact with more confidence. When a customer expresses interest in a used car, CarWale connects them to the right dealers, thereby assisting them in their car-buying journey.
Banwari Lal Sharma, CEO, Consumer Business, CarTrade Tech, 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.”
Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company, said, “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.”