CarTrade Tech ties up with Chola for financing used vehicle purchases

CarTrade Tech, a platform to sell and buy automobiles, has entered into a partnership 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’s dealers. Chola will customise its products and offerings to suit the needs of these customers. This collaboration between Chola and CarWale abSure is expected to make mobility accessible to the middle-class Indian. The deal will propel the growth of the used car market which is expected to grow at a CAGR of at least 11 per cent over the next five years, said the two sides.

“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,” said Banwari Lal Sharma, chief executive officer for consumer business at CarTrade Tech.

CarWale provides customers a pool of used cars to choose by using advanced filters and sort options. 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.

“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,” said Ravindra Kundu, executive director, Cholamandalam Investment and Finance Company.