ICICI Bank introduces ‘Car Shoppe’ in PuneBusiness — By Editor on October 12, 2007 at 12:12 PM
ICICI Bank, India’s second largest bank, introduced a new concept in the used car segment, called ‘Car Shoppe’ at Pune today. ‘Car Shoppe’ is a common platform for the buyers and sellers to come together for the transaction of used cars.
This initiative will begin with Pune based Manas Motors , which currently sell about 15 used cars a month. The Shoppe at Manas Motors will stock approximately 25-30 cars at any given time. Manas Motors is part of “Manas Group” which apart from having a Customer 2 Customer Pre-owned Car Showroom in Pune,is engaged in diversified activities such as Manpower Outsourcing, Facility Provision, Export Logistics, Payroll processing etc. The group has more that 60 branches all over India.
Car Shoppe will facilitate customer to customer transaction which is a negligible number in today’s used car market. Transaction through Car Shoppe will involve a high level of transparency as the entire operation will be carried out in the presence of the buyer and the seller. The payment will also be closed within the span of an hour thus avoiding any complications later. This concept will benefit both the buyer and the seller since it’s a face to face interaction between the two, thus eliminating the broker. This will help in passing the benefit directly to the end consumer, doing away with the broker charges. To facilitate a complete transaction in all possible terms, ICICI Bank will provide immediate loan sanction to the customers.
Further, the Bank has also tied up with “Cartrade India”, an Internet portal that will provide on-line options to the customers. Through the Cartrade India’s website, sellers can upload their cars and buyers will be able to browse through a wider range with the convenience and ease of the internet.
Another important feature of Car Shoppe is that it caters to the entire process of buying a pre-owned car, right from financing, processing loan documentation, valuation, and transfer formalities, making it a completely hassle free end-to-end,on spot process.
Speaking on the occasion, N.R. Narayanan, Group Business Head – Vehicle Loans, ICICI Bank, said, “ ICICI Bank has been the front-runner in the Vehicle loan industry with innovative product offerings. The used car market requires facilities like Car Shoppe that empower customers with a larger choice in both cars and finance options. The Car Shoppe will make the entire process hassle-free for the buyer and seller, and give them the advantage of conducting the transaction quickly and directly, in a very transparent manner. ICICI Bank has entered into successful partnerships and alliances across segments and remains committed to provide such value-added services to our customers.”
In the second phase, Car Shoppe will be launched in 20 other locations across India. Here, the shoppe in certain locations will also provide parking facility for ensuring speedy delivery to the buyer. It will also capture registration details of the seller in terms of his name, model, km run, expected sale price etc on a running electronic board that will help in maintaining the records.