Mumbai, Nov 15 (PTI) Virtual pre-owned cars showroom CarzSo has entered into a strategic alliance with MeriEMI to offer auto loans at aggressive interest rates and disrupt the pre-owned car finance market in the country, a release said on Monday.

The alliance aims at building India's first superstore of pre-owned cars besides plans to launch a buyback option for customers, which will be supported by MeriEMI, the auto tech startup said.

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As a part of the strategic tie-up Deepak Khanna, Director of Meri EMI and an experienced professional in the auto domain, will also join CarzSo as its director for retail finance and insurance and will take the responsibility of supporting the physical operations of the startup, the release said.

Citing unnamed unidentified sources, it said the pre-owned car market in India stood at 3.8 million units, 1.5 times the new car market of 2.6 million units in FY 2021, and that this business is emerging as a big opportunity.

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Even though the pre-owned car market is bigger than the new car market, the sector is still unorganised, as per the platform.

Therefore, the endeavour is to organise the market by taking the sale of pre-owned cars online and bridging the gap between physical and digital sales, it added.

“CarzSo was started with the concept of offering impeccable customer experience to those looking to buy pre-owned cars. The rising demand from rural areas, tier-II/III cities due to the greater need for mobility with the extensive need of financing options has given us the impetus to enter this strategic alliance,” said Vaibhav Sharma, founder-CEO of CarzSo.

CarzSo has successfully built a strong business presence in rural areas, Tier 2 and Tier 3 cities, a market that other players have been unable to serve in a short span of time, he said.

“CarzSo has sown the seeds in the unconventional market zones with their presence. Now, with this partnership with MeriEMI, it will further build upon this business model. This alliance aims to facilitate unbanked and underserved population having little or no access to finance, to fulfil their dream of owning a car,” said Khanna.

MeriEMI, using a digitally-enabled agents channel, will make car loans available and accessible, he said, adding that it strives to position itself as a one-stop platform for all car-related financing needs of customers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)