OLX Autos surpass $1 billion milestone selling used cars

OLX Group on Monday said its trading platform OLX Autos for second-hand cars has crossed USD 1 billion (over Rs 7,420 crore) in sales in ten countries across Asia and the Americas.

Every month, around half a million (5 lakh) cars are listed for sale by consumers and dealers on OLX Autos classifieds platforms in India, Indonesia, and Latin America, OLX Group said in a statement.

It further said, "To date, the business has surpassed USD 1 billion in total car transactions since its formation in January 2020, via its convenient and trusted car selling service".

"Introducing home and self car inspections during COVID-19 has helped our customers cope with the lockdown period that hit many of our markets when car inspection centres had to close their doors for a time.

"We use data, technology, and artificial intelligence to provide to a seller the car's fair price while offering buyers insurance and guarantees to provide peace of mind during what otherwise can be one of life's most stressful transactions," OLX Autos CEO Gautam Thakar said.

The company said it operates more than 450 inspection centres across Asia and the Americas, besides online trading platforms for people to buy and sell cars. It is present in Argentina, Chile, Colombia, Ecuador, India, Indonesia, Mexico and Peru.