IPO-bound CARS24 enters new car market with AI-powered video car buying experience among key features

Online used car marketplace CARS24, which is preparing for an IPO, has entered the new cars market by launching an aggregator platform for dealerships and original equipment manufacturers (OEMs), streamlining the process of purchasing a vehicle.

'New Cars' is an online-only offering on the auto-tech company's website, and will allow OEMs to list their car models. One of the key features includes AI-powered video buying experiences, which takes customers through detailed walkthroughs of car's exterior, interior, features and performances.

The platform will show the on-road price based on the city. It will also provide model comparisons, financing possibilities and booking a test drive.

"We live in a world where groceries arrive in 10 minutes, loans get approved instantly, and AI suggests what to watch next. But buying a new car? It’s still a slow, outdated process of showroom visits, price haggling, and long waiting periods, "Gajendra Jangid, Co-Founder of CARS24, said in a press release.

"If you’re spending lakhs on a new car, the experience of buying it should match the excitement of driving it. That’s what we’re changing—bringing speed, transparency, and control to new car buying, the way it should be," he added.

CARS24 'New Cars' platform: Key features

• AI-powered video car buying experience
• The platform will show real-time on-road prices
• It will allow one to book test drives from home
• The platform will provide exchange offers and financing options.

CARS24 IPO

The co-founder said that the platform is gearing up for an IPO internally. "I am not laying any roadmap for...by when we will go for the IPO. But the progress is being made in that direction," he had said.