Truebil is India’s leading omni-channel platform for buying and selling of pre-owned cars. Based out of Mumbai, Truebil aims to make the process of buying and selling pre-owned automobiles surprisingly easy through a one-of-its-kind platform.
At Truebil, each car undergoes intensive inspection by its in-house auto engineers and carries a detailed inspection report. Truebil believes in ensuring a satisfied consumer experience and to make it possible, it handholds its sellers and buyers throughout the entire transaction process. Truebil is witnessing a 20% growth MoM with more than 3000 verified cars registered to its portal.
Shubh Bansal is the Co-founder and Chief of Marketing and Growth at Truebil. Ever since the online portal’s inception, Shubh has prioritized delivering everlasting car buying experiences over building Truebil as a brand.
In an interaction with IncubateIND, Shubh Bansal talks about how technology is changing the car buying process in India. Read On!
Tell us something about yourself and what does Truebil do?
Tuebil was founded by 7 employees from the startup or swanky corporate background. While we were at our respective jobs, we observed the purchasing power of Indians were growing leaps and bounds and with the increasing Indian economy, we sprinted towards chucking our current settled jobs to start Truebil.
We started Truebil with just the sole focus of entering the used car market space in Mumbai with a simplified process of buying a used car, thus, making it a relaxed and engaging experience for the customer and the seller.
Today, Truebil is one of the premier sites in India offering this service of inspecting and verifying each and every car listed on it. For all those who use our services, it is important to understand what the actual process entails – how we actually go about inspecting, verifying and listing each car on the Truebil portal.
How technology helps you to evaluate the cars and decide a price point for it?
With the multitude of cars available in the market, the growth in disposable income, and the ease of availing financing for buying cars, the automotive sector is going through an upswing. However, considering the fact that a car depreciates by 20-25% of its value the moment you buy it, many people these days prefer to buy used cars rather than new ones. Especially if the car they buy is evaluated and certified by a competent authority.
Truebil’s marketplace generates and evaluates real time demand and prices which helps in finalizing the right price of the car that we acquire. The entire process is automated. We have a proprietary algorithm which shares a the final price of the car with the seller based on various factors like – condition of the vehicle, locality, launch of face-lifts, model, market etc.
What is the future of used cars trade in India?
According to me, unlike the first hand car market, which has navigated through low patches, the used car market in India is growing steadily. In India, people always avoided purchasing second hand cars either because of the society stigma that comes attached to it, or because of the comfort level of purchasing a used car.
Today, with a growing income and the need to fulfill certain aspirations, a lot of young generation opts for second hand cars. We have noticed the taboo associated with second-hand vehicles is gradually fading away and we see that people prefer shorter timelines for used cars and exchange for a new one. This is because; it gives them a sense of freshness and gives them a feeling of accomplishment of being on-par with what’s trending in the automobile industry without being extra heavy on their pockets.
How technology is changing the car buying process?
Technology has drastically altered the society and we can see a difference across all industries today. Today, our generation takes out time to do a thorough research online before making any purchase and with access to infinite reviews and data available online, we can now manage our money smartly. One of the largest industries that have been shaken up by the introduction of technology is the automobile industry.
Years back, the car makers primarily focused on how to innovate vehicles but today, they now also focus on customer experience – especially how cars are sold and purchased. There is a swift rise in automobile portals where buying and selling has now become easy. From virtual test drives, purchasing cars online and checking car reviews, have drastically shaped the automobile industry.
How IoT will impact used cars dealership in the future?
IOT has left no industry untouched in the world with its wave of connectivity. IOT has successfully created a substantial impact on various sectors like retail, agriculture, medical and is heavily influencing automobile sector now. When devices get connected to each other through smartphones, our world will get smarter than ever.
How blockchain can help people trust the used car salespersons?
Historically, in India, people were always skeptical of purchasing second-hand cars but with blockchain technology, automobile aggregators can now also surface information to the customers about how the vehicle has been treated earlier, accidents it has been involved with, servicing and repairing history etc.
Such advanced technology only helps in reducing unnecessary waste of time & energy on car diagnostics and servicing whilst making manufacturer and car dealers efficiency high. Blockchain technology support automakers to considerably streamline selling and buying processes, increase transparency with customer and provide a host of value-added services to customers and stakeholders.