CARS24, the leading online platform for pre-owned vehicles, has launched its latest AI-enabled App in the UAE that includes 1200 plus vehicles.
Through this app, consumers in the UAE will be able to buy and sell cars in under 30 minutes if all the related documents are in place. Since the launch of its operations in the UAE in May 2021, CARS24 has sold 4000 plus cars and 100 percent of these transactions were conducted online.
With the help of the app, the consumers can calculate their monthly EMI, check for the all the parameters such as the quality checks that include engine, suspension, steering, tires as part of the 150 points inspection check. Furthermore, the consumers can also avail their car’s financing options, insurance, and several other features through this app.
Abhinav Gupta CEO – CARS24 Gulf Region
“UAE is known for its wide adoption of technology across both the public and private sectors. We are delighted to work in this thriving tech ecosystem and we are inspired by this giant tech leap that the country has taken, be it Blockchain or AI. By the same token, we wanted to integrate our industry-specific AI-based App to support the growing population of tech-savvy customers in the UAE. We are also taking efforts to educate all sections of the society to migrate and adopt the latest technology and be part of this new world of tech.”
The company’s newly opened mega refurbishing facility (MRL) in the UAE, which is designed to roll out 20000+ cars per year, supports the app. This MRL in Jebel Ali features 70 bays and 5 high-end Italian paint booths, with a monthly production capacity of close to 1500 cars. This leased 1,000,000 square feet facility has a total contract value of more than $10.8 million, making it one of Dubai’s largest leasing deals ever.
CARS24, which has a market capitalization of nearly $3.3 billion, is changing the way people buy used cars in the UAE. In 2021, CARS24 raised $20.4 million in local debt financing from the Commercial Bank of Dubai (CBD), one of the leading banks in the UAE. In October 2021, CARS24 announced that it would be investing another $100 million in the UAE and other GCC countries to further expand its presence.
