Transparency and trust key for car buyers, reveals new report from used car retailer, Carswitch
A new report released today by CarSwitch, the UAE’s mobile-first used car retailer, found that the leading issue among all buyers was the need for greater levels of trust and transparency in the auto sector in AED60b GCC used car auto industry. In its second consumer study that looked at purchasing behaviour of 1,024 UAE drivers aged 25+.
The survey also found that when asked about their biggest priorities when looking to buy a used car, 58 percent cited quality and reliability as the leading factor, calling for more consistency in the ability to see full accident and service histories of cars being sold.
When asked about the key priorities, nearly 60 percent of respondents across all ages and nationalities identified quality and reliability as a key concern when looking to buy a used car. The most cautious segment was the 25-34 group at 59 percent just ahead of the 35-44 group at 55 percent. While the majority of both buyers and sellers remain male-focused, women (62 percent) felt that greater clarity was required to the ability to see condition reports, accidents and the service history of the car.
Imad Hammad, Founder and CEO, said, “Our business was built on the market need to drive more value, quality and transparency in the market. Peace of mind has long been a key issue for buyers and sellers and the auto industry has been reliant on the dealer-led market. We believe that technology can help deliver this and more for the rapidly growing sector. We recognise that people need to get deals that are faster, more transparent and above all else, of value to both parties. The UAE has a deep affinity for cars and over the last two years, people have increasingly used public transport less. However, financial concerns have meant that people look to the used car market over new vehicles. People need to trust that the car they are getting is as advertised without finding any hidden surprises.”
The report is part of the firm’s ongoing GCC wide research into changing consumer priorities that have led CarSwitch also to announce today the launch of a new Get More Campaign supported by the introduction of a range of new features that will provide customers with even greater detail about deals. The launch of the 360 Spin feature for private sellers allows individuals to present their vehicle with validated features, options for warranty and servicing, professional-grade 360 photography - allowing sellers to bridge the gap and act as their own private dealership.
The report follows CarSwitch’s recent expansion into Saudi Arabia and the launch of the brand’s new GET MORE campaign. The GET MORE Campaign will roll out across the UAE and KSA from January 2022 and the firm is looking to roll out new features to cater to the needs of the growing KSA market, particularly in the female segment.
Over the last five years, CarSwitch has grown from a fintech startup to a business with over 500k app users and an annual turnover approaching $100m.