Mumbai-based auto marketplace Truebil has launched an online auction platform to further enhance its used cars segment. The company will purchase used cars from individuals and showroom trade-ins, and subsequently auction them to the dealers.
Dealers will be required to register or sign in to the platform before they can browse available vehicles and make a bid. By facilitating auctions, Truebil aims to connect buyers and dealers on a large scale, thus luring potential customers to its site.
The auction platform currently does around 200 transactions a month in Bangalore, Mumbai, and Delhi. Trubil hopes to double this number in the coming months.
Speaking to Times of India, co-founder and head of marketing Shubh Bansal (LinkedIn profile) highlighted the role the auction platform will play in reducing marketing costs for dealers. He expects more than 1,000 dealers to sign up with the site in the next few months.
Truebil currently has associations with close to 500 dealers in Mumbai, and more than 300 and 200 dealers in Bangalore and Delhi, respectively. The company surpassed $14.5 million in annualized revenue run rate in March. This was thanks, in part, to Truebil Direct: an inventory model launched in 2016 to let customers buy refurbished cars from offline Truebil stores.
Launched in 2015, Truebil is an omnichannel platform dedicated to buying and selling used cars. Its investors so far include Kae Capital, Kalaari Capital, Inventus Capital and Tekton Ventures, among others.