SberAuto, Sberbank’s auto retail service, has launched a buyback program for users.

Now, site users will be able to quickly sell their cars directly on SberAuto. As a part of the project, about 50 cars were purchased by SberAuto and all of them were resold no later than four hours after the classified announcement. The service is currently only available for Moscow resident, but the company is looking to offer services nation-wide in 2022 through the Sberbank network.

SberAuto users have access to on-site diagnostics and vehicle assessments. SberAuto promises that a team of experts will come for an inspection at a convenient place and carry out an assessment within an hour. The service accepts redemption cars that are less than ten years old, with mileage of no more than 200K km, and with a left-hand drive.

There is no commission to place a listing, as the company earns from the sale of financial and insurance products. As for now, SberAuto is unprofitable, and expects to reach positive earnings before interest, taxes, depreciation and amortization (EBITDA) in 2024. The company’s investment requirement is about RUB1 billion ($14 million U.S.) per year. It plans to sell roughly 5,000 cars by the end of 2021.

Print Friendly, PDF & Email

Related Articles