CarSwitch Call for Greater Transparency in the Used Car Market

Publish December 22, 2021
fashionfinance & economy

A new report by CarSwitch is calling for greater transparency in the AED 60b GCC used car industry. The survey of 1000 UAE residents found the leading issue, among all buyers, was the need for greater levels of trust and transparency in the auto sector. CarSwitch’s second study looked at purchasing behaviour of 1,024 UAE Drivers aged 25+ in the UAE. It found that 58% cited quality and reliability as the leading factor when looking to buy a used car with the ability to see full accident and service histories being the key priority. 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 is a key issue for buyers and sellers in an industry that has been reliant on dealers. By incorporating technology at the heart of our business, we can empower our customers to take full control of their transactions while ensuring that they can do so safely and securely.” Nearly 60% of respondents across all ages and nationalities identified quality and reliability as key concerns when buying a used car. The 25-34 group were most cautious at 59% with the ​​35-44 group just behind at 55%. Asian-Pacific respondents led the field from a geographic perspective (59%). Both buyers and sellers remain male-focused, women 62% felt greater clarity when seeing condition reports, accidents and service histories was vital. CarSwitch’s report is part of the ongoing GCC-wide research into changing consumer priorities and is the foundation of their new Get More Campaign, which provides customers with even greater detail about their deals. The launch of the 360 feature for private sellers gives customers even higher direct confidence in buying used cars. Following CarSwitch’s successful KSA launch, 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. Over the last five years, CarSwitch has grown from a startup to a business with over 500k app users and an annual turnover approaching $100m. It is one of the highest-rated automotive experiences in both iOS App and Google Play Store.

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