Are you Interested in the Car24 Franchise business? Is the Cars24 Franchise profitable? In this blog we all learn about the Cars24 Franchise. We will discover the details of the Cars24 brand profile, profit potential, Investment breakdown, profit margin, Requirements, document required, advantages and disadvantages and other details.
Cars24 Franchise Brand Profile
Brand Name: Cars24
Founder Name: Vikram Chopra, Mehul Agarwal, Ruchit Agarwal, and Gajendra Jangid
Founded Year: 2015
Total Outlets: Over 200+
Last Year Revenue: Rs5,535 Crore (US $660 million) (Approximately)
Headquarters: Gurgaon, Haryana, India
Total Employee: 6,000+ (2023)
About the Brand
Cars24 has been around since 2015 and is completely changing the way used vehicles are bought, sold and financed. Cars24 founded Vikram Chopra, Mehul Agarwal, Ruchit Agarwal, and Gajendra Jangid. The low cost of used cars in India is the key factor that drives the demand for used cars. Cars24 also have planned to introduce a guide and training program for its franchise partners which are really appreciable. The startup reported a profit of INR 40.3 Crore during the year as against a net loss of INR 121.3 Crore in FY 22.
Cars24 Franchise Investment Details Breakdown
| Total Investments | Margin |
| Investments 30 Lakhs to 50 Lakhs | Franchisees earns 10 to 15% commission on total sales and franchisor earns 10% |
What is the Profit Margin of Cars24 franchise
To its franchise partners Cars24 renders proper guidance as well as training programs too, the return on investment for franchise partners is Upto 10% to 15%. And thus the operational expenditure is approximately low and the company offers the total market support too.
Value added service: Cars24 offers car financing, insurance, and long-term warranty programs, allowing you to earn adding revenue from these services.
Commissions on Car Sales: You earn a commission on each car you sold through your franchise.
Requirements to Open the Cars24 Franchise
Business Discrimination: While previous experience in the automobile industry is a plus a strong entrepreneurial resolution and business management skills are determining.
Investment Capital: You will need enough capital to cover the initial franchise fee, setup costs, and working capital for ongoing operations.
Space Requirements: Cars24 requires a politically located showroom with adequate space to display cars and handle customer interactions.
Teamwork & Leadership: You will need to build a team of accomplished personnel for car evaluation, sales, customer service, and administrative tasks.
Also Read this: How to Start JIO BP Petrol Dealership? Investment Detail, Profit
Documents Required for Cars24 Franchise Application
Proof of Identity: Aadhar Card, PAN Card, Passport and any government issued ID
Proof of Address: Utility Bills, lease agreement, or property ownership documents
Financial Statements: Bank Statements, income tax returns, and proof of funds.
Legal Agreement: Franchise agreement and any other relevant contracts.
Is the Cars24 Franchise Worth the Investment?
Advantages
Brand Recognition: Cars24 is a well-known brand with a strong opinion in the market.
Online Evaluation: Here you just have to enter your car information to evaluate selling price.
Selling your used car: They will conduct an online transaction to provide the best price for your car and you will be paid immediately. Cars24 team look for RC Transfer for free.Support and Training: Comprehensive training and ongoing support from the franchisor.
Disadvantages
High Initial Investment: Requires importance upfront capital.
Investment Costs: Franchise fees, setup costs, and ongoing royalties require an important initial investment.Profit Sharing: A portion of your revenue goes towards franchise fees and royalties.
Conclusion
In this content we all saw about the Cars24 franchise business. With a well-established brand, Strong support system, and a growing market, the possibility for success is high. If you have the financial capacity and are willing to dedicate the basic time and effort, investing in a Cars24 franchise could be a satisfying journey.
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FAQ
The initial investment required to open a Cars24 franchise is approximately 30 lakhs to 50 lakhs
Cars24 provides comprehensive training, ongoing support, marketing assistance, and access to advanced technology for inventory and sales management.
The average break-even period for a Cars24 franchise is 12 to 18 months, depending on market conditions and effective management.
Key advantages include brand recognition, high demand for used cars, a proven business model, and comprehensive franchisor support.
