1,000 cars listed daily on OLX site

Business Daily Kenya:  Online pre-owned cars market in Kenya has thrived over the past few years, driven by growing disposable incomes amo...

Business Daily Kenya: 

Some of the imported cars at Mombasa port that are to be auctioned today due to overstaying at the facility. Photo/NDEGWA GATHUNGU

Online pre-owned cars market in Kenya has thrived over the past few years, driven by growing disposable incomes amongst the middle class and increase in penetration of internet and mobile phones enabling ease of transactions.

Online strore OLX is riding on this wave with thousands of deals every month.

“OLX Kenya lists more than 30,000 vehicles with an estimated value of Sh24 billion on the platform every month,” Peter Ndiang’ui, OLX Kenya Country Manager, has disclosed.

According to Ndiang’ui, the uptake of the service in the country has been phenomenal.

“We are not only surprised by the volumes being transacted but are happy that for the first time we have a viable alternative to car sales yards across the county,” he said.

The firm disclosed that the online classifieds platform lists at least 1,000 vehicles daily and takes between one to two weeks as the average time to sell the vehicles.

Ndiang’ui said an interested vehicle owner wishing to use the service is required to pay Sh2,000 as booking fee to have an OLX champ matched up with them.

Speaking yesterday in Nairobi, he said the firm intends to roll-out the service in two other towns in  coming months.

The service dubbed “Sell it for me” is only two months old and uses verified OLX salespeople christened “champs” to sell second-hand vehicles for clients. It handles the entire selling process, including transfer of vehicle ownership on behalf of a vehicle seller.

Growth potential is huge. In developed economies three pre-owned cars are sold at every new car sale. Vehicle ownership cycles are also getting shorter at three to five years from six to eight years earlier, spurring more transactions.

Kenya imports 80,000 used vehicles every year, mostly from Japan, its major supplier, UK, Dubai and South Africa. The rapid pace at which pre-owned vehicle transactions are taking place online makes automobile the strongest and most liquid category for OLX.

“With over 100,000 cars traded annually, at least 40 per cent find their way on OLX. It is, for this reason, we are placing our focus on vehicles first, which is a very key category for our business,” said Ndiang’ui.

The post 1,000 cars listed daily on OLX site appeared first on Mediamax Network Limited.

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