On-line Platform Helps You Trade a Petrol Scooter For an Electrical One in 10 Minutes
Do you need to purchase an electrical scooter however don’t know what to do along with your outdated IC-engine Honda Activa? CredR, a Bengaluru-based omnichannel client model for getting and promoting used two-wheelers, now gives prospects the selection to liquidate their outdated two-wheeler and swap it for a model new electrical two-wheeler at a worth decrease than its authentic value. Late final month, the Bengaluru agency introduced its newest collaboration with an electric vehicle startup, the Delhi-based Crayon Motors. With this collaboration, customers can trade any petrol-based two-wheeler for a Crayon Motors electrical bike. (Representational Picture above courtesy Cavan-Images/Shutterstock.com /Indian Autos Blog)
Whereas exchanging the outdated two-wheeler, CredR will provide prompt quotes for outdated petrol scooters, thus decreasing the upfront value of Crayon Motors e-bikes.
“Customers will likely be supplied with comfort and hassle-free trade of used two-wheelers for electrical bikes and obtain their new automobile inside days. An prompt worth quote/ estimate will likely be generated by means of the proprietary pricing utility powered by CredR. To finish the transaction, CredR will confirm the paperwork and the well being of the petrol model of the two-wheeler. The trade worth will then be adjusted towards the ultimate value of the brand new Crayon Motors electrical two-wheeler,” notes a press launch issued by CredR.
This particular ‘hassle-free trade program with Crayon Motors is just relevant in Delhi-NCR and Jaipur for now, however there are plans to broaden this to Bengaluru and Pune.
Nonetheless, this isn’t the primary electrical automobile enterprise CredR have collaborated with. Previously 12 months, they’ve onboarded a number of electrical two-wheeler manufacturers like Ather Power, Ampere, Hero Electrical, BLive, Okinawa, Gemopai, Tech Electra, Crayon Motors and lots of extra.
Easing The Transition to Electrical
Based in 2014 by Nikhil Jain and Sasidhar Nandigam, CredR entered the Indian market to alter the way in which shoppers purchased and bought used two-wheelers. For many years, they felt that buyers had been cheated by casual second-hand sellers on worth, high quality, lack of correct documentation, financing, insurance coverage, ensures and warranties.
“In easy phrases, our imaginative and prescient is to duplicate the identical buyer expertise you get whereas shopping for a brand new bike into the used bike class,” says Sasidhar Nandigam, Chief Strategic Officer at CredR, in a dialog with The Higher India.
One of many core facets of their enterprise is determining how CredR might help prospects purchase new bikes and liquidate their outdated ones. For the previous 4 to 5 years, they’ve been doing this, working with all the key authentic gear producers (OEMs) as unique companions.
Initially of the primary COVID-19 wave, they prolonged the identical relationship they shared with IC-engine two-wheeler manufacturers to electrical bike producers. Beginning with Ather Power, they’ve gone on to enroll most of the main e-bike manufacturers in India.
“We wish the EV ecosystem in India to flourish. Many shoppers used to come back to us saying they needed to purchase a brand new electrical scooter or bike however didn’t know learn how to do away with their outdated Royal Enfields? These prospects don’t need to step into the bylanes of second-hand seller retailers, not understanding what they’re getting by way of worth and high quality. The second you construct within the sense of comfort into these sectors, mechanically, the adoption price of EV will increase. It’s a query of making transparency and belief in your complete course of. Additionally, EV shoppers are extra subtle than others as a result of they’re shopping for an idea and never essentially a product. Their expectation of the transaction stream is way more subtle than different prospects. An Ather Power buyer would anticipate your complete trade course of to occur in seconds. It challenges us as a result of it makes us way more aggressive in the way in which we develop our know-how and undertake it,” says Sasidhar.
How Do You Trade Your Outdated Scooter For an EV?
The transaction occurs at two ranges.
One, you go to their web site, click on on the ‘Trade Your Bike’ bar, choose the town of your alternative and choose the model of the brand new e-bike you’re seeking to purchase (for e.g. Ather Power or Crayon). You’re then requested to submit your primary particulars like identify, cell phone quantity and pin code, following which you’ll get a request to fill an OTP generated in your telephone.
After this course of, you’ll arrive at a web page the place you possibly can choose the bike and the mannequin you need to promote, choose the yr you acquire it in and you then’ll be supplied with an prompt quote for the Ather or Crayon automobile by means of CredR’s proprietary pricing utility.
As soon as the worth is agreed upon, you get a time slot for bike decide up and inspection, and you then verify the transaction. When you disagree with the worth, you’ll get a name from CredR asking what they’ll do. Sometimes, most prospects disagree with the worth quoted by CredR, however quickly fall into the worth bucket after the decision, though not everyone seems to be happy.
One other method of going about this transaction is visiting a Crayon Motors showroom, the place the gross sales government has the CredR cell app. This app will seize all of the 30-40 parameters of the scooter you need to promote, and this data will get pushed into CredR’s net servers.
Inside a span of 10-15 seconds, you’ll get a response in regards to the worth you may get for the brand new Crayon e-bike. If the shopper agrees to the worth, they are going to promote their automobile to CredR and find yourself with a brand new Crayon Motor e-bike decrease than the upfront worth.
“Let’s say the brand new e-bike is priced at Rs 1,00,000, and your outdated Honda Activa prices us Rs 40,000. You’ll find yourself paying simply Rs 60,000 to Crayon Motors for the e-bike. Although the method seems easy on the surface, the technical challenges are immense. It’s the info algorithm within the again finish that makes your complete course of seamless,” he explains.
Another excuse why many purchasers want CredR over a second-hand seller is the selection of avoiding authorized hassles. There are tons of of instances that go unreported within the media about transactions on different on-line marketplaces or second-hand dealerships the place prospects get cheated once they promote their bikes on worth and high quality.
Extra worryingly, with no emphasis on correct switch of documentation, the bike a buyer sells finally ends up being utilized in illegal actions. The buyer who sells the bike on these on-line platforms or to a different second seller assumes that all the things, together with documentation, is taken care of on his finish, which successfully isn’t achieved.
“CredR undertakes your complete legal responsibility of the documentation course of. The second you promote your bike to us, you’re utterly freed from all of the authorized encumbrances, which provides you peace of thoughts as a client,” he goes on to say.
Coping with COVID-19
Month-to-month, CredR claims that they do just a few 1,000 transactions round EVs each month. Having mentioned that, the COVID-19 state of affairs has damage the trade enterprise. Nonetheless, the second-hand two-wheeler enterprise goes by means of the roof, notably in Tier-2 and Tier-3 cities which don’t have a great public transport system.
Furthermore, with shared mobility gone for a toss and diminishing incomes, now not capable of afford bikes off the showroom, many are going for second-hand scooters or motorbikes.
“The trade enterprise has slowed down a bit as a result of they require a bodily touchpoint for patrons to purchase a brand new bike. With showrooms being shut down or not being constantly open, that is one thing which we don’t have management over,” says Sasidhar.
The longer term certainly seems vivid for CredR, which is backed by marquee blue-chip funds equivalent to Eight Street Ventures (Constancy’s proprietary funding arm), Omidyar Community, Stride Ventures, BlackSoil, AngelList, Ok Ganesh (GrowthStory) and varied angel buyers. In October 2020, it raised Rs 14.7 crore from Eight Roads Investments and ON Mauritius.
(Edited by Vinayak Hegde)