1. Adoption of AI Technology and Easy Financing Options Contributing to C2B Platforms’ Growth
Click to know: More technological Developments Singapore Used Car Market
- Leveraging technologies such as Artificial Intelligence & Virtual Reality
to enhance the digital experience for consumers by offering 360° interior & exterior view of the car, estimating car price online via uploaded images, analyzing consumer behavioral insights to show relevant ads according to interests & more.
2. There is intense competition with various authorized dealerships, multi-brand & independent players competing on the basis of parameters such as warranty, inspection, quality checks, and value-added services.
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- Larger number of consumers and dealerships are shifting online would require portals to innovate and offer additional services such as online car evaluation, certification, warranty among others.
- Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used car dealers to provide a hassle-free experience to the buyers.
- Intense competition with various authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) operating in the industry.
- Easy availability of used car loans by various banks & NBFCs have led to the amplification of pre-owned car sales.
- Brands Competing Intensely on Value Added Services Offered
3. Emerging Green Car Loans in Singapore has amplified use of EV vehicles
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- Singapore Government aims to replace Internal Combustion Engine vehicles in the country by 2040 and expand EV charging infrastructure significantly to 28,000 by 2030.
- In line with the above goal, Banks in the country such as DBS have launched “Green Car Loan” at interest rates as low as 1-2% p.a. to encourage car owners in Singapore to reduce their carbon footprint.
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