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MotorExchange CEO Vinay Sanghi On Plans, Competition & The Online B2B Auto Market

MotorExchange went live yesterday, and today the company announced an investment from VC Firm Canaan Partners. MotorExchange MD Vinay Sanghi told MediaNama today that after going live yesterday, the company tested 4-5 sellers and sold a few cars. MotorExchange has 27 employees. Both  Sanghi and Canaan India MD Alok Mittal declined to comment on the amount of investment, and the stake picked up. Excerpts from our discussion with them, particularly on competition from eBay India, and how MotorExchange intends to differentiate its offering: What are the pain points that your business is looking to address? Vinay Sanghi: Today in the marketplace, there are two kinds of members for us - buyers and sellers. The sellers we are looking to address are those who are looking to sell in bulk: banks and finance companies who dispose Rs. 200-250 Cr of repossessed inventory every month. There is no mechanism for these sellers to sell at prices close to market prices. We're looking to build a platform to give them access to a large number of buyers across the Internet, and a transparent marketplace. Buyers on our platform are principally automobile dealers. One of the big pain points is access to inventory for dealers. How do you deal with dealers already having access to large number of cars through their own network? Vinay Sanghi: Five years ago, the used car market must have been 400-500,000 cars, it's around 1.5 million today, and 3-5 years down the line it will be 3-3.5 million cars. When the market reaches…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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