Auto classified portal, CarTrade announced that it has acquired Adroit Inspection, a vehicle inspection and valuation company. The acquisition will give will help CarTrade operation in used vehicle market.
CarTrade allows customers to buy and sell new as well as old cars. Note that the company had earlier acquired Carwale, in November 2015, for $90 million. The two portals currently work as separate entities with Carwale focusing on new cars while CarTrade on used cars. CarTrade along with Carwale claims to have 35 million visits per month with approximately 8,000 new and used car dealer partners.
While, Adroit inspection offers services to inspect and value automobiles for clients which include banks such as Kotak Mahindra Bank, Axis Bank, HDFC Bank, and Reliance Finance etc. The company claims to have over 300 field inspectors spread across the country to inspect over one million vehicles this year.
In February, the company had raised $55 million from Singapore-based investment firm Temasek Holdings, it had said it will be using the fund for acquisition and entering new segments such as auto-finance. Carewale previously raised $145 million from Temasek Holdings, March Capital, and existing investor Warburg Pincus in January last year for expansion of its services.
Other players in the space include CarDekho, which launched a digital loan platform for used cars and has tied up with lenders such as HDFC Bank, Axis Bank, Tata Capital and Mahindra Finance.
There is also QuikrCars which tied-up with automobile sales and service company Carnation Auto to introduce free vehicle inspection services to users.
While GoZoomo and 19miles also working in the same space, have shut down operations.