Tag Archives: Used-car

Used-car dealer accused of gouging in $45 million of masks

A used-car dealer accused of trying to get New York City to pay a 400% markup on millions of respirator masks he didn’t actually have has become the latest target of a federal crackdown on pandemic profiteering. Ronald Romano, 58, of Manalapan, New Jersey, tried to charge city officials more than $45 million for the masks, falsely claiming he was ... Read More »

Carsome raises $50M for its used-car sales platform in Southeast Asia

Carsome,  a Malaysia-based marketplace for trading used cars, has closed a new $50 million financing round to fend off its rivals and grow its business in Southeast Asian markets. The new financing round, dubbed Series C, was funded by MUFG Innovation Partners (MUIP), the corporate venture capital arm and a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG); Daiwa PI Partners, ... Read More »

Used-car marketplace Vroom nabs $254M to take its growth up a gear

There have been a lot of bumps in the road for startups building used-car marketplaces, but now one of the longer-standing of them has closed a major round of funding — a clear sign of the mileage left in this category. Vroom has raised $254 million, a Series H that it plans to use to keep scaling the business, and specifically also ... Read More »

China’s used-car marketplace Uxin to raise $230M via convertible notes

Uxin,  a Chinese second-hand car dealer with Leonardo DiCaprio as its latest brand ambassador, is tipped to get a bag of new funding less than a year after it raised $225 million from its public offering on the Nasdaq. The company announced on Wednesday that it’s selling $230 million worth of convertible notes to 58.com  — China’s answer to Craigslist, Warburg Pincus, TPG and other investors. ... Read More »

Truebil bets big on used-car market growth, looks to grow 5x this year

Mumbaikars do not like black cars, but those, especially burly SUVs, sell like hot cakes in Delhi. Likewise, cars from South Mumbai find few takers, thanks to multiple stories about rust eating into the vehicles because of the area’s close proximity to the sea. These are few of the crucial analytical tools used by online marketplace Truebil.com, which sells used ... Read More »

Frontier Car Group raises another $58M for its used-car marketplace for emerging economies

  We’ve seen a large wave of used-car sales startups launch across developed markets like the U.S. and Europe, disrupting a marketplace that has largely been untouched for years. Now a startup focusing on the used car-sales opportunity specifically in developing economies is ramping up its activities. Frontier Car Group, a Berlin startup that has built a used-car marketplace targeted ... Read More »

Nissan enters used-car business with Nissan Intelligent Choice

CHENNAI, SEPTEMBER 28:   Japanese auto maker Nissan has launched its pre-owned car business under the brand Nissan Intelligent Choice (NIC) in India. NIC will offer certified pre-owned Nissan and Datsun cars and customers can also exchange any brand’s used car with a new Nissan and Datsun vehicle, according to a statement from the company. NIC Programme will be operational in ... Read More »

Maruti Suzuki to revamp used-car business

Sixteen years after Maruti Suzuki India Ltd entered the used car market, it is sharpening its focus on the business that is expanding rapidly. As part of the exercise, the Japanese carmaker’s local arm, which sells second-hand cars under the True Value brand, will set up a network of 150 independent outlets across the country by March 2018, and increase ... Read More »

Buyers’ worries put brakes on used-car sales

The industry believes car sales are likely to fall for the rest year, indicating that the market will be in recession by the end of SeptemberSIMON DAWSON/BLOOMBERG VIA GETTY IMAGES The motor market is heading for recession after a 13.5 per cent slump in used car sales was revealed — the steepest fall on record. The industry has blamed a ... Read More »

Maruti Suzuki to revamp used-car business

The new outlets, which will also be based on a franchise model, will be set up by Maruti’s dealers, who are likely to invest close to Rs60 lakh-Rs90 lakh in each, depending on the area and city. Photo: Mint Mumbai: Sixteen years after Maruti Suzuki India Ltd entered the used car market, it is sharpening its focus on the business that ... Read More »