NewsEarningsCars24 Experiences 400% Surge in Vehicle Deliveries on First Day of Navratri Post GST 2.0Cars24 Experiences 400% Surge in Vehicle Deliveries on First Day of Navratri Post GST 2.0
Cars24, a leading pre-owned vehicle e-commerce platform, experienced a significant boost in sales following the implementation of GST 2.0 reforms. On the first day of Navratri, the company achieved several milestones, including inspecting over 5,000 cars in a single day and delivering 400% more cars by 2 PM compared to typical days. This surge in activity is attributed to the positive impact of recent GST reforms on consumer sentiment and purchasing behavior in the automotive sector. Despite the revised GST rates not directly applying to used vehicles, Cars24's proactive approach in offering deals and discounts on pre-owned cars likely contributed to their exceptional performance.
*this image is generated using AI for illustrative purposes only.
Cars24, a leading pre-owned vehicle e-commerce platform, has reported a significant boost in sales following the implementation of GST 2.0 reforms. The company witnessed an unprecedented surge in activity on the first day of Navratri, marking a remarkable start to the festive season.
Record-Breaking Performance
CEO Vikram Chopra revealed that Cars24 achieved several milestones on the auspicious first day of Navratri:
- Over 5,000 cars were inspected in a single day, the highest number in four years.
- By 2 PM, the company had delivered 400% more cars compared to typical days.
This extraordinary performance underscores the positive impact of the recent GST reforms on consumer sentiment and purchasing behavior in the automotive sector.
GST 2.0 Reforms: Simplifying the Tax Structure
The GST 2.0 reforms, implemented on September 22, have streamlined the tax structure:
- Reduced from four slabs (5%, 12%, 18%, 28%) to two primary rates (5% and 18%).
- Ultra-luxury goods now taxed at 40%.
- Tobacco products remain at 28% plus cess.
This simplification has evidently sparked enthusiasm across various sectors, including automobiles, electronics, groceries, and fashion.
Cars24's Proactive Approach
Despite the revised GST rates not directly applying to used vehicles, Cars24 had proactively announced deals and discounts on pre-owned cars. This strategic move, coupled with the overall positive market sentiment following the tax reforms, likely contributed to the company's exceptional performance during the start of Navratri.
Implications for the Pre-Owned Vehicle Market
The remarkable surge in Cars24's sales and inspections suggests a potential shift in the pre-owned vehicle market. As consumers respond positively to the simplified tax structure and festive season offerings, the used car segment may see increased activity in the coming months.
The convergence of GST reforms, festive season enthusiasm, and strategic marketing by companies like Cars24 appears to be creating a favorable environment for the pre-owned vehicle sector. As the festive season progresses, it will be interesting to observe if this trend continues and how it might reshape the automotive market landscape in India.
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