Indian automotive lending startup Kuwy has launched a Lending-as-a-Service (LaaS) platform to let customers purchase new and used cars.
“KuwyLaaS will jump start the journey of online car retailing in India,” Kuwy CEO and co-founder B. Ganesh Kumar told India’s Free Press Journal Thursday (Feb. 3).
“The technology innovation in the KuwyLaaS will not only eliminate all the challenges associated with online car sales today, but also provide deeper insights that will enable the completion of online transaction at the point of search by providing a better buyer experience,” he continued.
The platform lets car makers, dealers, lenders and car aggregator platforms offer digital sales and automated financing options to customers, per the report.
“All of these, I believe, makes KuwyLaaS a much-needed technology that will not only strengthen the overall ecosystem of the car sales segment in India, but also put the country on par with the technology innovations in the global landscape,” Kumar stated.
Kumar said that while India is the world’s fifth largest auto market, buying and selling behavior patterns vary due to differing levels of technology and information sharing. He says his platform fixes this by ensuring all stakeholders are informed of their choices.
“In this entire process, KuwyLaaS will empower all the groups, thus improving their business and, more importantly, making the entire segment transparent and organized,” Kumar said.
Online used car sales enjoyed a boost during the pandemic, as PYMNTS has noted in the past. This sector boomed as customers realized they no longer have to give up part of their day to spend hours in a car dealership trying to find the right vehicle.
Even for car shoppers who don’t mind going to the dealership, the early days of the COVID-19 outbreak — to say nothing of future variants — has led dealers and automakers to rework their business strategies, putting more focus on creating new digital-sales tools that offer more tailored, digital offerings.