LatamList – Frontier Car Group (FCG), a Chilean used car sales platform, partnered with OLX Group to form OLX Autos. OLX Group previously invested $500M into FCG, and also has joint ventures with the startup in India and Poland.
Frontier Car Group develop, launch, and operate used-automotive marketplaces in emerging markets. The startup currently has operations in Argentina, Colombia, Chile, Mexico, Nigeria, Pakistan, and Indonesia.
New car sales fell by 25% in the first half of 2020, while used cars are becoming increasingly popular. OLX Autos aims to use its unique platform to reach growing markets across the world and grow exponentially.
“[We are] A new type of market that never existed before, which revolutionizes and establishes a new industry reference point for the used car trade worldwide, mixing online and offline,” said Ricardo Donoso, now CEO of OLX Autos Americas.
With OLX Autos, customers are given an instant price generated by the platform’s advanced digital quote engine. Customers then drive to one of the inspection sites to view the car before making a final offer and sale.
“If someone wants to sell their car, they simply have to go onto our website and they can have the money in the bank account within an hour,” said Ignacio Detmer, currently COO of OLX Autos.
Read more on La Tercera.
