Dubai, UAE: A new report released today by CarSwitch, the UAE’s most innovative mobile-first used car retailer, is leading the call for greater transparency in the AED60b GCC used car auto industry. The survey of over 1,000 UAE residents in November 2021 found that the leading issue among all buyers was the need for greater levels of trust and transparency in the auto sector. AED60b
CarSwitch announced the findings of its second consumer study that looked at purchasing behaviour of 1,024 UAE Drivers aged 25+ in the UAE and found that when asked about their biggest priorities when looking to buy a used car, 58% cited quality and reliability as the leading factor, calling for more consistency in the ability to see full accident and service histories of cars being sold.
Imad Hammad, Founder and CEO, said:
“Our business was built on the market need to drive more value, quality and transparency in the market. Peace of mind has long been a key issue for buyers and sellers and the auto industry has been reliant on the dealer-led market. We believe that technology can help deliver this and more for the rapidly growing sector. By incorporating technology at the heart of our business, we can empower our customers to take as much control of their transactions as they want while ensuring that they can do so safely, securely and by skipping dealer margins, with ultimately better deals.
We recognise that people need to get deals that are faster, more transparent and above all else, of value to both parties. The UAE has a deep affinity for cars and over the last two years, people have increasingly used public transport less. However, financial concerns have meant that people look to the used car market over new vehicles. People need to trust that the car they are getting is as advertised without finding any hidden surprises.”
A Question of Trust
When asked about the key priorities, nearly 60% of respondents across all ages and nationalities identified quality and reliability as a key concern when looking to buy a used car. The most cautious segment was the 25-34 group at 59% just ahead of the 35-44 group at 55%. Respondents who identified as being from Asian-Pacific background 59%, led the field from a geographic perspective. While the majority of both buyers and sellers remain male-focused, women 62% felt that greater clarity was required to the ability to see condition reports, accidents and the service history of the car.
The report is part of the firm’s ongoing GCC wide research into changing consumer priorities that have led CarSwitch also to announce today the launch of a new Get More Campaign supported by the introduction of a range of new features that will provide customers with even greater detail about deals. The launch of the 360 Spin feature for private sellers allows individuals to present their vehicle with validated features, options for warranty and servicing, professional-grade 360 photography – allowing sellers to bridge the gap and act as their own private dealership.
The report follows CarSwitch’s recent expansion into Saudi Arabia and the launch of the brand’s new GET MORE campaign. The GET MORE Campaign will roll out across the UAE and KSA from January 2022 and the firm is looking to roll out new features to cater to the needs of the growing KSA market, particularly in the female segment.
Hammad added,
“Our new campaign and launch into KSA have reaffirmed our commitment to helping both buyers and sellers, Get More value through honest and transparent pricing. The KSA pre-owned market is expected to grow to SR30 billion ($US8 billion) and the new segments entering the Saudi market have clear expectations about how they want to both buy and sell cars.
Recommendations from friends and family have always been high but the ability to research the market independently has increasingly become important around the region. “
Over the last five years, CarSwitch has grown from a fintech startup to a business with over 500k app users and an annual turnover approaching $100m becoming one of the highest-rated automotive experiences in both iOS App and Google Play Store.
CarSwitch was recently awarded Most Trusted Pre-Owned Car Dealership Company by Dubai MEA Business Awards 2021 in December 2021.
The Carswitch app is available on both IOS and Android with cross-platform support and new feature rollouts in the roadmap.
About the Research:
Censuswide surveyed 1,024 UAE Drivers aged 25+, at least 100 guaranteed in each nationality; Arabs (GCC & Levant), Westerners, AsiaPac, Africa, Other between 13.10.2021 – 20.10.2021. Censuswide abides by and employs members of the Market Research Society which are based on the ESOMAR principles.