A new report by CarSwitch is calling for greater transparency in the $16 billion GCC used car industry.
The survey of 1,000 UAE residents, CarSwitch’s second study looked at purchasing behaviour, found the leading issue, among all buyers, was the need for greater levels of trust and transparency in the auto sector.
The study polled 1,024 UAE Drivers aged 25-plus in the UAE and found that 58% cited quality and reliability as the leading factor when looking to buy a used car with the ability to see full accident and service histories being the key priority.
Nearly 60% of respondents across all ages and nationalities identified quality and reliability as key concerns when buying a used car. The 25-34 group were most cautious at 59% with the 35-44 group just behind at 55%. Asian-Pacific respondents led the field from a geographic perspective (59%). Both buyers and sellers remain male-focused, women 62% felt greater clarity when seeing condition reports, accidents and service histories was vital.
“Our business was built on the market need to drive more value, quality and transparency in the market,” said Imad Hammad, Founder and CEO, CarSwitch.
“Peace of mind is a key issue for buyers and sellers in an industry that has been reliant on dealers. By incorporating technology at the heart of our business, we can empower our customers to take full control of their transactions while ensuring that they can do so safely and securely.”
CarSwitch’s report is part of the ongoing GCC-wide research into changing consumer priorities and is the foundation of their new Get More Campaign, which provides customers with even greater detail about their deals. The launch of the 360 feature for private sellers gives customers even higher direct confidence in buying used cars.
Over the last five years, CarSwitch has grown from a startup to a business with over 500k app users and an annual turnover approaching $100m. It is one of the highest-rated automotive experiences in both iOS App and Google Play Store.
Following CarSwitch’s successful KSA launch, 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.