Story & photos by Ronald Rey M. de los Reyes
THE Carmudi Racing Team, just like the online portal which is making waves on the Internet, is a force to reckon with at the FORS (Flat Out Race Series), where it placed first in its recent stint.
This was according to Subir Lohani, managing director of Carmudi Philippines, who shared the news during a media discussion for its White Paper listing held at Vikings in SM Jazz, Makati City, early this month.
The driven, young leader further reiterated: “Developing economies in Latin America, Middle East, Africa and Asia emerged as the most solid market base and registered the fastest regional growth since 2011, surpassing the more mature markets, such as the US, the UK, Japan and Western Europe.”
Lohani added, “The potential is enormous as e-commerce sales are expected to grow by 20.1 percent in 2015, reaching up to $1.5 trillion.”
Lohani also explained that the majority of car dealers around the world are adapting to the digital space in selling vehicles.
In the Philippines Carmudi highlighted that 66.7 percent of car dealers in the country are using the Internet in advertising their listings, with 46 percent of the participants specifically using online classifieds.
According to a study conducted online in 20 countries, which included in-depth interviews with industry influencers across the world, the Philippines ranked seventh in Internet penetration in 2013, garnering a 37-percent score.
Meanwhile, based on Carmudi’s Car Buyer Survey, the largest influencer on purchasing decisions in the country is the Internet, in general, with 28 percent, followed by manufacturer site, Carmudi and auto expos at 25 percent each. Other influencers are dealer sites with 18.7 percent and social media with 15.6 percent.
In terms of advertising online, Facebook dominates among other social-media platforms for car dealers, with 53 percent advertising their vehicles on the site. Dealer sites and Instagram are also preferred options for advertising car listings, with over 13 percent and 6 percent, respectively.
Moreover, in a 2013 McKinsey report on Automotive Retail Innovation, the study pointed out that auto dealers are no longer the primary source of information, especially for millennial consumers between 18 and 34.
Lohani explained that up to 90 percent of consumers in this group use a mix of OEM and dealer sites, forums, blogs and social media to gather information and compare prices and offers before making their final decision.
“Taking to the Internet to research and purchase cars shows no signs of slowing down,” he said.
With this, Lohani aims to capture a majority of the Filipino car buying public next year. As of the moment, Carmudi already has the nod of 25 percent of the car buying population in the country and plans to further up the ante.
Lohani stressed, “Carmudi will continue to make it more convenient for car buyers and sellers to tap their platform.”
On a global scale, the Carmudi report noted that e-commerce sales are expected to skyrocket by 20.1 percent in 2015, reaching up to $41.5 trillion.
So far, Carmudi is on the right track as they’re strongly committed to further make online car purchasing, more than anything else, a valuable experience for Filipinos.
Image credits: Ronald Rey M. de los Reyes