In a bid to boost sales amid slumping demand in the automotive industry in India over the past several weeks, CredR on Tuesday announced the launch of a buyback scheme - the first time such a facility has been extended in the two-wheeler segment here.
CredR is a brand dealing in buying and selling used bikes and scooters. Under the scheme, customers will receive an assured buyback value for their two-wheelers at the time of purchase. Called CredR Buyback Plus, customers can sell their two-wheelers back to CredR within the stipulated 12-month window and it is available currently in Bengaluru, Delhi-NCR, Jaipur, Sikar, Bhilwara, Kota, Pune and Hyderabad.
The main driving force behind the launch of this scheme is that CredR believes post-pandemic buyers will look at going from high-value purchases intended for long-term use to relatively value-for-money products for short and medium-term use. Preference for personal mobility is also predicted. "The current lockdown situation has created an unprecedented demand for our products and in the processs inspired us to create products than can deliver more value to our customers," said Sasidhar Nandigam, Chief Startegy Officer at CredR. "In a marketplace that had no preceding concept of standard pricing, we are the first ones to offer something like this."
CredR has already been working with Hero to power their bike and scooter exchange program across their showrooms. It had partnered with Hero Moto Corp as its official evaluation and buyback partner in 2019.