GST Cut Caused Short-Term Pain, But Used-Car Market Disruption Has Begun: CARS24 CFO

CARS24 expects to capture close to 10% market share in India’s used-car market over the next three to four years, growing at nearly twice the industry rate, CFO Shivanshu Makkar told Business Today. Makkar said the GST reduction on new cars caused short-term pressure, as inventory was bought at higher prices, but profitability rebounded sharply by December. He added that structural disruption has begun in the used-car market, with organised platforms gaining share.