Virtual drive

Calcutta, Jan. 3: Want to sell your car? Post it on autojunction.in.

The online joint venture between Tata Steel and Steel Authority of India (SAIL) is coming up with an e-marketplace that will ensure one gets a good deal for used cars.

The portal plans to become a one-stop shop for those who want to buy or sell without going into the usual grind attached to such transactions.

“We will provide a single interface for the buyer and the seller. One need not have to look around for the best bargain,” Viresh Oberoi, managing director of metaljunction Services Ltd, said.

Incidentally, the portal, which took off in 2002 selling steel, changed its name to ‘mjunction’ from today to represent the new basket of offerings.

mjunction owns the autojunction.in site, which plans to deal with both used and new cars.

In case of used cars, the portal will carry out the necessary due diligence before posting it on its site.

The buyer would be sure of the quality of the car he is buying, without depending on roadside mechanics or garages.

Maruti has already entered the pre-owned car business segment. The portal hopes to win customers by offering multiple choices.

“One can choose from a variety of brands and prices on our site,” Oberoi added.

Here’s how it will work: The seller will just have to touch base with the portal which takes care of the rest of the transaction.

It will send the used car for repair in case it is required and then post it on its website.

The price tag will be mutually agreed upon by the company and the seller.

In case the seller does not want to repair the car, experts from the company will assess the condition and grade it on that basis.

It is in talks with various workshops and dealers to create the infrastructure required to complete an online transaction.

Oberoi said the company was also in talks with an auto company for selling new cars.

While it will start with one, more will be added to provide the consumer a choice to compare features of various brands without going to dealers.

The platform will also benefit auto companies looking to cut distribution cost. There is a possibility that the proposed Rs 1-lakh car of Tata Motors could be sold as well, as Oberoi had indicated earlier.

Online car trading is expected to become a significant revenue earner for the company in the next two years and potentially top steel or coal trade.

mjunction hopes to end this year with a transaction over Rs 8,400 crore executed on its various industry specific sites, compared with Rs 5,300 crore logged last year. Oberoi said the growth rate would continue in the next fiscal as well.