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ChoTot launches used car platform

Released at: 15:04, 30/03/2017

ChoTot launches used car platform

Photo: Khanh Chi

Used car market now has 100,000 vehicles and will triple by 2020.

by Hong Nhung

Chotot.com, a C2C e-commerce platform, officially announced the launch of its new service Cho Tot Xe, a platform reserved for the trading of used motor cars in Vietnam, on March 28.

Operating as a pilot since last October, Cho Tot Xe has had 10 million visitors, 100,000 news items published, and made 2.4 million connections between buyers and sellers.

Based on official figures as well as data analysis from advertising, Chotot forecast that the number of new cars to be sold would reach nearly 350,000 by 2020.

It also said that Vietnam’s second-hand car market has seen significant growth of more than 80 per cent since 2013, with 100,000 cars traded each year, which will triple to 300,000 by 2020.

With an average car price of about $20,000 on Chotot.vn, the company believes that the used car market will be worth up to $6 billion after three years.

The average 13-day period for an advertisement on Chotot before a transaction is completed shows that the market is operating actively.

Chotot also noted in its first quarter 2017 report on used vehicles that the three motor cars retaining their price are the Hyundai i10, the Toyota Vios, and the Toyota Innova.

According to Chotot’s figures on the used car market in the fourth quarter of last year, used cars are an average of $9,500 cheaper than new cars.

Chotot.com was founded in Vietnam in 2012 and been a leading C2C e-commerce platform, with a product catalog that ranges from motorbikes to mobile phones, computers, household appliances, furniture, and pet goods.

It recorded impressive business results in 2016, with 1.2 million hits per day, up 35 per cent compared to the previous year, 1.1 billion visitors per month, up 100 per cent, and 2.5 million successful transactions per year, up 150 per cent.

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