OTOShops, the used-car business of Abdul Latif Jameel’s operations in Turkey, said it expects the Turkish used car market to enjoy double-digit growth in 2018, as it announced record results at the end of its first full year of trading.
|Created in 2016, OTOShops set-out to transform the used car buying experience for the Turkish motorist to make it more transparent, instil greater confidence and trust and make the whole transaction simply more pleasant. It provides customers with a one-stop-shop for buying used cars from more than 47 brands, as well as unique corporate solutions and continues to innovate and lead the market in its original mission.|
One year on, in its latest trading figures for 2017, it exceeded growth targets by more than 30% demonstrating how consumers appreciate the fresh new approach. And it says it expects that continuing expansion of the used car market will drive further growth over the next 12 months. It also expects corporate interest in the market to increase as new regulations drive up standards, making it an attractive future investment area.
Over 5.2 million used vehicles were traded in Turkey in 2017, up from 3.1 million in 2012. This compares to new car sales of around 1 million units.
To help meet growing demand for used cars, OTOShops plans to expand to 60 authorized dealers and reach annual sales of more than 60,000 vehicles in the coming years. It has also announced a number of new customer-focused services, such as a mobile inspection service and an online price offer, which are the first such service of their kind in the country.
|OTOShops General Manager Tuğrul Denizaşan said: “OTOShops is committed to becoming Turkey’s premier used car brand, and the results from 2017 show we are on the right track to achieving that.”
He said he expects the used car market to grow by 10% in 2018. Corporate companies currently have a share of only 5% share of the Turkish market.
Around 45% of used car sales are done by resellers, with the rest accounted for by individual private sellers.
“We think there is massive potential for our strong corporate brand to grow its market share. We now have 21 authorized dealers in Turkey. We won’t stop there though. We pride ourselves on delivering a first-class service to customers, while our range of vehicles and innovative benefits makes buying and selling with us the easy choice.”
Tuğrul was interviewed about the market and OTOShops success on the Turkish Bloomberg TV channel İş Dünyası program. You can watch the video here (Turkish only):
Online price offer
OTOShops’ new solutions make life easier for their customers. Denizaşan summarized the service: “OTOShops is the right address for the people who want to sell their car safely with instant cash. It is very easy to calculate pre-valuation price immediately by our otoshops.com website with 3 short steps. After the inspection we buy cash at this price.”
Mobile Expertise Service
Denizaşan says, “Another highlight for the used car market is the Mobile Inspection Service of OTOShops. If you want to use OTOShops Mobile, all you need to do is to make an appointment with OTOShops. Our Mobile Team comes up the address. After the inspection made with the latest technology, we offer the exact price quotation based on the current condition of the vehicle. And then we purchase the vehicle. Our OTOShops Mobile service started in İstanbul and we are planning to spread out to all over Turkey.”
Ali Haydar Bozkurt, President and CEO of Abdul Latif Jameel Turkey, said: “OTOShops is an innovative brand that complements our existing offering in Turkey. While the 2017 results are welcome, there is more work to do to meet the demand for the used-cars in Turkey.”
Abdul Latif Jameel has been present in Turkey since 1998, operating in a number of industries, including automotive and aftermarket parts distribution, manufacturing and financial services. Its businesses have been recognized with a number of awards, including being named as one of the best employers in the country. More recently, Toyota Turkey was recognized with two awards by the Turkish Automotive Distribution Association (ODD) at its Sales and Communication Awards, Gladiators 2017.