OtoBix, a cutting-edge pre-owned automobile auction platform announced its official launch in Kolkata. OtoBix, founded and run by Amit Parekh, uses cutting-edge technology to bring transparency, efficiency, and justice to the pre-owned car industry.

Mr. Anilava Roy SVP, Mr. Amit Parekh Founder & CEO, and Mr. Dinesh Parekh CIO graced the press conference to announce the launch.

In the past, aggregators and dealers have operated in the pre-owned automobile market with a value markup of 10% to 15%, which has resulted in inflated pricing for buyers and undervalued returns for sellers. By cutting the markup to less than 5%, OtoBix is poised to upend this standard and guarantee that both buyers and sellers receive fair market value.

OtoBix’s founder and CEO, Amit Parekh, said, “OtoBix is here to bring transparency and fairness to the pre-owned car market. Sellers are empowered by our platform because it lets them watch legitimate bids being placed and take part in the auction process. Our goal is to use technology to eradicate the inefficiencies that have hampered our industry for far too long”.

Establishing the fair market value of automobiles using a scientific method, a transparent auction platform that unites sellers and buyers, a zero margin, a transaction fee-based model, and thorough and scientific automotive inspections are some of OtoBix’s key USPs.

Additionally, OtoBix acts as a marketplace where used automobile dealers may effectively offload their mismatched inventory. Within the following six months, OtoBix intends to expand to additional tier 2 and tier 3 cities after starting operations in West Bengal and Orissa.

The plans of OtoBix include expanding in cities like Hyderabad, Patna, and Baroda in 2024. In the next four years, they will expand to 15 more locations.

Priyanka Dutta