CarDekho Auctions rolls out a large-scale loss minimisation campaign for Chennai Floods

About 50 AUDI's will be auctioned at Ambattur yard in Chennai tomorrow.

India’s leading online automobile portal CarDekho.com has, through its Auctions division, rolled out a large-scale loss minimisation campaign for the vehicles affected by the recent Chennai floods. CarDekho Auctions will be providing solutions around the disposal of vehicles that are damaged beyond repair for insurance companies by leveraging auction as a medium. The move is aimed at resolving the claims settlement pain points for insurance providers by providing a swifter, more efficient redress platform for the insured end-users.

Following the recent floods in Chennai, the insurance providers have received an extraordinarily high number of claims for vehicles spread all across the city. Owing to heavy load of claims with insurance providers there is a delay in the settlement process causing extreme dissatisfaction for vehicle owners. CarDekho's newly established division CarDekho Auctions has jumped into the fray to streamline the process of vehicle claims and disposal of total-loss vehicles by providing end-to-end services such as vehicle towing, warehousing, cleaning/drying, minor repairs and auction to the damaged cars under the initiative.

Speaking about this timely activity, Abhishek Gautam, COO, CarDekho Auctions, said, “Insurance companies in Chennai are facing major problems with vehicle claims due to space constraints, manpower shortage and a massive dearth of buyers. By launching this loss minimisation campaign, we are looking to help the insurance companies in settling consumer claims through our comprehensive range of support services. We have exclusive towing vans for our clients as well as multiple yards in Chennai for safe-keeping of vehicles. Our team is confident that this initiative will help consumers as well as providing the insurance companies with a tailored solution for their claims settlement process.” The streamlining of the vehicle auction through CarDekho Auctions will work as follows: ·  The flood affected car will be transported to CarDekho Auctions’ yard by a third-party towing service provider, post which the vehicle will undergo a basic cleaning and drying treatment. ·  CarDekho Auctions will facilitate the disposal process through online or yard auctions in a speedy hassle-free manner.  

CarDekho will also take care of backend support to follow up with the insured for documents, NoC etc. The company has tied-up with 16 insurance providers including ICICI Lombard, Reliance General, Future Generali, TATA-AIG, Bharti-AXA, HDFC ERGO, IFFCO-Tokio, L&T G.I, Cholamandalam, Liberty Videocon, Universal Sompo, Royal Sundaram and SBI General to sell cars that are damaged beyond repairs. It is estimated that there are 10,000 such cars in Chennai.

CarDekho Auctions, a recently established division, is already a market leader in the space. It is expecting to sell 5,000 flood affected vehicles in the next three months. The company has a dedicated 15 member team at its head quarters and 15 member team on the ground to facilitate 3 yard auction event and 3 online auction event per week. It has tied up with 4 stock yards, 3 towing agencies, and 3 car cleaning agencies to tow about 50 vehicles every day.

The company has a huge pile of luxury cars available for immediate disposal at rock -bottom prices. About 50 AUDI's will be auctioned at Ambattur yard in Chennai tomorrow.

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