Home EDITOR'S PICK Used car assessment as a business idea:

Used car assessment as a business idea:

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Used car assessment business

An independent car assessment is a credible business idea waiting to be exploited in Nigeria.

credible business idea is one of the critical success factors in starting a successful business.

As we have mentioned in our earlier articles on this platform, a good business idea must meet a felt need of the potential customers.

There are so many needs in our country from which one can tease out various business ideas.

The Idea:

I am personally very interested in mobility and I think there may be opportunity for an independent used car assessor in Nigeria.

The challenge:

What challenge would this service ( independent used car assessor ) seeks to address? Simple, providing reliable third party assessment of used car for intended car seller at a fee. Simple, isn’t it? The benefits of this service are many but the main one is that car sellers and buyers, can assess the the realistic value of the car, leading to increased trust and sales, which benefit all parties.

Potential customers:

There is a booming market for used cars in Nigeria. Reasons are not far fetched, most Nigerians can not afford to buy fairly used imported cars anymore, talk less of brand new cars due to exorbitant cost of these types of vehicles.

The drop in the value of Naira compared to other foreign currencies is partly responsible for this.

No wonder there are many used car platforms like cars45, jiji amongst others in Nigeria.

However, there’s a challenge in buying a locally owned fairly used cars in Nigeria. How do you truly assess the quality of cars being sold?  We are not known to have great maintenance culture, plus there is no enforcement of road worthiness standards for cars.

So buyers and sellers buy these used cars without truly knowing the true status of the cars.

This may be slowing down the market for used cars. Herein lies an opportunity for an independent assessment of used cars in Nigeria.

About 1million used cars are sold annually in Nigeria, assuming one can assess these cars for a fee, that would not be a bad business.

Key resources:

To execute this service, you would need the service of a certified automobile engineer with experience in assessment and maintenance of cars in Nigeria.

You will also need creative marketing and services structure to support the business.

This is just the beginning…

This is a high level concept of the idea. A lot of work will be required to mature this idea.

First, you would need to research data on car market, major centres, potential willingness to pay for the service by customer- you may even provide free assessment for a start.

 

If you are interested in this idea, we would be willing to mature it with you. Just drop us a line.(bizintelng@gmail.com)

Our core mission is to help you start and run a successful small business in Nigeria.

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