CarFirst goes on to join the list of startup companies in Pakistan to announce the closure of its activities as of now.
“CarFirst has chosen to stop operations in Pakistan,” said a Friday post on CarFirst’s LinkedIn profile. The page also includes a list of 365 workers that have incorporated CarFirst into their professional networking and career development platform.
“We would like to thank our staff, partners, and, most importantly, our customers for their ongoing support throughout our journey,” the company added.
CarFirst stated that staff would remain in place to oversee the entity’s closure and respond to partner and customer inquiries during the closing period.
CarFirst, which launched in late 2016, served as a middleman for purchasing automobiles from customers and selling them to dealers via online auctions: a conventional consumer-to-business-to-business strategy.
The online platform enabled automobile dealers to get their vehicles examined and sold within an hour, including payment processing time. CarFirst’s online auction platform for used automobiles also features an App, which allows partners and buyers to discover the car they want quickly.
The decision to shut down comes at a time when several companies especially start-ups in Pakistan are experiencing increasing levels of financial strain, and several smaller and larger businesses have recently made announcements regarding layoffs or the discontinuation of certain business lines.
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