Page 2 - Used Car Market

SoftBank-backed Cars24 eyes small towns to sell used cars in India

The company more than doubled its India revenue in 2022 to Rs 6,008 crore from Rs 2,776 crore in 2021

Pre-owned segment likely to narrow value gap with new cars by FY27: Study

Shift to UVs from sedans, vans, and small cars to drive the trend

Volvo plans to expand certified used-car business pan-India by early 2024

Swedish car maker Volvo plans to expand its certified used-car business pan-India by early 2024 and expects as much as one-third of its volumes to come from this segment, a top company official has said. Volvo operates its pre-owned car business under the Selekt' platform globally and it recently launched the platform in India with two dealerships. According to a study published early this month, the pre-owned car market is expected to grow at a compounded annual growth rate of 19.5 per cent till financial year 2027 and reach up to 8-million units. A recent CRISIL-OLX Auto report suggested that within the used-car market, the premium segment has seen a sharp uptick in demand as well as in supply in the first half of this calendar year. We have just started a pilot for our pre-owned certified car platform Volvo Selekt with two dealers in India. We want to expand it in phases and we are looking to ensure that the platform is across our network by 2023 or early 2024, Jyoti Malhotra, .

Pre-owned car market in India expected to grow at 19.5% till FY27: Report

Pre-owned car market in India, pegged at USD 23 billion in FY22, is expected to grow at a Compounded Annual Growth Rate (CAGR) of 19.5 per cent till FY27, a report said on Monday. It also said that the demand in smaller towns is expected to grow at a 30 per cent CAGR by 2026 as compared to a 10 per cent CAGR in the top 40 cities. The surge in growth is likely to be driven by a host of factors, including availability of certified cars; decrease in the average tenure of ownership for cars and two-wheelers due to larger disposable incomes; launch of new models within shorter time frames and buyback assurances, among others, it said. The growth is also expected to be driven by the emergence of organised online and phygital used car platforms amid a surge in the demand for personal mobility, according to the 5th edition of the FY22 car & bike pre-owned car industry report, produced by a collaboration of the Indian Bluebook and Das WeltAuto. Das WeltAuto is the pre-owned car business of

Love that snazzy SUV? Buy a pre-owned one if a new vehicle is out of reach

Just make sure it's in good shape, the papers are in order and the price you're paying doesn't pinch in the long run

Cars24 launches its second-largest mega refurbishment lab in Bengaluru

The massive facility located in Kambalipura Village, Karnataka is spread over 105,000 sq ft and will refurbish over 80 cars daily

Higher interest rates, limited tenures drive used-car loan EMIs up

Consider top-up home loan and personal loan; they are cheaper and you could get 100% financing

Used car start-ups with tech and investor money are upping the pace

Start-ups armed with tech and investor money are upping the pace and legacy players are upping the ante

Cars24 and Bajaj Finance partner to provide financing to used car buyers

This move follows a Series G funding round announced in December 2021 where the firm raised $400 million at a $3.3-billion valuation.

'Bright future' for Indian used cars market in pandemic: RedSeer report

8.3 million units in sales expected by FY26 as people prefer to use their own vehicles for travel.

Ashok Leyland ties up with Shriram Auto Mall to enter used vehicle business

Hinduja group flagship firm plans to use expertise in commercial vehicles to streamline market it is taking up.

CARS24 raises $400 mn in latest round of funding from investors

Leading e-commerce platform for pre-owned vehicles CARS24 on Monday said it has raised USD 400 million (around Rs 3,040 crore) from various financial institutions

Shriram Automall India partners Daimler India for used vehicle sales

Pre-owned vehicles and equipment marketplace Shriram Automall India Ltd (SAMIL) on Monday said it has entered into a strategic partnership with Daimler India Commercial Vehicles (DICV) to expand its used vehicle exchange business in commercial vehicle (CV) space. Under the partnership, SAMIL will provide its online-offline auction platforms to facilitate quick sale of used commercial trade-in vehicles to individuals approaching dealers of BharatBenz, a brand of DICV, and purchase new DICV vehicles, the company said in a statement. SAMIL CEO Sameer Malhotra said, "We are confident that this association will benefit both sides. Our platform has the capability to serve more players like DICV and make the trade in processes easier for them, thus freeing them to focus on their core competency while we focus on ours." DICV Vice President, Marketing & Sales, Customer Service Rajaram Krishnamurthy said the tie-up with Shriram Automall will provide ease of accessibility to pre-owned ...

CSC now authorised to provide NOC for sale of used vehicles

Government-promoted CSC E-Governance India Ltd (CSC SPV) on Sunday said it has now been authorised to provide no-objection certificates (NOC) for the sale of used vehicles.

Ola to hire 10,000 people for its used car platform, eyes $2-bn GMV

Over the next two months, Ola Cars will be operational in 30 cities and expand to 100 cities by next year

Policy vacuum speed breaker may slow down India's booming used car market

The pre-owned car market has got a boost with the entry of startups like Cars24, Olx Autos, Droom and CarTrade. But there's still a policy vacuum here. Let's understand how it can hit the market

CARS24 raises $450 mn, nearly doubles its valuation to $1.84 bn

CARS24 has closed a $450 million round of funding, including a $340 million Series F equity round alongside $110 million debt from diversified financial institutions.

Used-car market to more than double to 8.2 mn units by FY'26: Report

The pre-owned car market is set to more than double to 8.2 million units or $47 billion over the next five years ending FY'26 from 4 million in FY'21 or $17 billion

Used luxury car market on a roll as volumes slowly accumulate

Martin Schwenk, country head for Mercedes-Benz, says the ratio of used Mercs to new ones is 1:4 - that is 25 per cent of all its car sales, underscoring the importance of the segment

Financiers buy into India's used car business amid uptick in demand

An expansion of demand driven by economic uncertainty has accelerated the plans of organised players to tie up with banks and NBFCs