Domestic Pre-owned Car Market

Commercial vehicles maker Daimler India has forayed into the pre-owned business segment under its new brand 'BharatBenz Certified', the company said on Monday. Daimler India Commercial Vehicles is a wholly owned subsidiary of Stuttgart-based Daimler Truck AG. The new business initiative would refurbish and sell pre-owned BharatBenz trucks to customers. To be initially available at Trident Trucking in Bengaluru, the BharatBenz Certified programme would be expanded to other dealerships across the country. "Our perpetual and thorough market research practice brought to our attention the aspiration of customers who would like to purchase pre-owned BharatBenz trucks. This need in the market gave birth to the idea of launching BharatBenz Certified -- a company-steered pre-owned CV business initiative...," BharatBenz Marketing, sales, and customer service, President Rajaram K said. BharatBenz Certified would also be the catalyst for its customers to upgrade their fleet to new BharatBenz

Automaker Kia India on Tuesday said it has commenced certified pre-owned business in the country with a plan to have 30 sales outlets by the end of the year. The company said its certified pre-owned car business 'Kia CPO' intends to provide a new age experience to customers, in line with new car buying experience, that will allow them to sell, buy or exchange pre-owned cars, backed by ownership transfers and customised finance options. "With Kia CPO, we want to rewrite the rules of the game for the pre-owned car market. Currently, Indian customers have limited access to certified and verified information when it comes to the pre-owned car segment and we intend to change this notion with our entry into the business," Kia India Chief Sales Officer Myung-sik Sohn said in a statement. The company's proactive approach of starting CPO business at such an early stage of its existence in the country will ensure that all systems and processes are in place even before the first lot of product

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

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

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

It also said that the market size is expected to grow to USD 70.8 billion by 2030 at a Compounded Annual Growth Rate of 14.8 per cent between 2021 and 2030

The market for used cars has been outselling, trend expected to continue

Fundraise includes Series F equity round of $340 mn, debt of $110 mn

At present, there are no regulatory provisions for intermediaries though they trade the pre-owned car multiple times before it is eventually registered in the ultimate owner's name

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

Over 5,600 vehicles and equipment were sold during a day-long physical bidding event titled 'Utsav'

Change in emission norms dragged impacted demand, leading to price drop

Globally, the company sells pre-owned cars under its Porsche Approved brand

The segment grew 6% lesser in the previous fiscal against projected growth of 15%