- India pre-owned car industry is expected to reach between 6.7 to 7.2 mn cars/year by FY22
- Pre-owned car and associated industry will be valued ~ Rs. 50,000 crore by FY22
- The overall market will remain fragmented with ~ 30% C2C transactions | ~ 30% Organized channel | ~ 40% Semi and Unorganized channel
- The number of dealers transacting will continue to be ~ 30,000Dealer productivity will be close to 15 cars/month on an aver
Mumbai, May 03, 2019: IndianBlueBook (IBB), the industry first pricing and analytics platform for new and pre-owned vehicles in India, today released the third edition of the ‘India Pre-owned Car Market Report’.
The past two years have seen a coming of age of sorts for the industry, with testing of new business models, launch of new vehicle categories and rise of innovative approaches to solving problems long regarded as intractable “Indian pre-owned vehicle market is at an interesting stage of evolution. Everything around us is changing – consumer preferences, purchase behaviour, business and funding environment and operating practices. The evolving consensus seems to be that the winning model in this space is the one that shares three key characteristics – it’s transaction-led, full stack (retail and enterprise) and omnichannel (online and offline). An interesting, though not unexpected shift is the impact of technology in the consumers’ decision-making process, with price transparency and ease of vehicle discovery creating new ‘trusted’ channels in the pre-owned car ecosystem, said Ashutosh Pandey, MD and CEO, Mahindra First Choice Wheels Ltd