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Demanding Market Growth In Future- Used Car and Refurbished Car

The global Used Car And Refurbished Car Market is projected to grow at 5.6% CAGR during the forecast period

     Key Players in the global Used Car and Refurbished Car market are Huberts Ford, Sales Company, Shields Motor Co Inc., Sonic Automotive, Carguru, Vroom, Autotrader, Holman Automotive Group, AutoNation.com, Old Gin Motor Company, Clouse Motor Co and Parker Motor Company.

      Oct 2020 used car companies are extremely bullish going into FY21 as they envisage a situation of such vehicles selling in higher numbers than new vehicles during the current financial year. During FY 2019-20, used car sales was at 4.2 million and this year, we expect to close a bit lower at 3.8 million vehicles which is much higher than new car sales in both years”, said Ashutosh Pandey, CEO at Mahindra First Choice. He mentioned that value wise, used cars cost at least 40% lesser which aids such buyers. The company sells an average of 15,000 used cars per month.  Oct 2020 Sonic Automotive continues used-car dealership expansion with opening of Nashville location Sonic Automotive continues used-car dealership expansion.

     Online used car seller Vroom Inc. said on Oct 2020 it raised $467.5 million in its initial public offering as appetite for new stocks rebounds after the COVID-19 pandemic put many debuts on hold. Vroom priced its IPO of 21.25 million shares at $22, valuing the company at $2.48 billion. Skoda Auto India, the Indian subsidiary of the Czech automaker announced on Wednesday that it had entered the used car market with the ‘Certified Pre-Owned’ programme. Under this programme, handpicked vehicles meticulously assessed by trained professionals, across a comprehensive set of 160 plus points of inspection and wherever necessitated restored to past glory using genuine parts and accessories will be offered to the customers. Apart from Skoda Auto India, Maruti Suzuki, Hyundai Motor India and Toyota are also operating in this domain.

      Ford India on Sept 2020 launched a special Sport Edition of its Endeavour SUV, priced at Rs 35.10 lakh with several design enhancements and additional safety features. Featuring a dozen impressive exterior changes, the Ford Endeavour Sport will be the new top-trim variant in the Ford Endeavour vehicle lineup, available with an all-wheel-drive or 4X4 driveline, the company said in a release.

       Used Car and Refurbished Car Market segmented on type and Application Segment Analysis. Product Type Segmentation (Used Car, Refurbished Car) On the basis of applications it has been Franchised, Independent and Others. In Regional Analysis, the Used Car and Refurbished Car market is also categorized into North America, Europe, China, Japan, the middle East, India, South America, Others. North America, Europe is expected to account for a distinguished share, in terms of price and extent, of the Used Car and Refurbished Car market throughout the forecast length. The Used Car and Refurbished Car market within the Asia Pacific is projected to extend throughout the forecast period. 

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