Mumbai | Pre-owned cars market in India, which stands at around 3.3 million units, is growing at a rate of 15 per cent annually, driven by first-time buyers from non-metro markets, says an industry report.
Though the market is very large, only 12 per cent of the pie is with the organised players, a report said, attributing the faster growth to consumers looking for trust followed by affordability.
Releasing the report by Indian Blue Book, which claims to be the first pricing and analytics platform for new and pre-owned vehicles in the country, Mahindra First Choice Wheels Managing Director Nagendra Palle said 55 per cent of all pre-owned cars sold are in the non-metros while organised players are growing at 25 per cent against the industry growth of 15 per cent.
The report was released in association with Mahindra First Choice Wheels that claims to be the largest multi-brand used car player in the country.
The North leads the pre-owned car market with 36 per cent of overall sales followed by the West (27 per cent), South (26 per cent) and East at 11 per cent.
The northern and western regions have more organised channels than the South, Palle said.
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