A used car is a second-hand vehicle that is available for resale. Various outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars. The average number of cars millennials purchase has decreased because of the high cost of auto ownership and upkeep expense. In addition, because they desire to save money, millennials are more likely to choose used cars while traveling than new ones. The high cost of new cars also discourages many consumers from buying them, which raises the market for pre-owned vehicles. This makes it possible for diverse investments by market participants to establish their dealership networks. Due to reasons including the high cost of new cars, concerns about affordability, and rising demand from franchisees, leasing offices, and car dealers for off-lease vehicles and subscription services, the market for used cars is predicted to grow.
Market Stimulants
High New Vehicle Prices and Concerns about Affordability
The automobile industry claims demand for cutting-edge car technologies has skyrocketed over the past several years. These features include power steering, climate control, anti-lock braking, and others. As a result, the price of new cars has increased. In addition, the used car industry is again experiencing rising auto prices. Because used car sales have outpaced new car sales in the automotive industry, the demand for used cars is soon anticipated to increase.
The rise in Franchise, Leasing Offices, and Car Dealer Demand for Off-Lease Cars & Subscription Services.
The threat posed by new competitors and heightened competitiveness is the primary forces propelling the growth of the used car dealership sector. The reliability and increased services/quality have changed how consumers view the used automobile sector. Additionally, the demand for car subscription services has lately grown. These services allow users to utilize cars monthly in exchange for charges that include maintenance, insurance, and roadside assistance. With the swift introduction of new vehicle models or the rapid improvement of technology, clients can also sell or trade their old car for a new one. Benefits like value for money can be used to explain the used automobile market's potential future expansion.
Top 10 Companies in the Used Car Platforms Market
CARS24
CARS24 is a next-generation e-commerce platform for pre-owned cars. We provide the best experience for car buyers by offering a wide assortment of certified cars that are home delivered in a click of a button while sellers get the best price of their vehicles in less than 1 hour.
Recent News
In 2022- Tata Motors, the Indian carmaker giant, has been doing really well this year. Now, in order to enjoy a good demand for all its cars in the festive period, it’s offering some lucrative discounts. Here are the Tata October 2022 car offers and discounts.
Mahindra First Choice Wheels
Mahindra First Choice Wheels is India’s leading used auto platform business which is organizing the market by aggregating demand and supply. It has the largest pan-India used car retailing network, large and fast-growing partnerships to procure used vehicles efficiently, the #2 auto-content portal in the country in carandbike.com, as well as the dominant share of the enterprise solutions market for banks, NBFCs, insurance companies, and OEMs.
Recent News
In 2021- AutoKart Refresh, the flagship brand of Mahindra First Choice for Quality refurbished vehicles today announced the launch of its 6th store. Located at Dankuni, Kolkata, the newly introduced facility is spread across 30,000 sq Ft. and can hold over 200 vehicles At a time.
Hyundai H Promise
Hyundai Motor India Ltd. started its certified used car program under the brand name "Hyundai Promise" to give good quality of used cars to Indian customers. Vehicles are certified by Hyundai and come with Hyundai warranty upto 1 year or 20,000Km (whichever earlier from the date of delivery) & 2 free services. Through this program customer is assured of trust, transparency, convenience and peace of mind.
Honda Auto Terrace
AutoTerrace is Honda’s one-stop facility for Exchange and Pre-Owned Car Purchase. The Mission of AutoTerrace is to provide its customers an extremely convenient, transparent and delightful pre-owned car buying and selling experience. Honda AutoTerrace facility is available throughout the Honda Car India’s network. Through this facility, we are increasing the family of Honda customers, re-assuring them of the resale values and services pertaining to exchange against an all new Honda car or purchase of a pre-owned Honda car.
Asbury Automotive Group, Inc
Asbury Automotive Group, Inc. (NYSE: ABG), headquartered in Duluth, GA, a suburb of Atlanta, is one of the largest automotive retailers in the U.S., with 2017 revenues over $6.5 billion. Built through a combination of organic growth and a series of strategic acquisitions, Asbury currently operates over 80 retail auto stores, encompassing 103 franchises for the sale and servicing of 29 different brands of American, European and Asian automobiles. Asbury also operates 25 collision repair centers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
Recent News
In 2022 - Asbury Automotive Group Inc. executives say the retailer has cut enough debt from its books to resume buying dealerships.
Autonation, Inc
Fort Lauderdale, Florida based AutoNation, Inc. was founded in 1996 and operates as an automotive retailer in the United States through its subsidiaries. AutoNation provides a variety of automotive products and services, such as new and used vehicles, as well as parts and services like automotive repair and maintenance, wholesale parts, finance and insurance products, and other collision services.
Recent News
In 2021, AutoNation, Inc. (NYSE:AN) has reported strong financials with increased revenues and substantial increase in profit. In 2021, more than 50% of the company's sales originated from its digital channels. The company continues to invest in digital capabilities, store expansions, and intends to grab more market share. The company's plans and favorable situation creates a buying opportunity.
Big Boy Toyz Ltd
BBT started in 2009 as a benchmark model for the Pre-Used, or how we prefer to see it as, Pre-Loved Car Brand. The mission was simple, direct and drove effect - delivering a new dimension of luxury while standardising & raising platforms for the used car market in India. Since our inception our primary aim has been our passion for delivering excellence which became our mission. YOU (our patrons) are the driving force behind our company and making sure you get the best is what we thrive on.
Carmax Business Services
CarMax acquired its first franchise of cars in 1996 with Chrysler corporation. The main focus of CarMax is the marketing of used vehicles. As the world has turned so has marketing as well. Today digital marketing is one of the top skills that one should learn. If you want to learn about the basics of digital marketing then check out our Free MasterClass on Digital Marketing, taught by IIDE’s Founder and CEO, Karan Shah, if you want to stay current with today’s effective marketing.
Recent News
In 2021, CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used vehicles, is bolstering its Dallas footprint with aggressive expansion plans to support company growth, digital innovation and enhance its customer experience. One of FORTUNE Magazine’s 100 Best Companies to Work For®, CarMax is hiring more than 300 positions as part of its Dallas growth efforts across a new technology innovation center, new auction facility and new remote customer experience cent
Hendrick Automotive Group
Representing 130 franchises and 25 manufacturer nameplates from the Carolinas to California, Hendrick Automotive Group is the largest privately held automotive retail organization in the United States. Headquartered in Charlotte, North Carolina, the company employs more than 10,000 people in its 93 dealership locations, 21 collision centers, and four accessories distributor installers in 13 states.
Lithia Motors, Inc
At Lithia Auto Dealerships, our ultimate goal is assisting everyone with the vehicle that best suits their individual needs. From Idaho to California; New Mexico to Texas - and more - we have hundreds of locations across the U.S. with just about every type of car, truck, or SUV available in any condition (new or used) for nearly any price! It's all with the goal of serving you, our customer, in the most tailored way possible!
Recent News
In 2022- Lithia, the nation's No. 2 retailer based on new-vehicle sales volume, outsold fellow giant AutoNation in the first quarter of 2022.
A used car is a second-hand vehicle that is available for resale. Various outlets such as franchise and independent car dealers, rental car companies, auctions, private party sales, and leasing offices sell used cars. The average number of cars millennials purchase has decreased because of the high cost of auto ownership and upkeep expense. In addition, because they desire to save money, millennials are more likely to choose used cars while traveling than new ones. The high cost of new cars also discourages many consumers from buying them, which raises the market for pre-owned vehicles. This makes it possible for diverse investments by market participants to establish their dealership networks. Due to reasons including the high cost of new cars, concerns about affordability, and rising demand from franchisees, leasing offices, and car dealers for off-lease vehicles and subscription services, the market for used cars is predicted to grow.
Market Stimulants
High New Vehicle Prices and Concerns about Affordability
The automobile industry claims demand for cutting-edge car technologies has skyrocketed over the past several years. These features include power steering, climate control, anti-lock braking, and others. As a result, the price of new cars has increased. In addition, the used car industry is again experiencing rising auto prices. Because used car sales have outpaced new car sales in the automotive industry, the demand for used cars is soon anticipated to increase.
The rise in Franchise, Leasing Offices, and Car Dealer Demand for Off-Lease Cars & Subscription Services.
The threat posed by new competitors and heightened competitiveness is the primary forces propelling the growth of the used car dealership sector. The reliability and increased services/quality have changed how consumers view the used automobile sector. Additionally, the demand for car subscription services has lately grown. These services allow users to utilize cars monthly in exchange for charges that include maintenance, insurance, and roadside assistance. With the swift introduction of new vehicle models or the rapid improvement of technology, clients can also sell or trade their old car for a new one. Benefits like value for money can be used to explain the used automobile market's potential future expansion.
Top 10 Companies in the Used Car Platforms Market
CARS24
CARS24 is a next-generation e-commerce platform for pre-owned cars. We provide the best experience for car buyers by offering a wide assortment of certified cars that are home delivered in a click of a button while sellers get the best price of their vehicles in less than 1 hour.
Recent News
In 2022- Tata Motors, the Indian carmaker giant, has been doing really well this year. Now, in order to enjoy a good demand for all its cars in the festive period, it’s offering some lucrative discounts. Here are the Tata October 2022 car offers and discounts.
Mahindra First Choice Wheels
Mahindra First Choice Wheels is India’s leading used auto platform business which is organizing the market by aggregating demand and supply. It has the largest pan-India used car retailing network, large and fast-growing partnerships to procure used vehicles efficiently, the #2 auto-content portal in the country in carandbike.com, as well as the dominant share of the enterprise solutions market for banks, NBFCs, insurance companies, and OEMs.
Recent News
In 2021- AutoKart Refresh, the flagship brand of Mahindra First Choice for Quality refurbished vehicles today announced the launch of its 6th store. Located at Dankuni, Kolkata, the newly introduced facility is spread across 30,000 sq Ft. and can hold over 200 vehicles At a time.
Hyundai H Promise
Hyundai Motor India Ltd. started its certified used car program under the brand name "Hyundai Promise" to give good quality of used cars to Indian customers. Vehicles are certified by Hyundai and come with Hyundai warranty upto 1 year or 20,000Km (whichever earlier from the date of delivery) & 2 free services. Through this program customer is assured of trust, transparency, convenience and peace of mind.
Honda Auto Terrace
AutoTerrace is Honda’s one-stop facility for Exchange and Pre-Owned Car Purchase. The Mission of AutoTerrace is to provide its customers an extremely convenient, transparent and delightful pre-owned car buying and selling experience. Honda AutoTerrace facility is available throughout the Honda Car India’s network. Through this facility, we are increasing the family of Honda customers, re-assuring them of the resale values and services pertaining to exchange against an all new Honda car or purchase of a pre-owned Honda car.
Asbury Automotive Group, Inc
Asbury Automotive Group, Inc. (NYSE: ABG), headquartered in Duluth, GA, a suburb of Atlanta, is one of the largest automotive retailers in the U.S., with 2017 revenues over $6.5 billion. Built through a combination of organic growth and a series of strategic acquisitions, Asbury currently operates over 80 retail auto stores, encompassing 103 franchises for the sale and servicing of 29 different brands of American, European and Asian automobiles. Asbury also operates 25 collision repair centers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
Recent News
In 2022 - Asbury Automotive Group Inc. executives say the retailer has cut enough debt from its books to resume buying dealerships.
Autonation, Inc
Fort Lauderdale, Florida based AutoNation, Inc. was founded in 1996 and operates as an automotive retailer in the United States through its subsidiaries. AutoNation provides a variety of automotive products and services, such as new and used vehicles, as well as parts and services like automotive repair and maintenance, wholesale parts, finance and insurance products, and other collision services.
Recent News
In 2021, AutoNation, Inc. (NYSE:AN) has reported strong financials with increased revenues and substantial increase in profit. In 2021, more than 50% of the company's sales originated from its digital channels. The company continues to invest in digital capabilities, store expansions, and intends to grab more market share. The company's plans and favorable situation creates a buying opportunity.
Big Boy Toyz Ltd
BBT started in 2009 as a benchmark model for the Pre-Used, or how we prefer to see it as, Pre-Loved Car Brand. The mission was simple, direct and drove effect - delivering a new dimension of luxury while standardising & raising platforms for the used car market in India. Since our inception our primary aim has been our passion for delivering excellence which became our mission. YOU (our patrons) are the driving force behind our company and making sure you get the best is what we thrive on.
Carmax Business Services
CarMax acquired its first franchise of cars in 1996 with Chrysler corporation. The main focus of CarMax is the marketing of used vehicles. As the world has turned so has marketing as well. Today digital marketing is one of the top skills that one should learn. If you want to learn about the basics of digital marketing then check out our Free MasterClass on Digital Marketing, taught by IIDE’s Founder and CEO, Karan Shah, if you want to stay current with today’s effective marketing.
Recent News
In 2021, CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used vehicles, is bolstering its Dallas footprint with aggressive expansion plans to support company growth, digital innovation and enhance its customer experience. One of FORTUNE Magazine’s 100 Best Companies to Work For®, CarMax is hiring more than 300 positions as part of its Dallas growth efforts across a new technology innovation center, new auction facility and new remote customer experience cent
Hendrick Automotive Group
Representing 130 franchises and 25 manufacturer nameplates from the Carolinas to California, Hendrick Automotive Group is the largest privately held automotive retail organization in the United States. Headquartered in Charlotte, North Carolina, the company employs more than 10,000 people in its 93 dealership locations, 21 collision centers, and four accessories distributor installers in 13 states.
Lithia Motors, Inc
At Lithia Auto Dealerships, our ultimate goal is assisting everyone with the vehicle that best suits their individual needs. From Idaho to California; New Mexico to Texas - and more - we have hundreds of locations across the U.S. with just about every type of car, truck, or SUV available in any condition (new or used) for nearly any price! It's all with the goal of serving you, our customer, in the most tailored way possible!
Recent News
In 2022- Lithia, the nation's No. 2 retailer based on new-vehicle sales volume, outsold fellow giant AutoNation in the first quarter of 2022.
Reach out to us
.webp)
Reports
Articles