Used cars market to soar

Used cars business is to move ahead with the entry of several car makers like Hyundai Motor, Ford Motors and General Motors. As per the industry estimates, in the last fiscal year ending March 2009, new passenger vehicle sales were about 1.5 million units while sales of used cars were about 1 million. Tata Motors also made an entry in the segment. Earlier, the pre-owned car business was a property of neighborhood dealers and roadside garage mechanics. Maruti and Mahindra & Mahindra already have their share in the used car segment. The used car programs allow customers to get new cars in exchange for their older ones at substantial discounts. These used cars are then refurbished and sold with warranties.  For auto firms, the exchange programs are a way of building brand loyalty. For new car owners they are an opportunity to buy bigger cars at entry-level prices.  We will be able to ensure customer loyalty and it will also reflect in the sale of new cars, said General Motors India's Vice President P. Balendran.

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