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IndianBlueBook(IBB), the industry first pricing and analytics platform for new and pre-owned vehicles in India, today released the 3rd edition of the ‘Indian 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.
This is the first in-depth, definitive consumer study in the industry in about a decade, where an effort is been made to understand in detail the profile of customers buying and selling pre-owned vehicles, their primary motivations and key concerns. This exclusive study was done with PremonAsia, a consumer-insight based consulting firm based out of Singapore and India.