General Motors has sped up its plans to enter the used car market. In the age of rising fuel prices and hiked interest rates, the second hand car market in the country is on the boom where the consumers defer from buying a new car. Currently, the used car market stands at 1.5 million units annually out of which 90 percent market share is occupied by small dealers.
General Motors would not stick to selling its Chevrolet and Opel brands but shall cater to other brands as well. It would become the second company in India to have multi-brand used cars under its roof after Mahindra. Other major car makers cater to used car of their own brands only. Once the pilot phase is over, the company shall gear up its expansion plans in the business.
General Motors is plans to strengthen its position in India. It shall hit 190 dealerships by the year end and expects to mark a growth of nearly 30-40 percent even in slowing economy. It further plans to set up power train unit in close proximity of its production plants.
