Expatriates are sending used car sales figures to new heights. They are picking up used cars when returning home. The scenario is pretty much prominent in Gujarat and Punjab where used car sales have shot up unexpectedly during the festive season. "In Gujarat, we notice that sales of used cars are up during festival season when expatriates come home in large numbers, and in Punjab, where clients for used cars typically come from the US, UK or Canada, some have even evinced interest in investing in our pre-owned cars franchise network", says Shubhabrata Saha, CEO of Mahindra First Choice.
M&M owns Mahindra First Choice as its retail outlet for used cars. It has opened its retail outlet now in Thiruvananthpuram and expects Kerala to supersede all sales figures in the state as compared to the rest of the country. MFC has 102 retail showrooms across Indian for used cars.
Used car market is expected to grow at a healthy rate of 20 percent. However, the market still faces regulatory issues like taxation, inter-state sale of used cars, etc.
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