French automobile manufacturer, Renault offers a few products in India. They are definitely not among the top sellers and only a few of their products are doing well. Now the manufacturer is setting up plans to enter the used vehicle business to create more presence.
Renault will work on a similar business model like other companies. They will re-sell all vehicles and will not only work with their products. The French manufacturer will use a multi-brand platform to sell used vehicles in India.
Mahindra & Mahindra is also present in the used vehicle business known as First Choice. Maruti Suzuki sells used vehicles through its True Value franchisee and Toyota has set up iTrust. The used vehicle market is huge in India, however, it lack proper organisation and these companies plan on capitalising this moment.
Renault currently runs used vehicle business in several countries around the world. They are confident that once their new business is set up, it would not take them much time to catch up with its competitors. They will, however, have to come up with some new strategy to set them apart in this crowd.
Currently Renault India has not come up with a name for their used vehicle business. They will be announcing the inauguration of their service soon. It is unclear in which markets will Renault sell used cars. They will be able to provide finance options as well as the manufacturer has a tie-up with a particular bank for its new vehicles.