The growth in the use of smartphone has led to the latest trend of seeking everything online. And the pre-owned vehicles is not an exception, in this case. There is a huge rise in consumers going online to sell pre-owned vehicles.
According to OLX, an online classifieds platform, the number of transaction of pre-owned passenger vehicles has jumped more than 100 percent on their website. Around 2,00,000 vehicles worth $1 billion are sold every month.
The top six metro cities contribute 52 percent to the sales, whereas remaining 48 percent of transactions comes from over 4,000 towns and villages across the country. OLX receives around 1.2 million enquiries in a month. OLX claims that it has a share of 72 percent in the pre-owned car market in India.
Maruti Suzuki Alto, Honda City, Swift, Dzire, Toyota Innova are some of the popular models sold on OLX. In the luxury car segment, Mercedes have the largest listings followed by BMW and Audi. The pre-owned car market has seen a steady growth over past few years, due to better income, high standard of living and awareness about the internet.