Top auto brands foray into second hand car market
There has been a great deal of noise about some of the leading players of Indian industry entering the retail market. What seems to have gone relatively unnoticed is the entry of the top names of the automobile sector into the second hand car market. Starting from scratch only a few years ago, the big boys have already cornered 22 per cent of this Rs 10,000 crore market, which was earlier completely unorganised.
Maruti sold 84,500 pre-owned cars in the financial year 2006-07, earning revenues of Rs. 1,483 crore. The company's pre-owned car business has been doubling every year for the past three years. Maruti entered the use car business in 2000 as a part of its strategy to be the 'end-to-end' player in the car industry.
Arch rival Hyundai Motor India was a relative latecomer, entering the business only in April 2006.
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