Volvo plans to expand Certified Used Car business across India by early 2024, Auto News, ET Auto

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Volvo Car India’s total sales amounted to 1,724 units in 2021, up 27% from the 1,361 cars sold a year ago.

Swedish automaker Volvo plans to expand its certified used car business across India by early 2024 and expects a third of its volumes to come from this segment, a source said. senior manager of the company. Volvo operates its used car business under the “Selekt” platform globally and recently launched the platform in India with two dealerships.

According to a study released earlier this month, the used car market is expected to grow at a compound annual growth rate of 19.5% through fiscal 2027 and reach up to 8 million units.

A recent report from CRISIL-OLX Auto suggested that in the used car market, the premium segment has seen a surge in demand as well as supply in the first half of this calendar year.

“We have just launched a pilot project for our Volvo Selekt Certified Used Car Platform with two dealerships in India. We want to expand it in phases and are looking to ensure that the platform is present on our network. by 2023 or early 2024,” Jyoti Malhotra, managing director of Volvo Car India, told PTI.

Customers want quality, assurance, warranties and the right inspection from manufacturers when it comes to buying a used car, according to Malhotra.

Malhotra further said volumes could gain traction if the segment is driven by manufacturers.

In this (model), consumers get the right price for the car and the buyers also get the right price with the quality and value of the product, which Volvo Car India is working on, he said.

Malhotra said the company expects at least a third of its volume to come from this platform once it is functional on the network.

Volvo Car India’s total sales amounted to 1,724 units in 2021, up 27% from the 1,361 cars sold a year ago.

He said the first half of 2022 has seen good demand with volumes up 17% year-on-year to around 800 units, and added that the July-December period of the year could see sales increase by 25%. %.

“On the demand side, it’s better because we have good order intake but we are still limited by supplies,” he added.

Malhotra estimates the company could end the year (2022) at around 1,900 to 2,000 cars, which he says will be “decent growth” given supply chain constraints.

Volvo plans to switch to all-electric by 2030 in a phased manner. As part of this, Volvo Car India has already transitioned its Indian range to gasoline-powered mild hybrids this month.

Furthermore, it has already rolled out its locally assembled pure electric SUV, XC40 Recharge, in July this year and plans to launch another electric vehicle by the middle of next year.

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