• Market size & Forecast segmented by, transaction type,vehicle age,vehicle segment, transaction price • Consumer trends, technology proliferation,vehicle supply dynamics, Inventory challenges • Competitive landscape and growth strategy
BANGALORE, INDIA, November 14, 2019 /24-7PressRelease/ —
1. The US used car market size in US is estimated at $750 Billion in 2019, ~30% bigger than the new car market. The market is extremely fragmented (like most countries) and the biggest player has less than 2% market share
2. It is getting harder and harder to find good inventory (one- or two-owner, accident-free vehicles). Some dealers prefer their own certified programs and do only the minimum for the programs laid down by the car OEMs
3. About 30% of vehicle sales happen at franchised dealerships. Certified pre-owned vehicles, account for just ~5-6% of total used car sales but they had higher average profits and faster take-off rates in 2017-Oct 2019 period.
4. The gross profit including finance and insurance for franchised dealers varies between 8-12% per vehicle and about 9-10 cars are sold per month per sales representative
5. Shortage of technicians and fleet drivers is a cause of major concern for used car retailers
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TRENDS IN US USED CAR MARKET
• Used car dealers and auto-retail companies have been devising new strategies to influence online buyers from far-off regions and retain their market share. Ex- Some dealers are promising deliveries to 200+ miles, some are booking flight tickets to arrange a demo for the vehicle, some are offering free return up to 7 day of purchase, express pickups etc
• After multiple used-vehicle start-ups launched early in 2010s, more start-ups are entering the market, keen on improving different aspects of the market with investor backing. Some have auto retailing background, while others are completely new to the used car market in US
• There are multiple disruptions happening in the wholesale part of business i.e. online dealer to dealer digital platforms are emerging and getting good traction
• Many auto retailers are ramping up efforts to make their business more asset light i.e. make less stores cover more areas by making them more productive
1. Autotrader, Inc.
2. Cox Automotive, Inc.
3. Penske Automotive Group
4. Sonic Automotive
5. Group 1 Motors
7. Carmax Business Services, LLC
8. Truecar Inc.
12. Lithia Motors
13. Swap Motors
14. Lazy Chimp
15. Current Automotive
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
1. Most important consumer trends, which features are most sought after in different regions
2. Impact of digital disruption and opportunity for new vendor or a new tech platform in used car market in US
3. Underlying opportunity for automotive aftermarket components and services
4. Estimated and Forecasted market size for 2019-2025
5. Market share of leading vendors and their growth strategies
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