According to a top corporate executive, Volvo, a Swedish automaker, anticipates up to one-third of its sales from the certified used-car market by the beginning of 2024.
Volvo uses the "selekt" platform to manage its used vehicle business worldwide. It just debuted the platform in India with two dealerships.
The pre-owned automobile industry is anticipated to increase at a compound annual growth rate of 19.5% through the financial year 2027 and reach up to 8 million units, according to a report released earlier this month.
According to a recent CRISIL-OLX Auto analysis, the premium category of the used-car market has experienced a significant increase in both supply and demand in the first half of this year.
"With two dealers in India, we have just begun a test program for our pre-owned certified automobile platform, Volvo Selekt. By gradually expanding it, we hope to have the platform available throughout our whole network by early 2024." Managing Director of Volvo Car India, Jyoti Malhotra
When purchasing a secondhand automobile, consumers seek quality, assurance, warranties, and the proper examination from the manufacturers, according to Malhotra.
Malhotra said that if manufacturers are the segment's driving force, sales may take off further. This model, gives customers the correct pricing for the car and the purchasers also receive the proper price with the quality and value in the product.