Volvo is considering expanding its certified car business across India by early 2024. Its pre-owned car business is globally operated under the ‘Selekt’ platform. In India, the platform was recently launched with two dealerships.
According to the CRISIL-OLX Auto report, the pre-owned market is expected to grow at a compounded annual growth of 19.5 per cent until the financial year 2027. It will reach up to 8 million units, adds the report. Volvo expects to cash in on this trend by drawing about one-third of its volumes from this segment in the coming years.
According to Jyoti Malhotra, MD, Volvo Car India, in terms of used car purchases, customers are looking for quality, assurance, warranties and the right inspection from the manufacturers. There will be more traction if manufacturers drive the segment. The pan-Indian expansion plan tries to achieve that.
Volvo Car India’s total sales stood at 1,724 units in 2021. It is 27 per cent higher than the previous year. The first half of 2022 has also shown good demand. The company expects to close the year 2022 with about 1,900-2,000 car sales. The firm also plans to go all-electric by 2030.
