Volvo to initiate expansion of certified used-car business pan-India.

Volvo has planned to expand its certified used-car business pan-India by early 2024. The Swedish car maker expects as much as one-third of its volumes to come from this segment.

Volvo operates its pre-owned car business under the ‘Selekt’ platform globally and has recently launched the platform in India with two dealerships.

According to a study published in September 2022 the pre-owned car market is likely to grow at a compounded annual growth rate of 19.5 percent by the financial year 2027, and reach up to 8 million units.

PTI quoted Jyoti Malhotra, Managing Director at Volvo Car India stating, "We have just started a pilot for our pre-owned certified car platform Volvo Selekt with two dealers in India. We want to expand it in phases and we are looking to ensure that the platform is across our network by 2023 or early 2024."

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

Volvo Car India's total sales stood at 1,724 units in 2021, which was 27 percent higher than the 1,361 cars sold the previous year.

According to media reports, the first half of 2022 has seen good demand with volumes spiking 17 percent year-on-year at 800-odd units. And further said that the July-December period of the year could see sales growing by 25 percent.

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