Buoyed by strong growth in used car business, France-based carmaker Renault would foray into this space and make a formal announcement about it next month, a top official has said.
"Renault will be getting into used car business. We have already established a team now. The used car business in India is growing very strong," Renault India Country CEO and Managing Director Sumit Sawhney told reporters here.
Stating that the used car business would be a multi-brand platform, he said, "As a company, we have taken the decision. We already have a team working in it. By April, we will make announcement".
Currently, other carmakers such as Maruti Suzuki retail used cars under Maruti True Value, Toyota under iTrust while Mahindra operates Mahindra First Choice in the used car business space.
Asked about the name of the used car entity, Sawhney said it is yet to be decided as Renault operates used car business in various countries.
Referring to financing of cars, he said the company has a joint venture company and it is already operational.
"We also have an in-house financing arm", he added. On the recently launched upgraded variant of hatchback "Pulse", he said the company had launched upgraded variant of "Duster".
"It is being done specific to India. We are now leveraging on our technology centre. Already we have about 5,000 people. In Duster alone we made 37 changes when we launched upgraded variant", he added.
To a query on whether the company would unveil upgraded version of mid-size sedan "Scala", he said they are working on it and would also launch the upgraded variant in future.
The company is also strongly evaluating offering automatic transmission variants in its products at the technology centre in Chennai.
Currently, Renault retails hatchback Pulse, sedan Scala, SUV Duster, luxury sedan Fluence and premium SUV Koleos in the Indian market.
The company has a joint manufacturing facility with Nissan at Oragadam near Chennai involving an investment of Rs. 4,500 crore spread over a seven year period.