Volvo plans to expand used car business in India by early 2024, says official

The auto giant expects the old cars segment to account for 33 per cent or one-third of its total business, said a report.

In India, demand for second hand cars is on the rise. An evidence of this is a recent report-- prepared by Indian Bluebook and Das Welt Auto – which has estimated that the second hand and old cars market in the country is set to increase by nearly 20 per cent by 2026-27. Now, looking at the growth of this segment, Swedish auto giant Volvo is planning to widen its second hand cars business in the world's fifth-largest economy.

FILE - In this Feb. 6, 2020 file photo a Volvo car is parked behind the Volvo logo in the lobby of the company's corporate headquarters, in Brussels. (Used only for representation)

Jyoti Malhotra, Managing Director, Volvo Cars India, said that under its ‘Selekt’ platform, the company has recently launched the used car business in India.

“We began as a pilot project. We want to expand gradually, and take it across our network here by the year 2023 or early 2024,” Malhotra was quoted as saying by Hindustan Times' sister publication Live Hindustan. Malhotra further said that if companies participate actively in the second hand cars market, customers will get good-quality cars at affordable prices.

Meanwhile, the report also stated that eventually, Volvo expects this segment to account for 33 per cent or one-third of its total business.