Second Hand Vehicle Trading Service Market, By Vehicle Type (Passenger Cars (Hatchback, Sedan, SUV),Light Commercial Vehicles, and Heavy Commercial Vehicles), By Fuel Type (Petrol Vehicles, Diesel Vehicles, Electric Vehicles, and Others), By Sales Channel (OEMs/Direct Sales and Third Party Services), By Mode of Sales (Online and Offline), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Jul 2023

Code : CMI3428

Pages :120

Formats :

Excel and PDF

Industry : Automotive and Transportation

Market News

Global Second Hand Vehicle Trading Service Market: Key Developments

Carvana, a leading online platform for buying and selling used vehicles, made significant strides in expanding its market presence. In 2020, Carvana reported a strong revenue growth of over 40% compared to the previous year. It continued its expansion by entering new markets and opening additional vehicle vending machines, which are automated car delivery systems. In 2021, Carvana further expanded its operations, including the launch of CarvanaACCESS, a program that provides third-party dealerships with access to Carvana's online platform for selling vehicles.
Cazoo, a U.K.-based online used car retailer, experienced rapid growth and made notable advancements in 2020 and 2021. In 2020, Cazoo acquired Drover, a car subscription platform, expanding its service offerings beyond traditional used car sales. The company also raised significant funding, reaching a valuation of over US$1 billion. In 2021, Cazoo went public through a merger with a Special Purpose Acquisition Company (SPAC), allowing them to raise additional capital to fuel their expansion plans.
Auto1 Group, a leading European platform for buying and selling used cars, made significant developments. In 2020, the company launched its Initial Public Offering (IPO), becoming one of the largest IPOs in Germany. This provided Auto1 Group with substantial capital to further expand its operations and strengthen its position in the European market. The company continued its growth trajectory in 2021, with further acquisitions and investments in technology to enhance its online platform and improve customer experience.
Cars24, an India-based online marketplace for used cars, experienced significant growth and development in the market. In 2021, the company raised substantial funding to fuel its expansion plans and invest in technology enhancements. Cars24 expanded its presence to new cities across India and continued to focus on improving the customer experience by offering services such as vehicle inspections, pricing transparency, and a hassle-free selling process. The company's growth trajectory continued in 2021, with plans to expand into new markets outside of India.