Wednesday, 13 September 2017

Demonetization Diminishes India’s 3.6 Million Unit: Pre-Owned Car Market by 6%

By 121 News

Chandigarh 13th September:- Indian BlueBook (IBB), the industry first pricing and analytics platform for  new and pre-owned vehicles in India, today released the second edition of the 'India Pre-owned Car Market Report'.

Over the past year, the market has been hit by significant "jolts" in the form of three major market reforms–Demonetization in November 2016, BSIII/BSIV in March 2017 and GST in July 2017. In addition to updates to the basic market metrics presented in the first edition, the report also reviews the impact of the recent disruptions on the overall market.

Dr. Nagendra Palle, Managing Director & CEO, Mahindra First Choice Wheels Ltd. said that while these reforms have no doubt disrupted the status quo, they have necessitated that all stakeholders change with the times and become "more organized". Notwithstanding the short term hiccups, we strongly believe these market reforms are good for the organized industry in the long term.