Auto Terrace: Honda India to become a major player in used car segment

Auto Terrace: Honda India to become a major player in used car segment

Japanese car major Honda has said that they now want to be a major player in the Indian user car segment. The market is currently dominated by Maruti.

Honda India is now entering the fast growing segment of pre-owned cars and car exchange business. The company said that the market for premium cars is growing in India and a lot of consumers are interested in getting a bigger car.

Market estimates suggest that the used car market in India stands at around 1 million units. However, most of this market is captured by the unorganized sector with no big established brand.

The organized sector is currently pretty small at just around 2 lakh units. Of this, Maruti itself handles around 90,000 second-hand cars through its 210-dealer strong True Value network.

Other players are Hyundai Advantage, Ford Assured, and Automart India. Honda is now starting their program named Auto Terrace.

Honda Siel Cars India Senior General Manager Jnaneswar Sen spoke on this initiative: “We have had this programme for some time but now we have decided to focus on this aggressively. A specialized team has been formed within the company to take care of this business that will have close interaction with dealers and their marketing teams.”