Used Car Sales Up by 20 % in Festive Season & Future of Used Cars Market | AU Small Finance Bank
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20 percent up move seen in used car sales

    Interview with Mr. Insaf Ahmed – Owner, Shri Kabir Motors, Indore, MP
     

    How has the used car sales been through the festive season?

    The festive season was indeed an occasion for us to celebrate with brisk sale during Diwali. The help extended by AU Bank in terms of making available quick financing instruments also helped the overall sales momentum. If you calculate the relative rise in sales compared to last Diwali, we have seen a 20 percent uptick in numbers.

     

    What's the ratio of enquiries vis-a-vis actual conversion in terms of sales?

    What is particularly encouraging about the sales pattern this festive season is that there has been a significant increase in the enquires as well as the conversion rates. For every 10 enquiries, we have been able to achieve 6 conversions. That’s a healthy ratio and we are hopeful of bettering it further.

     

    If we break up segments, which category - Entry-level, Sedan, SUV, saw the maximum traction in the used car space?

    Hatch back and sedans have maximum demand in the used car space in our area. This is then followed by SUVs. These are the three segments that saw maximum traction.

     

    With just 4 months left, how do you think FY2022 will end in terms of used car sales?

    The sales are definitely on a higher trajectory and we expect the trend to continue. That’s an encouraging development, no doubt.

     

    What's your expectation with regards to FY2023, in percentage terms how do you think used car sales are going to stack up?

    Overall we expect the same trend shall continue. So on an average it will be a fair assumption to see a 10-15 percent uptick in sales in the next financial year.

     

    Many studies indicate used car sales doubling to 7 million plus by FY2025, what's your outlook?

    Yes that seems to be the most talked about number. For sure, we are also expecting to reach this goal given the current trend and up move in sales across used car markets.