By 2020, online sales of used cars began to rise sharply in Europe. Today they represent 4.2% in the Old Continent, with the prospect of reaching 9.7% in 2025. This percentage in the US is expected to reach 18%.
Increased demand for used cars increases corporate profits. Month after month, used car sales are gaining more and more market share. In the midst of a pandemic, restrictions and lockdowns have led, according to statista, a large portion of used car dealers to create or improve their pages to increase sales. At the same time, car production stopped due to the known problems that arose due to the lack of semiconductors, the shortage and the price of raw materials and lastly due to the consequences of the war. The long delay in the delivery of new cars leads an increasing number of consumers to used cars, which have recently increased their price. Inventories are declining across Europe and car owners, seeing and analyzing the situation with new cars, do not decide to sell them, resulting in an increase in their price.
The new trend of selling used cars via the internet has accelerated the efforts of dealers to offer digital services. The market shows that cars are now sold through smartphones with mobile applications, which represent a significant part of digital sales.
Meanwhile, new vehicle manufacturers that have been online for many years have further expanded their digital purchasing service. Electric vehicle maker Tesla is the most extreme example of this trend. The company intends to move its purchases exclusively to the internet. A similar move was announced in March 2021 by Volvo for its range of electric vehicles.
In order for companies to sell a vehicle, they must be able to provide digital control of the documents and the physical condition of the car. The digital control of the cars should accurately show the condition of the vehicle. A major disadvantage of the digital market is the inability to inspect the car.
But buying cars online has many advantages. The most important thing is the good acquisition price, while at the same time the consumer can locate a car of his choice that is far away. So you will get rid of the need to travel, spend money and lose valuable time.
The European used car market is segmented by type and sales channel. In terms of type, the European used car market can be divided into B2C (business-to-consumer), B2B (business-to-business) transactions and financing.
Finally, the fastest growing market in Europe is Germany due to the escalating demand for affordable used cars, due to their low price and good condition, the growing number of used car electronics companies in the country, the rapid expansion of used dealerships and used dealerships. used. Car financing and insurance options, as well as the growing penetration of the internet in the automotive space, reinforce the tendency of customers to want to buy well-used cars.
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