Riding the digital wave- The used Car Market is set to boom in Australia: Ken Research
Gone are the days when buying a pre-owned car was a stigma. Consumers now choose to buy certified used automobiles following thorough quality and valuation checks, which raises the volume of used car sales in Australia as a result of improved awareness. Also, with dealerships now providing warranty and service assistance, first-time purchasers have a reliable and trustworthy option in the used automobile market.
Besides, the diffusion of technology and digital enablement have boosted the overall used car market in Australia. Vertical platforms are providing consumers and sellers with new methods to interact online and assist the purchasing choice by presenting a profusion of options and focusing on the user browsing experience.
Read to know how the digital wave has been transforming the overall purchasing journey of customers and the future projection of the used car market in Australia.
1. Used to new car ratio is representative of the maturity of the pre-owned car industry which signifies the beginning of a new era in the pre-owned car market in Australia
2. End users usually have a variety of options in choosing different platforms such as multiband, captive & unorganized dealerships along with online platforms for purchasing a used car
3. Here, Social media plays a major role in generating leads for dealers & end consumers by virtue of offering advertisements at a lower cost with respect to other traditional marketing channels
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4. However, there still remain some concerns to customers but Online auto portals are emerging and providing a wide range of services to address those problems and driving the growth of the sector
5. Presently, the Used Car market in Australia is in the growth stage and has a high potential to grow with double-digit CAGR in future owing to the rise of online platforms and enhancement in online infrastructure
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