How is the technological disruption gearing up the KSA Used Car Market for the long ride?: Ken Research
The Used Car Market in KSA has witnessed a positive growth over the years supported by the increase in the millennial population in the country along with the entry of emergent players into the market. The rising trend in used cars over new cars indicates the buyer’s preference for purchasing used cars. Car dealers are emphasizing providing integrated user-friendly platforms to ease the buyer’s journey of used cars in the country. In this segment, we will highlight these trends and developments that are changing the used car industry on a positive note with promising future growth.
1. The KSA Used Car market is in its growth stage and is highly fragmented with multiple players competing on the basis of locations covered, brand availability, financing options, and more
2. The entire vehicle purchasing journey in KSA is undergoing digital transformation, from pre-buying browsing and researching to pricing comparison, finding a dealer, financing options & purchases
3. 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, unverified sellers & lack of additional services online are some of the customers’ pain points, which are now addressed by the online auto portals in order to drive more sales
5. Additionally, the diffusion of advanced technology & digital enablement will further help the KSA used car market to expand with double-digit growth in the future
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