German luxury car manufacturer Mercedes Benz India is looking to garner a larger share of the growing pre-owned luxury car market as it launched a new brand Mercedes Benz Certified on Thursday.
The company said with growing number of new luxury car buyers, the demand for pre-owned cars is expected to grow in the coming year.
Mercedes Benz in 2014 sold 1,700 pre-owned cars in 2014, till September with a growth of about 39%, while its new car business is expected to grow in double digits by the end of the current calender year.
According to the company estimates, the overall organised market for hi-end pre-owned cars is around 4,000-5,000 units a year, of which Mercedes has a share of 40%, the company said.
With the new pre-owned brand, Mercedes Benz is looking at expanding its presence in the segment.
The company said that by next calender year, it would have a 250 display points across the country under its Mercedes Benz Certified brand.
"Factors like growing new car business and the increasing potential customers looking to buy pre-owned car luxury car are driving the growth of the segment," said Eberhard Kern, MD and CEO, Mercedes Benz India.
"This will also help us getting new customers for new cars," he said.
Though the company was already selling pre-owned cars through some of its dealers, this is the first time that the company has launched a tailor-made brand for selling second-hand cars in the country. Currently, its German peers -- Audi India and BMW India – also have their own pre-owned car brands/showrooms running in the country.
Under the new brand, Mercedes Benz India aims to offer certification of cars, warranty and customised program for customers on financing,
It expects huge demand coming from Tier II and III cities, which will help in fuelling the overall demand.
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