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Used Cars Market Share

Report ID: GMI5019
Published Date: Jul 2024
Report Format: PDF

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Used Cars Market Share

Car Max and AutoNation held significant market share in 2023. Car Max leverages its robust online platform, offering features such as vehicle search, financing options, and home delivery to enhance the customer experience. CarMax continuously invests in advanced technologies like data analytics and digital tools to streamline operations, improve inventory management, and provide personalized recommendations to customers. The company's focus on transparency, comprehensive vehicle inspection reports, and strong customer service further solidifies its competitive edge in the market.

AutoNation sustains its competitive edge in the used cars market by capitalizing on its vast dealership network, diverse vehicle inventory, and strong brand reputation. The company offers a comprehensive suite of services, including certified pre-owned programs, extended warranties, and financing solutions tailored to meet the needs of different customer segments. AutoNation leverages its technological capabilities to provide a seamless online and offline purchasing experience, utilizing tools such as virtual showrooms, digital financing applications, and home delivery services. The company's commitment to customer satisfaction, coupled with its extensive industry expertise and innovative marketing strategies, positions AutoNation as a formidable competitor in the market.

Used Cars Market Companies

Major players operating in the market are:

Arnold Clark Automobiles Ltd.
Asbury Automotive Group Inc.
AutoNation Inc.
AutoScout24
Universal Motor Agencies
CarMax Inc.
Carvana
Cox Automotive Inc. (Autotrader)
Emil Frey AG
Group 1 Automotive Inc.
Inchcape Group
Lithia Motors Inc

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of used cars reached USD 2.4 trillion in 2023 and will grow at 4.5% CAGR between 2024 and 2032, fueled by the rising cost of new vehicles, economic uncertainty, and the need for cost-effective transportation.

The SUV segment captured 35% of the used cars industry share in 2023, driven by its popularity among consumers for its spaciousness, versatility, and safety features along with its availability of a variety of models and attractive resale values.

Europe market achieved 35% share in 2023, attributed to a strong infrastructure supporting the sale and distribution of used vehicles, featuring well-established dealership networks and online platforms in the country.

Prominent players operating in the industry are Arnold Clark Automobiles Ltd., Asbury Automotive Group Inc., AutoNation Inc., AutoScout24, Universal Motor Agencies, CarMax Inc., Carvana, Cox Automotive Inc. (Autotrader), Emil Frey AG, Group 1 Automotive Inc., Inchcape Group, and Lithia Motors Inc, among others.