“Amplified demand for young used cars and the shift towards the E-commerce sales channel have driven the growth of the used car market in Italy.”
Shift from Traditional Sales Channel to E-commerce Channel: Italy is witnessing a growth in the listing of a used car on the online platforms by dealers as well as private individuals. The car buyers’ are now more aware and informed about the used car industry owing to which they research the use of cars online before they make a decision to purchase a particular brand. Also, as the companies list their used cars online along with the purchase price, it becomes easier for the buyer to compare the best possible options with its price and specifications. The immediacy of use, the ability to quickly find what the customers are looking for and to have access to a wider offer compared to traditional channels are the main reasons which drive a customer to look for a used car online.
Analysts at Ken Research in their latest publication “Italy Used Car Market Outlook to 2023 – Led by Surge in Demand for Used Cars Backed by Improved Quality and Inspection of Used Cars” believe that the used cars industry in Italy has been growing and is expected that it will expand further owing to the used cars entering the market from car rental companies, the surge in demand for young used cars, the entrance of used car dealerships in the country, better services provided by the dealerships such as car financing, insurance, inspection and others, the rising number of online used car companies and others. The market is expected to register a positive CAGR of 3.9% in terms of sales volume of used cars and 6.0% in terms of Gross Transaction Value (GTV) during the forecast period 2018-2023F.
A surge in the sourcing of used cars from Rental companies: The private customers have developed an interest in the used cars provided by the rental companies owing to the certified documentation provided by these rental companies on the used cars. The sale of used cars to private customers was witnessed to increase in the past few years. The car rental companies have also increased the purchase of a used car in Italy. The used car allows cheaper rental offers, becoming more and more an affordable and appreciated option. Some of the main market players, such as LeasePlan or Arval, have begun to take advantage of the opportunities that used car represents. Cars that left the NLT (Northern Light Technologies) park in the first quarter of 2018 were distributed 7% to individuals, 11% exported and 79% to dealers.
Accessibility of Financing options: Companies operating through organized channels have tie-ups with banks and related financial institutions, thereby providing their customers with added financial assistance. As a result, leading to increased used car sales in Italy. Italy used car dealerships were not providing the financing options in the past few years as their primary focus was on the sale of the used car, owing to which the customers had to finance their used cars from banks which charged a huge interest rate. With the availability of car financing options at the dealerships over the years has eased the purchase of a used car in Italy for the customers.
Key Segments Covered:-
By Type of Market Structure:
Organized Market
Multi-brand Dealerships
OEM Certified Dealerships
Unorganized Market
Customer to Customer
Online Sales
Local Dealers
By Car Make:
Fiat
Volkswagen
Renault
Ford
BMW & Mini
Opel
Mercedes
Audi
Toyota
Citroen
Nissan
Skoda
Others (Peugeot, Jeep, Dacia, Hyundai, Lancia, Kia, Alfa Romeo, Suzuki, MCC, Mini, Seat, Volco, Land Rover, Mazda, Jaguar, Honda, Mitsubishi, Porsche, Subaru, Maserati, Ssangyong, Dr, Mahindra, Ferrari, Lotus, Lada and rest)
By Year of Ownership:
<2000
2000-2002
2003-2005
2006-2008
2009-2012
2013-2018
By Kilometers Driven:
Less than 5,000
5,000-20,000
20,000-50,000
50,000-80,000
80,000-120,000
Above 120,000
By Type of Used Cars:
Economy/Hatchback
MPV’s/Sedan
SUV’s
Key Target Audience
Offline Dealers
Online Portal
Organized Multi Brands Dealers
OEM Certified Dealerships
Online Portal
Private Equity and Venture Capitalist
Industry Associations
OEM Manufacturers
Automotive Manufacturers
Car Auction Companies
Time Period Captured in the Report:-
Historical Period - 2013-2018
Forecast Period – 2019-2023
Companies Covered:-
Online Dealerships:
True Car
Autoscout24
Bakeca.it
Alvolante.it
Autorola Marketplace
Cargurus
Offline Dealerships:
Auto Torino
Denicar FCA
Birindelli Auto Srl
Mocautogroup
GoodBuyAuto
Autoquattro
Schiatti Car Srl
Auto 500
Key Topics Covered in the Report:-
Italy Used Car Market Overview and Genesis
Italy Used Car Market Supply Chain
Business Model Prevalent in Italy Offline Used Cars Market
Italy Used Car Market Size by GTV and Sales Volume
Italy Used Car Market Segmentation
Snapshot on Italy Used Car Auction Market
Government Regulations in Italy Used Car Market
Trends and Development in Italy Used Car Market
Issues and Challenges in Italy Used Car Market
Snapshot on Italy Online Used Cars Market
Competition Scenario in Italy Offline Used Cars Market
Italy Used Car Market Future Outlook and Projections, 2019-2023F
Analyst recommendations
Success Case Studies in India Used Car Market-OLX
For More Information On The Research Report, Refer To Below Link:-
Related Reports by Ken Research:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
