Used cars - from outsider to market driver

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In the European Union, over 50 million vehicles are registered annually, with a 3:1 ratio of title transfers to new registrations, highlighting the significance of used cars in the market. In Germany, used cars account for 40% of sales, increasingly appealing to private customers as they offer newer models with advanced technology at lower prices. "Young used cars," previously rentals or company vehicles, are often indistinguishable from new ones. Despite this, automakers have not adequately adjusted their production and marketing strategies to account for the growing used-car market, focusing instead on new car sales. This oversight is concerning, especially with predictions of a steep decline in new-car sales by 2010. Car dealers, pressured by manufacturers, are leveraging the new-car market while the used-car sector remains underdeveloped. Today's informed buyers demand high quality and service, challenging the outdated stereotype of used-car dealers. Successful companies have demonstrated that enhancing processes can significantly boost used-car sales and profitability, emphasizing the formula: “Transparency + brand = trust.” The used-car market presents an economic potential of up to 140 billion. Our study, informed by discussions with industry experts and market research, aims to optimize the European used-car business and provide insights into its future. We hope to meet the growing demand for information in this area.