(I-BusinessNews.Com, November 26, 2020 ) The demand for used cars is high among consumers in the United States; this is due to favourable policies and changing consumer behaviour. United States consumers have become more comfortable in buying a used car due to rising car inventories. The growth in the number of franchised and independent car dealer with a better deal and competitive price for cars is also attracting Used Car Market in the United States. According to Renub Research analysis, United States Used Car Market is forecasted to be more than US$ 885 Billion by the end of the year 2026.
Companies like Penske Automotive, CarMax, Asbury Automotive Group and AutoNation are attracting used car consumer with aggressive advertisements, dedicated websites, lucrative offers and additional facilities. All these growth factors are propelling Used Car Market in the United States.
COVID-19 is boosting Used Car Market in the United States
The used car market has been boosted from COVID-19 as people are avoiding mass transportation such as buses, trains and even taxi services. Most of the consumers are buying used cars due to sudden economic crisis created by this pandemic and saving money in an uncertain economy is the priority. The difference between the prices of the used car versus the new car plays the most significant role in this market.
Renub Research report titled United States Used Car Market by Types (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), Market & Volume by Size (Mid - Size Car, Small Size Car, Luxury Car), Market of Vehicle by Age (0- 3 Year, 4 - 8 Year, 9-10 Year, > 10 Year), Market & Volume by Distribution Channels (Franchised, Independent Car Dealers and Others), Market & Volume by Region (South East US, South West US, North East US, Mid West US and West US), Company Analysis (Penske Automotive Group Inc, CarMax Inc, Asbury Automotive Group Inc, AutoNation Inc, Amazon.com Inc, EBay Inc, and Alibaba Group Holding Ltd) provides a complete analysis of United States Used Car Market.
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