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(I-AutoNewsWire.com, October 16, 2019 ) China is one of the world's largest auto markets and alone produces more than half of the cars across the globe. China is also the biggest used car market and the largest manufacturer of automobile sector globally. In China, used-cars are sold by Organized Dealers, Unorganized / Independent Dealers, and through online sites like Guazi.com, Uxin Group (xin.com), Renreche (renrenche.com), Souche.com, etc. China Used Car Market is anticipated to reach 385 Billion by the end of the year 2025.
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China used car market is growing due to the rapid growth of online channels in the industry. Chinese online used-car dealing platforms are increasingly investing in physical retail stores as they seek to improve customer experience on their platforms and improve brand recognition.
East China dominates the used car market in China among South Central China, Northern China, southwest China, North-East China, and northwest China. China has accelerated the development of the automobile industry with the rapid pace and achieved remarkable output with several laws and regulation that supported China used car market.
China's Ministry of E-Commerce policy such as Administering Automobile Sales, Registering used car sold across provinces and city borders, amending measures that govern the recycling of scrapped vehicles and promoting the so-called "parallel imports" pilot scheme. These policies allowed selected unauthorized dealers to sell imported cars in a bid to rein in high-end car prices.
Sedan and SUV is the most popular used car which was sold in China as more and more Chinese younger generation below 30 years old prefer to buy these two vehicles. As per our study, the China annual SUV used car sales to be triple in the next ten years, as the number of wealthy consumers is increasing year on year.
Chinese people consider buying a used car due to excellent condition and lower cost and the chance to buy a better model and brand. Because of this, segments like
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