Glasgow Research & Consulting Episode 2: Future of Automotive and Aftermarket with Irfan Tansel

March 2020, saw almost 65% decline in the sales of new cars due lock-down and it continued in May and June. The lock-down resulted in job loss for expatriates and restricted travel in the country increased the supply of used car from the rental companies. Consumers are considering leasing and co-ownership options; Used Car sales has outpaced the new car sales. Consumers are financially vigilant and second the option of used cars. With COVID e-commerce and e-retailing are in limelight in used car sales. Current situation has made purchase of new car on hold until there is more clarity on the situation in the near future. Hence, close to 50% of the buyers have shown massive appetite to buy second hand cars from a qualitative point of view which is an affordable option. Buyers also have shown keen interest for purchasing Certified Used Cars. In the near term, dealers expect an influx of used car sales due expatriates leaving the country, however the fall in prices in near term, lesser disposable income, increase in VAT for new cars and women drivers are expected to provide early recovery of used car demand.