The Used Car Market: What's Driving Growth?

The automotive industry is composed of a few top global multinational players and several retailers. The multinational players are mainly manufacturers by trade whereas the retail market features players who deal in both new and used vehicles. Over the last few years, the used car market has demonstrated a significant growth in value contributing the larger share of the overall market value in dollar terms. For instance, in the U.K., the used car market contributed 51% of the total sales in 2014 with GBP 45.1 billion.