French auto major Renault today forayed into pre-owned car business in India by opening its first outlet in Bengaluru.
'Renault Selection' would provide customers a transparent and reliable platform for buying, selling and exchanging certified pre-owned cars of all brands with optimum deals on finance, insurance, warranty and road side assistance (RSA).
Renault will also cater to the customers who are willing to sell multi-brand used cars in exchange for a brand new Renault car.
"Renault is pursuing an aggressive growth strategy in India and we are entering new businesses in the automotive space to best serve the Indian customer," Renault India Country CEO and Managing Director Sumit Sawhney said in a statement.
The pre-owned car market in India has steadily gained momentum over the past decade, spurred by new model launches, quicker upgradation cycles by customers and rising income levels, he added.
"With Renault Selection, we will address these needs by offering customers the best quality of multi-brand pre-owned cars as well as Renault's segment defining products," Sawhney said.
Besides Bengaluru, Renault Selection will start operations in Jaipur, Nagpur and Chandigarh.
"Estimates suggest that the pre-owned car market is nearly three times the size of new car volumes in Western Europe, the UK and the US.
"In India, the used car market is already more than the new car volume and it is estimated to reach twice the size of the new car market within the next 5 years. Given this, Renault selection, will play an important role in building the Renault brand in India," he added.
Renault India, a fully-owned subsidiary of Renault SAS France, sells seven models in the Indian market.