One lakh used cars sale by 2014: Mahindra First Choice

Mahindra First Choice Wheels Ltd , one of India's largest multi-brand pre-owned car selling companies, is eyeing to sell one lakh used cars by 2014, a top company official said on Monday. 

"We are aiming to sell one lakh used cars by 2014. We are targeting to sell 50,000 cars in this financial year," vice president (operations) Ashesh Dhar told reporters here. He said the company sold 28,000 used cars last fiscal. 

"Last year, about 25 lakh used cars were sold across the country. The market grew by 20 percent last fiscal. This year it is expected to grow at a rate of 15 percent because of slowdown in the industry due to high inflation and higher interest rate," he said. 

Dhar said that the organised used car sector of the country was growing at a rate of 50 percent. The company currently had 10 percent market share in the organised used car sector, he said. "We are focusing on top 20 cities of the country. We are also expanding our business in rural areas," he said. 

Stating that currently the company had 136 dealers across the country, Dhar said the company planned to expand this number to 300 in the next three years.