New Delhi
Chase India and Consumer VOICE have released “Unlocking True Potential of Pre-Owned Car Industry post COVID-19” to offer a roadmap for a robust and resilient policy ecosystem for the used car industry.
In a nutshell, the report emphasises that the Ministry of Road Transport and Highways (MoRTH) should explore the possibility of creating a working group, with representation from all relevant stakeholder groups including government, think tanks, academia, industry players and industry associations to ensure a multi-sectoral and collaborative approach. This would keep consumers in the used-car space protected, as well as unleash the growth potential of the sector.
The booming pre-owned car industry has spawned various types of players - online and offline - who act as intermediaries in the transaction between the buyer and the seller. These transactions take place through online platforms, physical offices, garages – and are mostly unorganized.
In the report, Chase India and Consumer VOICE highlighted the need to define ‘motor vehicle intermediaries’ (MVI) and regulate the fast-growing pre-owned car industry to ensure that consumers remain protected in the space and the sector realises its growth potential.
Ashim Sanyal, Chief Operating Officer, Consumer VOICE said that, consumers would be the biggest beneficiaries in case Motor Vehicle Intermediaries come under the ambit of law and this would ensure consumer empowerment as they would not be held accountable in case of misuse of their vehicles by intermediaries.
Chase India is a leading public policy research and advisory firm with growing practices in Technology & Fintech, Transport & Infrastructure, Life Sciences, Development and Sustainability.
Voluntary Organisation in Interest of Consumer Education (VOIC) is a consumer protection group set up by teachers and students at Delhi University in in 1983 and their mission is Consumer Empowerment, Awareness, Redressal and Advocacy.
Source: Pre-Owned Car Industry Press Release
Image Source: Google Images
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