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- There exists intense competition in the highly fragmented market with various OEM certified, brand authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) operating in the industry. While the banks also fall under the B2C organized segment, they do not exhibit any competitive characteristics as their sole purpose of auctioning the repossessed cars is to recover the losses incurred due to the delinquency of the borrowers. In order to compete with OEM certified cars, certain multi-brand dealers have started providing value added services in order to retain and expand their market share. However, the segment remains quite unexploited as not many dealers are currently providing any value-added services. - Source: Internet
- Philippines Used Car market is in its growth phase, having grown at a CAGR of 7.4% (by value in PHP Billion) during 2015-2020. A surge in the demand of private cars, coupled with convenient financing facilities, increasing per capita income, increased internet penetration and enhanced digitalization of the used car’s space have been the salient factors leading to the growth of the used cars market in the Philippines. - Source: Internet
- It goes without saying that crushing $500,000 worth of perfectly functional and undeniably cool cars is wasteful and unproductive. However, it would appear that the Philippine government is just getting started: A further 841 vehicles are slated for destruction once all the paperwork is processed, according to RTVM. So don’t be surprised if these amateur Monster Jam knockoff sessions continue in the near future. - Source: Internet
- It takes a lot more time and effort to choose between buying a brand new or second hand car. From researching your options up to making the purchase, searching for used cars tend to be a longer process. No salesperson can assist you, so you’ve got to do all the legwork by yourself. - Source: Internet
- As with last month’s crushfest, officials invited a host media and other onlookers to join Duterte in wearing a hardhat and watching a bulldozer and a backhoe flatten the cars with brutal efficiency. The vehicles had been illegally imported into the country from Japan and Korea, violating a law that prohibits importing used cars except in very specific circumstances. The ban is designed to prop up the domestic car sales industry. - Source: Internet
- By Source of Lead generation (Online, Dealership walk-ins): In Philippines, the Used Car market has carved a niche in the online space. More than 4/5ths of the lead generation for used cars in the organized segment happened via the online platforms. The DDSAs (OEMs) have their own websites, and pages on social media, whereas several multi-brand dealers prefer listing their inventory on the classified platforms as well. Facebook is gaining traction as an online space for buying and selling used cars in the Philippines. - Source: Internet
- The report titled “Philippines Used Car Market Outlook To 2025: The Pandemic Incited Increased Demand for Used Cars coupled with Increased Internet Penetration provides for Resilience in the Used Cars Market during the Economic Crisis”- provides a comprehensive analysis of the used car market trends and performance in the Philippines. The report covers several aspects such as volume of used cars sold & market size in terms of gross transaction value, target audience, growth facilitators, Government regulations, constraints & challenges faced by the industry, and so on. The report also covers a snapshot of the Philippines online used car market, business models, value chain analysis, SWOT analysis, buying decision parameters, competitive scenario, and company profiles. Philippines Used Car Industry report concludes with projections for the future of the industry market size, market segmentation, the impact of Covid-19, and analyst take on the future market scenario. - Source: Internet
- By Sales channel (B2C- Multi-brand Dealers, DDSAs, and Bank Repossessed Car Auctions): The used cars in the organized B2C market of Philippines are primarily sold via three channels- multi-brand dealers, Direct Dealership ales Agents, and Banks’s auctioning repossessed cars. The major share of the Philippines Used Car organized market is captured by the Multi-Brand dealers. On the other hand, volume of cars sold through Bank Repossessed and Direct Dealership Sales Agents is ~10% in the year 2020. - Source: Internet
- Big cars requires big bucks and that’s exactly what you’ll get with the Ford Ranger. You’ll definitely have to consider if you want a brand new or second hand card because it will set you back either way. But in the end, you’ll get a sturdy vehicle that will last you ages. - Source: Internet
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