Technology

US Used Car Market to grow by USD 41.9Billion from 2024-2028, driven by value for money of used cars, AI-powered report highlights market transformation – Technavio

Published

6 hours ago

October 7, 2024

NEW YORK, Oct. 7, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Used Car Market in US size is estimated to grow by USD 41.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.6% during the forecast period. Excellent value for money proposition of Used Cars is driving market growth, with a trend towards increased penetration of websites dedicated to selling used cars. However, stringent emission regulations to restrict sales of non-compliant used cars poses a challenge – Key market players include Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Carvana Co., General Motors Co., Group 1 Automotive Inc., Hendrick Automotive Group, Hertz Holdings Inc., Lithia Motors Inc., Penske Automotive Group Inc., Sonic Automotive Inc., and Vroom Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Distribution Channel (Third-party channel sales and OEM channel sales), Product (Mid size, Full size, and Compact size), and Geography (North America)

Region Covered

Key companies profiled

Asbury Automotive Group Inc., AutoNation Inc., CarMax Inc., Carvana Co., General Motors Co., Group 1 Automotive Inc., Hendrick Automotive Group, Hertz Global Holdings Inc., Lithia Motors Inc., Penske Automotive Group Inc., Sonic Automotive Inc., and Vroom Inc.

Key Market Trends Fueling Growth

The Internet’s expansion in the US has led to an efficient online marketplace for used cars. Websites like AutoNation.com enable buyers to purchase used cars online, reaching a larger audience. Sellers benefit from this platform, while websites offer additional services and discounts. After-sales services are available at discounted rates or for free. AutoNation.com even allows buyers to exchange their old cars for a discount on a new purchase. This convenience and the availability of crucial vehicle information will fuel the growth of the US used car market.

The used car market in the US is witnessing significant trends. Conventional vehicles continue to dominate, but CNG powered and diesel vehicles are gaining traction. Mid-sized and compact SUVs are popular choices for price-sensitive buyers. Offline and online retailing are growing, with digital retailing and AI applications streamlining the buying process. Sustainability is a key concern, with vehicle certification and emissions a focus. OEMs, dealers, rental car agencies, and leasing offices are embracing inventory pooling and value-added services. Depreciation is a challenge for luxury vehicle owners, but car subscription services offer an alternative. Urbanization and the telecom industry are driving online transactions. Unorganized businesses must comply with BS6 norms and emissions regulations. Financing, warranties, and maintenance plans are essential for used car buyers. Pre-owned and second-hand cars remain in demand, with resale value and ownership duration crucial factors. Overall, the automotive industry trends favor digitalization and sustainability.

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Market Challenges

The Environmental Protection Agency (EPA) in the US has implemented stricter emission norms for passenger cars and commercial vehicles due to increasing air pollution concerns. These new regulations will impact the used car market as many vehicles on the road will be non-compliant. Older cars, particularly pickup trucks, contribute significantly to vehicular emissions, which can cause health hazards due to harmful gases. New vehicles come with advanced emission control systems that adhere to the latest EPA standards. Given that the average car lifecycle is 2-5 years, these new regulations have been implemented within this period, making used cars non-compliant. Pre-2012 EPA standards were less stringent compared to the current ones. As a result, the EPA may impose stringent testing and re-registration protocols for used cars, potentially restricting sales and negatively affecting the used car market’s growth.The used car market in the US is a significant business sector, encompassing various sales channels such as auctions and private party sales. Prices in this market can vary, with some dealers offering “no haggle” prices, while others may use certified pre-owned vehicles to assure customers. Extended service agreements and advanced vehicle features like power steering, climate control, and anti-lock brakes add value. Flexibility is key, with tech-enabled options, automotive performance tracking, smartphone applications, and internet connectivity becoming standard. However, high depreciation rates and price sensitivity in certain areas pose challenges. Flexible financing alternatives cater to various customer needs. The dealership network, online sales, and auto marketplaces provide affordability and personal mobility solutions. Automobile manufacturers and franchise dealers offer organized options, while unorganized sales and used passenger cars dominate the unfranchised market. The rise of electric and hybrid vehicles adds complexity, requiring customer intelligence and adaptability.

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Segment Overview

This used car market in US report extensively covers market segmentation by

Distribution Channel1.1 Third-party channel sales1.2 OEM channel salesProduct 2.1 Mid size2.2 Full size2.3 Compact sizeGeography 3.1 North America

1.1 Third-party channel sales- The used car market in the US is a significant sector, with numerous buyers and sellers engaging in transactions daily. Dealerships and private sellers offer various makes and models, ensuring a diverse inventory. Prices vary based on factors like vehicle condition, age, and location. Buyers can research extensively using online resources, compare prices, and inspect vehicles before purchasing. The market’s size and competition ensure potential for competitive pricing and a wide selection.

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Research Analysis

The used car market in the US is a significant sector of the automotive industry, catering to the demand for personal mobility solutions that are more affordable than new vehicles. The market is served by a vast dealership network, both physical and online, including auto marketplaces and e-commerce platforms. Used passenger cars, off-lease vehicles, and certified pre-owned vehicles are popular choices, with various options available for luxury vehicles and second-hand cars. Factors like depreciation, ownership duration, and resale value influence the used car market. The rise of car subscription services and online retailing, coupled with urbanization and the telecom industry’s advancements, have transformed the landscape. Used car owners, vehicle dealers, rental car agencies, leasing offices, auctions, and private party sales are integral parts of this dynamic market. No haggle prices, extended service agreements, and certified pre-owned vehicles add value for consumers, making the used car market a vital contributor to personal mobility solutions.

Market Research Overview

The used car market in the US is a significant sector of the automotive industry, catering to the needs of price-sensitive buyers looking for affordable personal mobility solutions. The market is characterized by a diverse range of offerings, including used passenger cars, SUVs, mid-sized and compact vehicles, electric, hybrid, conventional, CNG-powered, and diesel models. The market is served through both organized and unorganized channels. Organized channels include dealership networks, franchise dealers, and auto marketplaces, while unorganized channels include private party sales and auctions. The rise of digital retailing and online sales has transformed the used car market, enabling customers to buy and sell vehicles online with ease. Key trends in the used car market include the increasing popularity of SUVs, flexibility in financing and ownership duration, advanced vehicle features, and tech-enabled options. The market is also influenced by automotive industry trends, such as sustainability, emissions, and environmental concerns, with a shift towards electric and hybrid vehicles. Used car owners can benefit from value-added services such as financing, warranties, maintenance plans, and extended service agreements. The market is also influenced by global technology standardization, advanced vehicle performance tracking, and smartphone applications. Despite high depreciation rates, flexible financing alternatives make used cars an attractive option for many consumers. Urbanization and the telecom industry have also played a role in the growth of the used car market, enabling online transactions and digital retailing.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelThird-party Channel SalesOEM Channel SalesProductMid SizeFull SizeCompact SizeGeographyNorth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

JCB and Nuvei expand global partnership in APAC

Published

1 hour ago

October 8, 2024

Businesses in Singapore and Hong Kong can now accept payments by JCB credit and debit cards through their existing single integration with Nuvei

TOKYO and MONTREAL, Oct. 7, 2024 /CNW/ — JCB International Co., Ltd. (“JCB”), Japan’s only international payment brand, today announced that it has expanded its global partnership with Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, to include Singapore and Hong Kong. This expansion builds upon Nuvei’s existing relationship with JCB in Europe, further strengthening Nuvei’s position in the rapidly growing Asia-Pacific (APAC) eCommerce market.

Through this enhanced partnership, Nuvei now offers JCB acceptance to its global merchant ecosystem, enabling JCB’s community of more than 158 million cardmembers to pay directly to online businesses integrated with Nuvei. This development is particularly significant for Nuvei’s customers in the APAC region, including leading eCommerce brands such as Charles & Keith1.

Philip Fayer, Nuvei’s Chair and CEO, commented on the announcement: “Extending our partnership with JCB to Singapore and Hong Kong enhances our service offering for businesses in strategic APAC markets and demonstrates our commitment to providing comprehensive payment solutions that drive growth for our clients globally.”

The expansion of the JCB partnership aligns with Nuvei’s ongoing strategic investments in the APAC region. Nuvei is a fully licensed direct local acquirer in Singapore and Hong Kong, and recently obtained a Major Payment Institution (MPI) license in Singapore2.

Nuvei’s modular payments platform enables clients to securely connect with customers in over 200 markets worldwide through a single integration, accepting 716 alternative payment methods and offering acquiring in over 50 markets. This extensive reach and flexibility are particularly valuable in the context of the rapidly expanding eCommerce markets in Singapore and Hong Kong.

Singapore’s eCommerce market is predicted to grow at a Compound Annual Growth Rate (CAGR) of nearly 10%, with gross merchandise value expected to reach US$23.5 billion by 20273. Hong Kong’s eCommerce market is projected to grow at a similar CAGR of nearly 9%, with revenues expected to exceed US$7 billion by 20294.

Hiroko Michishita, Managing Director, JCB International Asia Pacific Pte. Ltd., said, “Between 2021 and 2022, JCB has almost doubled the volume of ecommerce transactions in Singapore. While East Asia is our traditional stronghold, we have seen substantial growth in our ASEAN card base of 132% from 2018 to 2023. Nuvei’s latest expansion into Singapore and Hong Kong complements JCB’s long-term growth strategy. We are confident that Nuvei’s presence in Asia will enable both companies to work closer together and quickly achieve substantial sales volumes.”

About Nuvei

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies and 716 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit www.nuvei.com

NVEI-IR

Contact:
Public Relations
alex.hammond@nuvei.com

Investor Relations
IR@nuvei.com

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 49 million merchants around the world. JCB Cards are now issued mainly in Asian countries and territories, with more than 158 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en/

Contact
Kosuke Ochiai
Corporate Communications
Tel: +81-3-5778-8353
Email: jcb-pr@info.jcb.co.jp

1 https://investors.nuvei.com/news-releases/news-release-details/charles-keith-selects-nuvei-boost-international-expansion
2 https://www.nuvei.com/posts/nuvei-secures-mpi-license-in-singapore-to-accelerate-apac-expansion
3 https://finance.yahoo.com/news/singapore-ecommerce-market-databook-2023-171900419.html
4 https://www.statista.com/outlook/emo/ecommerce/hong-kong

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SOURCE Nuvei

Technology

TPIsoftware’s Sustainability Initiatives Garner Wide Recognition

Published

1 hour ago

October 8, 2024

TAIPEI, Oct. 8, 2024 /PRNewswire/ — TPIsoftware has been honored with the Taiwan Corporate Sustainability Award (TCSA) from the Taiwan Institute for Sustainable Energy (TAISE), in recognition of its enduring dedication to Environmental, Social and Governance (ESG) principles and the United Nations’ Sustainable Development Goals (SDGs).

As a Taiwan-based B2B software developer, TPIsoftware actively promotes a sustainable future through its social responsibility initiatives. One of its standout efforts is the establishment of TPI University, an online platform for exchanging valuable insights and technical expertise. By fostering inclusive and equitable access to education, TPI University supports SDG 4 (Quality Education), offering online workshops and learning opportunities led by expert teams. This initiative, aimed at reducing the education gap and fostering healthy competition, earned TPIsoftware a TCSA Bronze Award under the SDG 4 category.

In addition, TPIsoftware’s industry-academia collaborations and its involvement in the Global Views ESG Alliance showcase its leadership in tech-driven sustainability strategies. Through its GreenSwift carbon management platform, TPIsoftware enables enterprises to accelerate their decarbonization efforts using data-driven insights, ensuring that ESG initiatives are not only measurable but also positively impactful. Recently, the company shared actionable insights as an invited speaker for the Taipei Computer Association, demonstrating how its AI-powered energy-saving system, ElectriSwift, helps smart buildings maximize energy efficiency while reducing consumption.

“With a presence in 15 regions worldwide, we are committed to leading the way toward a greener future through our innovative software solutions, empowering enterprises to achieve their sustainability goals,” said Yilan Yeh, General Manager of TPIsoftware, highlighting the company’s recognition in multiple sustainability initiatives, including winning first place in Custos’ Earth Day Challenge, where TPIsoftware achieved a remarkable 176.5kg carbon handprint. The company also ranked third out of 190 firms in Northern Taiwan’s technology parks for its participation in the government’s ESG program My Carbon Reduction Passbook, cutting CO2 emissions by 10,546.7kg in Q2 of 2024.

About TPIsoftware

TPIsoftware is the no. 1 digital transformation software company in Taiwan providing proprietary enterprise service middle platform DigiFusion and conversational AI product SysTalk.ai domestically and overseas. TPIsoftware also offers comprehensive software solutions and cloud services with extensive cross-national project experiences. Globally recognized, we are trusted by customers across industries such as BFSI, government, retail, e-commerce, manufacturing, healthcare and more.

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SOURCE TPIsoftware

Technology

ATFX Announces Strategic Investment in Spark Systems to Enhance Institutional Offerings

Published

2 hours ago

October 8, 2024

LONDON, Oct. 8, 2024 /PRNewswire/ — ATFX is pleased to announce its strategic investment in Spark Systems, a next generation, institutional-grade eFX trading platform based in Singapore serving clients in Asia and globally. ATFX is entering into this partnership with Spark Systems via a Series C investment. Spark Systems investors include leading venture capital companies and also global banks including Citibank and HSBC. This partnership is aimed at enhancing ATFX’s institutional services and will explore synergies between both organizations.

The investment in Spark Systems creates opportunities to leverage ATFX Connect liquidity within the platform, this builds on ATFX group’s commitment to enhance its trading infrastructure which is evidenced by previous milestones. These initiatives have positioned ATFX as a leading player in the industry, providing clients with cutting-edge trading solutions and improved market access.

“Investing in Spark Systems aligns with our strategic vision to enhance our institutional offerings and drive innovation in the eFX space,” said Joe Li, Group Chairman at ATFX. “We believe that this will benefit both organisations and provide our clients with improved trading solutions, especially in the Asian region.”

Joo Seng Wong, Founder & CEO of Spark Systems stated, “This collaboration with ATFX represents a significant step forward in our mission to deliver exceptional trading solutions. Together, we will empower ATFX clients with enhanced access to liquidity and offer advanced trading capabilities.”

ATFX looks forward to exploring this partnership further and is committed to building a mutually beneficial relationship with Spark Systems to enhance its market presence in Asia and beyond.

About ATFX

ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities including the UK’s FCA, Australian ASIC, Cypriot CySEC, UAE’s SCA, Hong Kong SFC and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.
For further information on ATFX, please visit ATFX website https://www.atfx.com.

About ATFX Connect

ATFX Connect is a trading name of AT Global Markets (UK) Limited (authorised and regulated by the FCA), AT Global Markets (Australia) Pty Limited (authorised and regulated by ASIC), and AT Global Financial Services (HK) Limited (authorised and regulated by the SFC). Connect is the Institutional arm of the wider ATFX Group.

ATFX Connect offers Institutional and Professional traders an extensive range of services for both Agency PB and Margin accounts, provides bespoke aggregated liquidity in Spot FX, NDFs, indices, Commodities and Precious Metals to a wide range of institutional clients from hedge funds, Tier 1 global and regional banks, high net worth investors, asset managers, family offices and other brokers.

ATFX Connect’s liquidity pool is constructed from Tier 1 banks and non-bank providers that it has partnered with, trading in both sweepable and full amount forms.

Agency PB Clients can connect via direct FIX API, external technology solutions or via our own trading platform. For margin clients, ATFX Connect provides market access via the group’s MT4/MT5 platform and provides a bridge solution for those who wish to connect via FIX API.

For further information on ATFX, please visit ATFX website https://www.atfxconnect.com.

About Spark Systems

Founded in 2016, Spark Systems builds next generation high speed trading platforms. Spark Systems has developed robust eFX trading platforms and the company is uniquely designed to support both buy-side and sell-side clients. The firm has to date received investments from leading global and regional institutions including Citibank, HSBC, Philips Venture, Vickers Venture, Integra Ventures, FengHe, Jubilee CM, Farquhar Venture Capital, 5X Capital, OSK etc. Spark Systems is a grant recipient of Monetary Authority of Singapore FSTI grant. Spark Systems focus is on building state of the art trading technology and infrastructure. The company is connected with all global top 20 FX liquidity providers and eFX non-bank hedge funds as well as major primary markets/ECNs. Today Spark Systems already serves leading banks in Asia. This positions the company for sustained and exponential growth in the FX market; the world largest and most liquid marketplace. For further information on Spark Systems, please visit the company’s website www.sparksystems.sg.

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