With the increasing lifespan of vehicles and the falling demand for new automobiles, the sales of used cars are rising sharply across the world. Moreover, the surging popularity of e-commerce and online technologies, on account of the growing penetration of the internet, has massively propelled the sales of used cars in several countries. According to the World Bank, around 49.0% of the people all over the world were using the internet in 2017. The e-commerce platforms are allowing used car owners and dealers to advertise their automobiles and raise public awareness about these vehicles.
This not only smoothens the overall sales process but also enables a greater number of stakeholders to buy and sell cars online. Besides, the entry of organized dealers in the used car market has also contributed massively toward the booming sales of used cars. In countries such as India, Mexico, Brazil, and China, unorganized sellers have always dominated the industry. Traditionally, the primary stakeholders were individuals instead of organizations, which made it very difficult to establish trust between buyers and sellers.