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Used Cars Becoming More Visible in World's Biggest Car Market
And Chinese consumers, beginning to see the value in used cars, are buying them as a second car, Huang says. Established in 2010 as a joint venture among General Motors China, Shanghai GM and Shanghai Auto Industry Sales, Shanghai Chengxin sells all brands of used cars. Franchised dealerships account for only about 5% of used-car sales, says Piston, and fewer than 10% of dealerships have their own-brand used-car sales operations. Some 13 million used cars are on the market in China, the company estimates. Other roadblocks: Transaction taxes on used-car sales can be high and, until recently, used cars could not be sold outside the province they were registered in.
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