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China’s used car sales report strong expansion in February

China’s used automobile sales logged a robust rebound in February, driven by mounting demand and a strong market recovery after the Spring Festival, industry data showed.

Last month, about 1.46 million used vehicles changed hands in the country, up 35.48 percent from the same period last year, according to the China Automobile Dealers Association.

In the first two months of this year, more than 2.7 million second-hand vehicles were traded in China, up 5.68 percent year on year.

The used car market regained strong momentum in February, and pent-up demand will continue to bring great market opportunities, said the association, adding that China’s new policy on encouraging large-scale and standardized business operations in the sector will promote the healthy development of the market.

The association expressed optimism about the market’s future prospects and noted that as used car firms regain confidence, the market is expected to experience a gradual recovery.

Source: Lao News Agency