Ola Fleet Technologies has partnered with Dbest Cars India to liquidate its fleet of used commercial vehicles in a deal worth more than $125 billion. The company is in the process of liquidating more than 5,000 used commercial cars because the current fleet is outdated. Thanks to the introduction of regulatory changes such as BS6 emission norms and elimination policy, an ecosystem has been created for the use and demand of used cars in India.
With the increasing rate of mechanization, lower vehicle replacement cycle and increasing penetration of used car financing, it is expected that the used car market of India will grow at a CAGR (Compound Annual Growth Rate) of 15% from 2021 to 2026 to reach around 80k units. Gulshan Rao, Director of Ola (Risk & Brand Protection) said: “We are in the process of liquidating our existing fleet of obsolete vehicles and for the same reason we have chosen Dbest Cars as a partner. mine.
In another development, the government announced last December that it was building a regulatory ecosystem for the used car market. The Ministry of Roads and Highways has revised Chapter III of the Central Motor Vehicle Rules, 1989. A certificate of authorization will be issued to registered dealers, which helps to determine the authenticity of the vehicle. authorized dealer.
The delivery notification process between the registered owner and the dealer has been detailed. There are clear regulations on the agent’s responsibilities and powers in the ownership of registered vehicles.
Dealer will need to apply for renewal of RC, PUC, Duplicate RC, NOC, Transfer of Ownership. The maintenance of electronic vehicle journey registers has been made mandatory. It will include distance, driver, time, specifically trip purpose, trip details, etc.
First published date: January 25, 2023, 10:10 am IST