Once blooming market of used car in Ludhiana market is facing a substantial downfall leaving the dealers in city high and dry. Ludhiana holds the India's biggest used car market with over 50 dealers and well established car bazaars. Used Car market makes a major business to the residents of this place.
These markets were marked by presence of large number of customers on weekends giving it a look of some wedding, which now wears a sullen look. According to the dealers, they have never seen this deserted look of their markets.
According to Suresh Sharma who is the president of Ludhiana Car Dealers' Association, Feroze Gandhi Market, the month of November and February use to be the best period of Luxury car sales but on a sad note the sales have taken a dip of 60% and situations have never gone this bad.
He also commented that their market works mainly on non-resident Indian (NRI) customers who make trips to India majorly in winter season for Christmas celebrations . These NRI customers come with big cars and when they leave back, the business is triggered returning back double profits to te dealers.
Showing concern to the issue, Amarjeet Singh Tikka the member of Rarewala Car Dealers Association commented that the market is deserted and NRI's which were main customers to the market are hardly visible in market. He also said that NRI customers usually prefer booking a car even before they land up in Indian through their family and this time not a single customer has turned up, leaving the markets falling down by 60%. he owned the major reason to recession and low purchasing power of the NRI customers.
This shows that used car markets once blooming is also affected largely with recession. NRIs once had good capacity to buy big Luxury cars are not in a position to buy anymore this time.