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Hyderabad: Second-hand 2-wheeler sales remain in neutral
Second-hand 2-wheeler sales remain in neutral
Business in pre-used vehicles, especially 2-wheelers, remains sluggish despite the outbreak of Covid-19 and the lockdown induced by it.
Hyderabad: Business in pre-used vehicles, especially 2-wheelers, remains sluggish despite the outbreak of Covid-19 and the lockdown induced by it. The market mainly active at Ramkot sees little bustle these days, though thousands of vehicles are going a-begging.
The Ramkot market is one of the oldest and busiest 2-wheeler markets in city. Hundreds of vehicles would change hands in the pre-pandemic times every day. Dealers say there has been 70 per cent plunge in activity and they are incurring huge losses. Due to various constraints including financial people are thinking twice before purchasing, said Habeeb Osman, a dealer.
Greater Hyderabad Auto Consultant 2-wheeler Association President Mohammed Hyder Ali said there are 300 shops in market with around 3,500 vehicles. He said there was no sale at all in the past two months. "It has been three months since the lockdown relaxations, but customers are yet to visit the shops." He said the slump in business also affects dealers in nearby districts who would procure vehicles in bulk from Ramkot market. "On an average, a dealer would sell or purchase 8-10 vehicles and earn Rs 1,000 commission on each deal. Our livelihoods are severely affected," rued Hyder Ali.
One of the main reasons for the sluggish market is absence of finance companies which used to drive the sales by financing purchase of vehicles by providing EMI facility. They almost stopped giving credit for second-hand 2-wheelers. It is putting off potential customers.
As the government is yet to take decision on operating public transportation, the people who earlier used to travel by bus are now looking at low-budget and high-mileage vehicles. At present, they mostly comprise the buyers these days, add the dealers. There has also been reduction in prices by as much as Rs 3,000. High-range vehicle sales are stuck as there are not many takers for them, said Shafi Khan, owner of SK Motors. According to Hyder Ali, In this pandemic crisis, the dealers are forced to cut their staff and some even pulled down the shutters. He is uncertain when the sales would rev up again.
