Saturday, Apr 20 2024 | Time 05:55 Hrs(IST)
image
Business EconomyPosted at: Sep 16 2021 7:19PM


Need to regulate pre-owned car market: report

New Delhi, Sep 16 (UNI) With unorganised players dominating the fast-growing used car market, public policy advisory Chase India and Consumer VOICE have in a report called for regulating intermediaries in the sector to protect consumer interest.

The firm in a report released on Thursday highlighted the need to define ‘motor vehicle intermediaries’ (MVI) and regulate the pre-owned car industry.

"At present, there are no regulatory provisions for these intermediaries although they are at the center of transactions for pre-owned cars and trade the car multiple times before it is eventually registered in the name of the ultimate owner," said Chase India.

It noted that the Motor Vehicles (MV) Act has been unable to keep up with the changing dynamics in the market, particularly with respect to the role of intermediaries.

The law is silent on these evolving market practices in the pre-owned car industry which puts the consumers at risk till the registration is transferred to the ultimate owner," the report further said.

Kaushal Mahan, Group Business Director, Chase India said that the report is aimed at providing a comprehensive roadmap based on various international models to regulate the sector.

The Delhi-based advisory suggested to amend MV Act to include the definition of a ‘Motor Vehicle Intermediary’ as a dealer or trader who facilitates transactions between the buyer and seller in context to the sale and purchase of a pre-owned/registered motor vehicle.

Among other recommendations, Chase India suggested fixing time for registration transfer, allowing temporary registration of vehicles by intermediaries and recognising the distinction between transactions involving pre-owned and new vehicles.

Ashim Sanyal, Chief Operating Officer, Consumer VOICE said, “Consumers would be the biggest beneficiaries in case Motor Vehicle Intermediaries comes under the ambit of law. This would ensure consumer empowerment as they would not be held accountable in case of misuse of their vehicles by intermediaries. Therefore, the MVI classification would provide clarity and ensure better consumer support”.

The booming pre-owned car industry has spawned various types of players - online and offline - who act as intermediaries in the transaction between the buyer and the seller. These transactions take place through online platforms, physical offices, garages – and are mostly unorganized.

UNI NK
Please log in to get detailed story.
Tags: #Need to regulate pre-owned car market: report
More News

"CSIR-IICT and BHEL partners to advance clean fuel technology: MoU signed on CO2 to DME"

19 Apr 2024 | 7:23 PM

Hyderabad, April 19 (UNI) The Council of Scientific and Industrial Research-Indian Institute of Chemical Technology (CSIR-IICT) and Bharat Heavy Electricals Limited (BHEL) Corporate R&D have forged a partnership to develop technology for capturing and converting carbon dioxide (CO2) to Dimethyl Ether (DME) through direct catalytic conversion.

see more..

Amara Raja Infra Wins Greenko’s 700MWp solar project in AP

19 Apr 2024 | 6:41 PM

Hyderabad, Apr 19 (UNI) Amara Raja Infra Private Limited (ARIPL), part of the $1.75 billion Amara Raja Group, on Friday announced it has secured a solar BoS (Balance of System) project of 500MW/700MWp from Greenko.

see more..
Sensex recovers 600 points on heavy buying on last day of week

Sensex recovers 600 points on heavy buying on last day of week

19 Apr 2024 | 5:34 PM

Mumbai, April 19 (UNI) Snapping a losing streak of last four sessions, the BSE Sensex on Friday bounced back 599.34 points to close at 73088.33 on expectation of minimal escalation of tension between Israel and Iran.

see more..

19 Apr 2024 | 5:24 PM

Mumbai, Apr 19 (UNI) IT major Wipro on Friday reported 7.80% year-on-year dip in consolidated net profit at Rs 2,834.6 crore for January-March quarter (Q4) of the financial year 2023-24.

see more..
Rupee up 8 paise against USD

Rupee up 8 paise against USD

19 Apr 2024 | 5:05 PM

Mumbai, April 19 (UNI) The Rupee on Friday ended positive at 83.47, rising 8 paise against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..
image