Lexus is also planning to introduce its first EV in the Indian market by 2025.
Lexus, Toyota’s luxury arm, plans to set up a used car vertical in India next year.
According to Naveen Soni, President, Lexus India, the company is seriously considering the introduction of a structured pre-owned car program. “There may be customers who may like to sell their cars and upgrade to a new set of wheels,” Soni said. “So I think the time is ripe for at least some centres to transition into standalone used car outlets,” he added.
Lexus plans to roll out its pre-owned car program at select dealerships depending on their business viability. The carmaker could also introduce a short buyback scheme for customers.
Lexus currently offers a wide range of premium models in India. These include the NX, RX and LX SUVs, the ES and LS sedans and the LC500h sports car. According to Soni, the carmaker could introduce its first EV in the Indian market by 2025.
Keyword: Lexus India to foray into used car business in 2024