The Current Situation of China’s Used Car Market and Development Suggestions

With the development of the economy, Chinese residents' car ownership has been increasing, and the used car market has also ushered in a new development opportunity.However, researches and articles have revealed that the used car industry in China has arrived at a bottleneck period.This indicates that there are still huge management and development gaps in China's used car market compared with the U.S. market.This article proposes to utilize a PEST (political, economic, social, and technological) analysis to uncover differences in the two markets by comparing the current status of China in these four dimensions to the US used car market throughout the same period.A large amount of literature was studied, contrasted, and synthesized to aid in a better knowledge of the industry background.This paper explores the existing problems in the Chinese used car market at this stage and explores targeted solutions to promote the healthy development of the market.