China's used car market less lively as COVID-19 bites

China's used car market was less lively in March as domestic COVID-19 cases forced some used car companies to temporarily halt business, according to the China Automobile Dealers Association.

Last month, 1.32 million used cars were traded nationwide, down 15.99 percent year on year, with the transaction value reaching 91.13 billion yuan (US$ 14.24 billion), the association said.

During the first quarter, the transaction volume of used cars fell 1.93 percent year on year to 3.88 million units. Sales totaled 272.68 billion yuan.

As the fallout from the COVID-19 pandemic lingers, the country's used car market will remain less upbeat in the near future. The transaction volume is expected to drop by over 10 percent year on year in April, the association said.