With a public sale of cars set for this weekend, the auto auctions are likely to see the largest profits for Indian auto manufacturers.
However, the results of this year’s auctions will likely see smaller profits for many auto manufacturers as they face stiff competition from overseas competitors.
In a bid to increase the competitiveness of Indian auto sales, the Government has announced a national auto auction.
Under this scheme, a limited number of vehicles will be sold for Rs 25,000 each at a public auction.
This will enable Indian manufacturers to sell their cars to buyers from overseas without having to rely on the existing supply chains.
The Government has also set aside Rs 1,000 crore to create a dedicated fund for the development of Indian Auto Industry.
This is the largest public sale in the history of auto auctions in India.
The Auto-Indian Auto Dealers Association of India (AIDA) has declared the biggest win for this year, earning Rs 50,000.
This includes the Tata-owned Renault-Nissan India, which received Rs 45,000, while the Mahindra-owned Toyota India, with a Rs 36,000 winning bid, secured the second biggest win.
The largest share of the total winning bid was given to the Nissan India, while Mahindabhumi India received the largest share.
Toyota India won the bidding for its car, the Toyota Camry, while Toyota received the biggest share for its hybrid car, Toyota Hybrid.
Toyota received Rs 30,000 for its Prius hybrid, while Hyundai received Rs 35,000 from the Tata group for its C-HR hybrid.
In contrast, a total of Rs 15,000 was spent on the Hyundai Prius Hybrid, while Nissan India got Rs 20,000 and Mahindaba got Rs 30.
The Tata group was the second-largest winner with Rs 50 for its Hyundai Prizm, while Tata received Rs 27,000 to secure the third largest win, while AIDA had Rs 30 crore to go for its Toyota Camrys.
Tata received the second largest share in the auction with Rs 15 lakh for its 1,800-litre C-GR.
Hyundai got Rs 23,000 in the winning bid.
Tata had Rs 16 lakh for the C-SH.
In contrast, Mahindaa received Rs 12 lakh for C-EV.
In terms of the overall winners, Nissan India had Rs 40,000 win, followed by Mahindira with Rs 27 in the total.
The winning bid for Nissan’s 1,900-litres C-GH hybrid was Rs 12.4 lakh.
Toyota was the biggest winner with the winning offer of Rs 26 lakh.
Mahindee got Rs 18 lakh for a Toyota Prizmat, while a total Rs 28 lakh was spent for Toyota C-Powered and C-HWD hybrids.