Anish Verma’s used car dealership, Kumar’s Car World, has seen better days. While Verma’s Ghaziabad-based business sells refurbished cars for every level of customer—from Hyundai’s entry-level Santro to a high-end Mercedes CLA200—buyers are fewer and further between. From 15-16 deals per month, Verma’s sales have come down to about 7-8.
But his predicament, while far from ideal, isn’t indicative of the car business at large. Verma is still selling. New car sales, on the other hand, have plummeted. With India’s economy slowing, automobile sales fell 12% year-on-year in November, according to the Society of Indian Automobile Manufacturers’ (SIAM) data.