Indian auto market has more than 35 financers that offer auto financing solutions to the intended car buyers. Being one of the fastest growing automobile markets in the world, the Indian automobile market has got so much of potential and hence a number of auto finance companies have come up to tap the booming market. It can be added here that the passenger vehicle market constitutes almost 80% of automobile sales. In 2008, the stock passenger car was about 11 per 1,000 people. The production of passenger vehicle is further expected to go up at a CAGR of about 10% from 2009-10 to 2012-13. So, sensing this market potential, many financial companies in India have given special attention on auto financing.
During the 2000s, the auto finance in India was dominated by private banks, when Citibank was the market leader. But its market share dropped from 27 per cent during 90s to less than 8 percent during early 2000. ICICI Bank became the new leader with almost 29.2 per cent market s
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