Lumi Expands to Jeddah, Targets ~$10 Bn Used Car Sales: Ken Research

Lumi, a division of Seera, Extends Used Car Sales Reach to Jeddah in Response to Surging Demand. Focuses on Selling Vehicles Aged Two to Four Years. Lumi's used car business segment sold more than 3,600 vehicles in 2022.

STORY OUTLINE

Lumi Rental Co., a subsidiary of Seera Group Holding, has opened its second used car showroom in Jeddah, Saudi Arabia, to meet the growing market and customer demands.
The showroom is located in Jeddah's Al Jawhara district and covers an area of 2,960 square meters, showcasing up to 120 pre-owned vehicles.
In 2022, Lumi's used car business division achieved impressive sales of over 3,500 vehicles, highlighting its success in the market.
Lumi aims to maximize purchase price recovery by selling vehicles after two to four years of rental and lease operations, ensuring a young and modern fleet.
The showrooms in Riyadh and Jeddah cater to retail customers seeking used vehicles, while corporate buyers can participate in digital bidding for pre-owned vehicles.

1. Lumi Rental Co. Expands Reach with Second Used Car Showroom in Saudi Arabia

Lumi Rental Co., a subsidiary of Seera Group Holding specializing in car rental and leasing, has unveiled its second used car sales showroom in Saudi Arabia. This expansion comes in response to growing market and customer needs. Located in Jeddah's Al Jawhara district, the spacious showroom spans 2,960 square meters and can accommodate up to 120 pre-owned vehicles on display. In 2022, Lumi's used car business division achieved sales of over 3,500 vehicles.

2. Ensuring a Young and Modern Fleet: Lumi's Commitment

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Lumi, a market leader in car rental, leasing, and used car sales, inaugurated its first used car showroom in Riyadh in 2022. With a fleet of 24,000+ vehicles, Lumi aims to maximize purchase price recovery by selling vehicles after two to four years of rental and lease operations. The Riyadh and Jeddah showrooms cater to retail customers' demand for used vehicles, while corporate buyers can bid digitally for pre-owned vehicles, ensuring a young and modern fleet.

Lumi Rental Co., a prominent player in the car rental, leasing, and used car sales sectors, continues to expand its presence in Saudi Arabia with the introduction of a second used car showroom in Jeddah. With a focus on meeting the evolving market demands and customer preferences, Lumi's commitment to maintaining a young and modern fleet is evident. By strategically selling vehicles after two to four years of use, Lumi maximizes purchase price recovery and ensures access to the latest and newest vehicles for its customers.

For more insights on market intelligence, refer to the link below: -
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/saudi-arabia-used-car-market-outlook-to-2026f/588862-100.html

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

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