Used-vehicle market rebounds

Sales of used light vehicles in China surged 35 percent from a year earlier to 1.18 million in February after slumping 15 percent a month earlier, the China Automobile Dealers Association said.

The market last month benefited from the timing of the Chinese New Year holiday.

The week-long holiday began on January 21. Last year, it started on January 31. As a result, February had more working days than the same month last year. 

The rally in sales was broad, with all segments of the used-vehicle market posting major gains. 

Deliveries of used sedans spiked 36 percent to some 873,100, while the volume of secondhand crossovers and SUVs jumped 35 percent to about 186,000.

Sales of used multi-purpose vehicles also surged 35 percent to around 88,800 while demand for used minibuses rose 19 percent to roughly 28,400.

In the first two months, the market for used light vehicles expanded 6.3 percent to approach 2.19 million.