China: Transaction of used cars decline 3.20% in July

The China Automobile Dealers Association (CADA) announced Tuesday that transactions of second-hand cars in 31 provinces declined 3.20 percent month-on-month to 302,900 units in July; and the sales totaled 2,006,400 units during the first seven months, up 12.64 percent from a year earlier.

According to the announcement, the transaction value from January to July totaled 90.47 billion yuan ($13.31 billion), up 12.85 percent year-on-year. And sales in July declined 0.77 percent month-on-month to 1.33 billion yuan ($196 million).

Shen Rong, assistant secretary general of CADA said the fourth quarter of 2010 will be the golden period for the second-hand car market.