Why Germany's Used-Car Salesmen Are Busier

With fewer Germans buying new cars, BMW, Daimler, and Volkswagen are trying the next-best thing: pushing secondhand models. Counting on the cachet of their brands, the German automakers are stepping up efforts to cash in on the growing demand for used cars. The push, which includes leasing offers and fast-tracked loans for previously owned vehicles, is helping attract buyers for premium rides traditionally beyond the reach of many new-car customers. It’s also increasing competition for mass-market nameplates such as Peugeot and General Motors’ Opel brand. For used Mercedes-Benz vehicles, “we can make financing decisions in less than 15 minutes and offer very attractive conditions,” says Franz Reiner, head of Daimler’s banking unit. “Used cars offer an entry into the Mercedes-Benz world.”