Imports of used cars to Bulgaria have risen sharply since the country joined the European Union at the start of the year, local reports said recently.

In the first three months of 2007, Bulgarians imported more than 60,000 second-hand vehicles, some 70 per cent more than the 35,000 imported during the corresponding period in 2006.

Also strongly up in the period were the sales of new cars, growing by some 30 percent, Bulgarian car dealers announced.

Currently five of every six Bulgarian car buyers opts for a used vehicle compared to just one for a new car.

Figures from the Federation of Motor and Credit Companies Association of Malaysia show that more than 600,000 used cars remain unsold at various dealers.

The high interest rate for second-hand car loans is one reason.

Interest rates offered by finance companies for used cars range from four to eight per cent compared with 2.5 to three per cent for new cars.

The difference in interest rates was a burden for most buyers in Malaysai and it discouraged them from buying used cars, according to sources at the association.

Honda, Japan’s second-largest car-maker, offered to repair 528,406 vehicles in China’s biggest automobile recall since formal procedures were introduced more than two years ago.

The company will fix Accord sedans, Odyssey multipurpose vehicles and Fit compacts for problems including faulty pipes, Guangzhou Honda Automobile Co. said on its Web site.

The recall is bigger than the total number of recalls in China, the world’s second-largest auto market, last year.

General Motors Corp. is increasing production of Chevrolet cars in markets such as India and Russia as it tries to retain a lead over Toyota Motor Corp., which may pass it as the world’s which may pass it as the world’s largest automaker this year.

Chevrolet cars based on South Korean designs helped the automaker pass 2 million units for the first time in Europe and 1 million in Latin America last year, GM Vice Chairman Bob Lutz total reporter in Geneva.

Since 2001, Chevy sales have increased 158 percent outside North America, making it one of the fastest-growing brands in the world, he said.

Growth in Russia, India and China is Russia, India and China is part of GM Chief Executive Officer Rick Wagoner’s plan to focus on boosting sales in 11 emerging-market countries.

Domestic sales of motor vehicles will likely dip 2 percent year on year to 5,521,300 units in fiscal 2007, sinking to the lowest level since were about 5.48 million units, an industry group said.

The decline is attributed largely to projected sluggish truck sales, as demand for new trucks that meet tighter emission rules peaks out, the Japan Automobile Manufacturers Association said.

Truck sales are expected to fall 11 percent to 931,000 units from projected sales for the current fiscal year to the end of this month, while sales of passenger cars, including mini cars with engines of 660cc or smaller, are seen edging up 0.1 percent to 4,575,000 units, the association said.

Sales of mini vehicles including trucks are forecast to dip 2.4 percent to 1.98 million units because few new models likely will hit the market, according to the association.