German premium carmaker BMW India today launched its used-car business BMW Premium Selection , and expects it to account for up to 10 per cent of its total new car sales. We expect the used car business to be about 10 per cent of new car sales, BMW India President Andreas Schaaf told reporters here. Dr Schaaf hoped that the pre-owned car business will play an important role in the success of the company in the domestic market. He said the company had sold 8,042 cars in the country by the end of October this year. Till October this year we have sold a total of 8,042 cars in India, accounting for 40 per cent of the luxury car market, Dr Schaaf said. With the BMW Premium Selection, he said the company is looking to enhance its position. The used-car vehicles, which come with a BMW warranty, will be available in 7 exclusive BMW Premium Selection dealerships across the country. The number of dealerships will be increased gradually as we go along in the next one to one-half years, Dr Schaaf said. He added that the company is offering auto loans at 13 per cent rate through its financial services arm BMW Financial Services . All cars under BMW Premium Selection are less than five-year old and will have clocked under 1,20,000 km. BMW Premium Selection vehicles, on an average available at 50 per cent of ex-showroom prices, come with up to 24 month/200,000 km warranty (whichever is earlier). BMW Premium Selection owners also have the option of taking BMW India Roadside Assistance which is available 24 hours a day, 365 days a year. Asked about the market condition, Dr Schaaf said there will be much more difficulty during the remaining part of the year, adding the company might not achieve its fixed sales target of 10,000 units in 2011. Selling 10,000 vehicles in 2011 now seems to be a tough task, Dr Schaaf said. Till October this year, the luxury segment was growing well, he added. Last year, luxury carmaker Mercedes had forayed into the used-car market with Proven Exclusivity.