54 percent of buyers were first-time purchasers of pre-owned cars
In the third quarter of 2022, Spinny, an online marketplace for used cars, saw significant growth in its used car inventory. According to the company report, online sales increased by 52 percent compared with 44 percent in Q2.
A majority of Q3 customers were between 30 and 40 years old, and 54 percent were first-time buyers. Women make up 32 percent of buyers, so this segment has consistently shown demand.
During Q3, the company saw high demand for used cars from Bangalore, Delhi NCR, and Hyderabad. Hatchbacks remain the top choice of customers with Hyundai, Maruti Suzuki, and Honda as the most popular car brands and Elite i20, Grand i10, and Baleno as the top three models. The most popular colours among Spinny buyers are white, grey, and silver.
Spinny attributed the surge in used car sales to rising personal mobility needs, changing demographics, and greater acceptance of used cars. As a result, Spinny offers a contemporary solution at each of its touchpoints underpinned by "simple and delightful car ownership", the company said in a press note. With a 360-degree view of the vehicle listed on the platform, the entire process is curated to be an online-first experience, it added.
Niraj Singh, Founder and CEO, Spinny, said, “Our primary goal is to provide each customer with the best possible car which meets their requirements and exceeds their expectations. During the festive season, consumers like to make special purchases, and our team has been ready to serve each and every customer. We continue to move closer to our goal of providing quality automobiles to every household in the country."
Spinny Max has also seen a constant demand from metro cities such as Delhi NCR, Bengaluru and Mumbai for luxury used cars. Brands like Audi, BMW, and Mercedes are also in high demand, with the Audi Q3, Mercedes-Benz C-Class, and BMW 3 Series being among the most popular models. Buyers continue to prefer black, white, and grey.
The used car platform which has Sachin Tendulkar as its brand ambassador recently has its second around of employee stock options.
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