The pre-owned luxury car buying and selling platform, which targets to sell around 25 units aggregating to around Rs 10 crore revenue from the first month, has plans to open its showroom in major cities likes Bengaluru, Mumbai, Hyderabad, Ahmedabad, and Chennai.
19 Dec 2024 | 2445 Views | By Yukta Mudgal
Luxury Cart, a new player in the pre-owned luxury car market, on Wednesday opened its first showroom in Gurugram. The pre-owned used car retailer is targetting a monthly sales of 25 vehicles from the first month, generating approximately Rs 10 crore in revenue, according to its founder and CEO Himanshu ...
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Luxury Cart, a new player in the pre-owned luxury car market, on Wednesday opened its first showroom in Gurugram. The pre-owned used car retailer is targetting a monthly sales of 25 vehicles from the first month, generating approximately Rs 10 crore in revenue, according to its founder and CEO Himanshu Arya.
The Gurugram showroom has around 40 luxury cars from brands like Mercedes-Benz, Audi, Jaguar, BMW, Volvo, Land Rover, Porsche, Mini Cooper and Lexus that are 2-5 years old. Luxury Cart is offering flexible vehicle financing, warranties, insurance renewals, guaranteed buyback, and a money-back assurance.
Arya said Luxury Cart is planning to open its second showroom along with a workshop in Gurugram by February 2025. This is likely to increase sales from 25 units to 50 units per month, doubling the revenue.
Speaking on the further expansion plans, he noted that Luxury Cart will focus on tier-1 cities. In the next five years, it will be looking at showroom in major cities like Bengaluru, Mumbai, Hyderabad, Ahmedabad, and Chennai.
The pre-owned dealership aims to fill the gap in timely servicing to build customer-seller relationship throughout the car's life. "We help our customers with service packages, loans, and insurances. So the idea is once someone becomes our customer, they don't have to go anywhere else," Arya said.
To ensure transparency and the best quality, each car undergoes over 350 quality checks, including thorough legal background checks.
Luxury Cart boasts accident-free cars with verified service histories, along with a 15-day per 200 kilometres money-back guarantee, a six-month warranty on the engine and gearbox, and consumable coverage for the first 1,000 kilometres.
India’s pre-owned car market is projected to reach 1.09 crore units, with its value more than doubling to USD 73 billion by FY28, according to Indian Blue Book report by car&bike and Das WeltAuto. The key factors leading to this growth are rising disposable income, reduced ownership cycles, and industry getting organised. In FY23, the country’s pre-owned car sales were approximately 51 lakh units.