Spinny, a used car marketplace, has announced significant growth in its used car sales during the third quarter of the year. According to the company’s quarterly report, there has been a noteworthy increase in first-time car buyers across India, rising from 57 per cent in Q2 2023 to 63 per cent from August 2023 to October 2023.
The company said that it delivered over 600 cars on the first day of Navaratri and in addition to it saw over 2300 cars during the 9-day festive period expecting the trend to continue as Dhanteras and Diwali approaches.
Easy financing options, rapid digitalisation, an increased need for personal mobility, lesser cost of ownership, etc. act as growth drivers. While hatchbacks remained the most preferred option for Spinny buyers, there’s a growing demand for compact and luxury SUVs.
Commenting on the rise in demand for used cars on its platform, Niraj Singh, founder and CEO of Spinny said, “We've gone the extra mile by pushing a complete hybrid model that’s flexible to online to offline methods, our relentless commitment to a customer’s comfort and convenience.”
The company said that in the last two years, its customer base has risen to over 2 lakhs, with over 57 operational car hubs, including the Spinny Max category and Spinny Park experiential spaces across the country with a total assortment of 20,000+ cars.
Regarding trends in luxury used cars, the Max category has seen the highest demand in the Delhi NCR region, followed by Bangalore and Mumbai. The company saw a consistent demand for luxury brands like Jeep, BMW, and Mercedes-Benz, with the BMW X1 Series, and Mercedes-Benz C-Class being the most popular models.
Founded in 2015, the start-up is a used car retailing platform that aims to bring about transparency and convenience in the car buying and selling process in India.