In a year where the personal car gained credence, Spinny’s market data yielded unexpected surprises, age-old truths and a demographic and purchase mode shift.
Spinny continues changing the used-car industry, observing a 57% rise in new-buyers with November being the highest-grossing month across the country. In a year where the personal car gained credence, Spinny’s market data yielded unexpected surprises, age-old truths and a demographic and purchase mode shift.
In a market valued at USD 18.3 billion by 2020, projected to grow at a compounded annual growth rate of 14.8% between 2021 and 2030, according to a P & S Intelligence Report, Spinny has recorded a sizable increase in year-on-year sales. The biggest Spinny cities, i.e. cities where new Spinny customers have snapped up and are enjoying the pioneering full-stack car retail platform’s vehicles are Bengaluru, which has yielded the brand a 64% increase in buyers, followed by Ahmedabad, the National Capital Region and Hyderabad.
In terms of favoured brands, the country’s most popular and populist marques still hold sway on spinny.com with Maruti, Hyundai and Honda cars being home-delivered most often, with Spinny’s trademark flair. Among model types, hatchbacks reign supreme in Spinny buyers wish lists, followed by sedans and then SUVs.
Spinny has reaped the demographic dividend characteristic of India’s economic make-up, with 57% of new buyers being millennials. Also reflective of India’s changing workforce dynamic, 28% of Spinny buyers were women through 2021.
Yet in some aspects Spinny’s data points to age-old traditionalism holding sway over modern automotive concepts – 80 per cent of new Spinny owners drive cars with a manual transmission. When it comes to fuel type, over 75% opted for petrol-fuelled vehicles , 26% diesel & the remaining transactions with CNG. And white, grey and silver, specifically in that order, were the colours Spinny buyers sought most.
62% of new Spinny buyers opted for home deliveries and home test drives and a staggering 38% cars were sold online on spinny.com. Spinny’s year, in numbers and trends, points overwhelmingly to a change in buying behaviour – online, with the same ease and simplicity that consumer internet businesses have customers with.
Says Niraj Singh of Spinny’s 2021 – “Through the pandemic and its aftermath, Spinny has stayed focused on its home deliveries and home test drives #WithExtraCare. A car of one’s own is no longer a novelty, and increasingly in urban India, it is being regarded as a necessity. With our focus on the four pillars of Spinny Assured ® designed to instate quality, standardization and the greatest degree of customer-centricity, people have come to trust a pre-owned car company and the life-long relationship with car buyers that we seek to develop. Our mission is to deliver a quality car to every household in the country and our numbers are reflective of progress in that direction.
The global pandemic and subsequent strict regulations became a deciding factor in exemplifying these latest trends. Considering most people were afraid to share public transports or do in-person financial transactions and test drives, the pre-owned car market witnessed a tremendous hike in digital purchase.
Source: Business World