Spinny shares used car trends in Q3 2023, with Spinny Parks serving more than 50% of deliveries

Spinny shares used car trends in Q3 2023, with Spinny Parks serving more than 50% of deliveries

 09th November 2023: With the growing trends and demand for used cars in 2023, Spinny, India’s full-stack used car marketplace, has reported substantial growth in its used car sales for the third quarter of 2023. According to the quarter report, the company witnessed a rise to 63% of first-time car buyers across India from August 2023 to October 2023 compared to 57% in Q2 2023 indicating a growing interest and trust in Spinny.

Starting the festive season with excitement, Spinny delivered over 600 cars on the first day of Navaratri. The company saw significant growth, by selling over 2300 cars during the 9-day festive period. This trend is likely to continue as Dhanteras and Diwali approaches.

With easy financing options, rapid digitalization, an increased need for personal mobility, lesser cost of ownership, etc. acting as growth drivers. While hatchbacks remained the most preferred option for Spinny buyers, there’s a growing demand for compact and luxury SUVs. When it comes to colors, Delhi NCR prefers white, silver, and grey; however, in cities like Mumbai, Kolkata, Bangalore, and Chennai, red colour is the popular choice, along with white and grey colors.

Commenting on the rise in demand for used cars on its platform, Niraj Singh, Founder & CEO, Spinny, said “At Spinny, we believe in not just selling cars but enhancing the car buying journey. 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. With over 600+ deliveries on the first day of Navratri, it’s a testament to playing a small part in big celebrations of customers. The trust in Spinny keeps pushing to set benchmarks in car ownership in the country”.

In the last two years, Spinny’s 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. Among luxury car buyers, black, blue, and red are the top colour choices.