Spinny reports 70 percent surge in used car sales in 2023

Spinny, India’s full-stack used car marketplace claimed that its sales increased to 70 per cent in 2023 compared to 48 per cent in previous year.With the increased demand for digital sales in 2023, Spinny, a used car retailing platform, experienced significant growth.According to the year-end Spinny's data, Bengaluru, Delhi-NCR, and Hyderabad were the cities with the highest demand for used cars in 2023.

The company witnessed a consistent increase in women car buyers, with 35 percent of them opting for Spinny cars.The colour preferences varied by region, with red cars gaining popularity in Bangalore and Kolkata, the data revealed.According to data, the company sees a change in perception of consumer behavior by witnessing an increase of 13% in online sales, which rose to 70 percent in 2023.

This indicates a growing interest and trust in the company with 73% first-time car buyers this year, the company said in a release.With digitalisation and easy financing options, Spinny grew by more than 40 percent vis a vis last calendar year.Owing to the increasing demand for used cars, and the festive season during the latter half of the year, the growth rate in Q4 is 1.5 times more than in Q3 of this year.

During the festive season from 15th October (first day of Navratri) till Diwali, Spinny sold over 8000 cars.The growth rate in Kochi, especially during Onam, outpaced that of Q1, with a remarkable 1.8X increase.The Spinny platform also experienced heightened demand during the Onam celebrations in Kochi, as evidenced by 287 cars sold on the festival's inaugural day, followed by 179 on the 10th Day (Thiruvonam).

Maruti, Hyundai, and Honda were the most popular brands on Spinny, with models like Grand i10, Baleno, and Kwid, leading the charts.Over 46 percent of the customers opted for car financing through Spinny Capital. White, grey, and red were the preferred colors among Spinny buyers.

Spinny witnessed 71 percent of corporate professionals buying used cars in 2023.Compact SUVs keeps growing as the preferred choice for Spinny buyers, followed by Hatchbacks and Sedans.Niraj Singh, the Founder & CEO of Spinny, “Our commitment to delivering a simple and delightful car-buying and selling experience remains unwavering. The surge in demand for used cars reflects the trust our customers place in Spinny's offerings and services”.

The used car market in India has been experiencing robust growth and is projected to jump from 4.6 million units in FY23 to 8 million in FY27.Since its inception, Spinny has accumulated a customer base of over two lakh and operates more than 57 car hubs nationwide. Home deliveries were chosen by 31.8 per cent of Spinny buyers, with 70 percent opting for completely online purchases. May stood out as the month with the highest number of sales.(UNI)<>