Spinny Reports Higher Sales of Used Vehicles in Q3 2023

Over 2,300 cars were sold during Navratri, according to Spinny, a 63 percent increase in first-time buyers, indicating strong growth in India’s used car market.

Spinny, a full-stack used car marketplace, has reported significant growth in its used car sales for the third quarter of 2023, in line with the rising demand for used cars in 2023. The company saw an increase to 63% of first-time car buyers in India from August 2023 to October 2023, up from 57% in Q2 2023, according to the quarter report, demonstrating a growing interest and trust in Spinny.

On Navaratri’s first day, Spinny delivered more than 600 cars, kicking off the holiday season. Over 2300 cars were sold by the company over the course of the nine-day holiday, representing a significant growth. As Dhanteras and Diwali draw near, this trend is probably going to continue.

Growth-promoting factors include low ownership costs, quick digitization, easy financing options, and a growing demand for personal mobility. Compact and luxury SUVs are becoming more and more popular, but hatchbacks are still the most popular choice for Spinny buyers. Delhi NCR favors white, silver, and grey when it comes to colors; in cities like Mumbai, Kolkata, Bangalore, and Chennai, red is also a popular color choice in addition to white and grey.

The founder and CEO of Spinny, Niraj Singh, commented on the increase in demand for used cars on the platform, saying, “At Spinny, we believe in not just selling cars but enhancing the car buying journey.” We’ve gone above and beyond by introducing a fully hybrid model that is adaptable to both online and offline methods, proving our unwavering dedication to the comfort and convenience of our customers. With more than 600 deliveries on the first day of Navratri, it is evident that we were able to contribute in some small way to our customers’ large celebrations. The nation’s standards for automobile ownership are continuously being pushed by the faith in Spinny.

With over 57 active car hubs, including the Spinny Max category and Spinny Park experiential spaces across the nation, and a total assortment of over 20,000 cars, Spinny’s customer base has grown to 2 lakhs in just the last two years.

The Delhi NCR region has witnessed the highest demand for used luxury cars in the Max category, with Bangalore and Mumbai following suit. Luxury brands like Mercedes-Benz, BMW, and Jeep were consistently in demand, with the Mercedes-Benz C-Class and BMW X1 Series being the most well-liked models, according to the company. Luxury car buyers’ most popular color choices are red, blue, and black.

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