A significant percentage of used car sales still come from the unorganized sector
Moreover, there’s usually no guarantee and limited finance options. A customer buying a used car from the unorganized sector is essentially playing a game of luck. It may or may not work.
Solution to the problem
With the pandemic, the used car market and buyers have been steadily shifting to the online realm. Making it possible are companies like Spinny, an online full stack used car retailing platform. The online shift is a welcome development, as it simplifies the process of buying a used car.
Users can browse through dozens of cars to find the one that best suits their needs. They can use various filters such as price range, fuel type, body type, year of registration, distance covered (odometer), manual / automatic, and colour.
Customers can request home test drive or visit their nearest Spinny outlet. Finance options are also available at affordable interest rates. Once the deal is finalized, customers can get their car home delivered – fully serviced, dry cleaned, waxed and sanitized. In the future, an increasing percentage of used car market will shift online.
When using Spinny’s online platform, customers can be assured of quality, verified ownership, and fixed pricing. No more stressful price negotiations that go on forever. Spinny carries out 200-point inspection on every used car and provides detailed reports to customers. Other benefits for customers include five-day moneyback guarantee, one year warranty, complimentary annual insurance, assured buyback within 6 months and favourable upgrade options.
More customers taking the online route
Spinny has registered increasing footfall on its online platform in recent times. Sales conversion ratio has also improved significantly. In cities like Bengaluru, some used car deals have been completed within hours. This includes the entire process from online booking to home delivery.
People’s trust in Spinny is evident in the fact that some customers have purchased the used car even without a test drive. Spinny is currently operational in cities like Delhi-NCR, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad. Spinny reports that online buyers purchase without even a test drive. “An IT engineer based in California, bought used car for his aged parents in Bengaluru. Another Pune-based customer became a loyalist after being disappointed by the quality and experience in the city’s local dealerships.”
Since January 2021, Spinny has been averaging sales of around 1200 cars per month. 80% of these transactions were executed online and involved home test drive and home delivery. On Spinny, 65% of customers are first-time buyers. The platform is even more advantageous for women buyers. Their numbers have increased from 10% in 2019 to more than 20% presently.
Spinny was launched in 2015 by Niraj Singh, an investor, serial entrepreneur and an IIT-Delhi alumnus. The primary objective was to provide customers a reliable, trustworthy, hassle-free and transparent platform to buy used cars.