Spinny Reports Surge In Used Car Sales For Q3 2023

With the growing demand for used cars in 2023, Spinny, a 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 per cent of first-time car buyers across India from August 2023 to October 2023, compared to 57 per cent in Q2 2023, indicating a growing interest and trust in Spinny.

Starting the festive season, 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 approach.

Easy financing options, rapid digitalization, an increased need for personal mobility, a lesser cost of ownership, etc. act 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 colours, Delhi NCR prefers white, silver, and grey; however, in cities like Mumbai, Kolkata, Bangalore, and Chennai, red is the popular choice, along with white and grey colours.

Commenting on the rise in demand for used cars on its platform, Niraj Singh, Founder and CEO of Spinny, stated, “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 from online to offline methods, demonstrating 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 the 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 increased to 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 the trend 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.