Spinny continues the transformation of used cars for India, with 73% of first-time buyers in 2023
With the increased demand for digital sales in 2023, Spinny, India's full-stack used car marketplace, experienced significant growth. According to the year-end report of 2023, the company sees a change in perception of consumer behavior by witnessing an increase of 13% in online sales, which rose to 70% in 2023, compared to 48% in 2022. This indicates a growing interest and trust in the company with 73% first-time car buyers this year.
With digitalisation and easy financing options, Spinny grew by more than 40% 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% of the customers opted for car financing through Spinny Capital. White, grey, and red were the preferred colors among Spinny buyers.
Spinny witnessed 71% of corporate professionals buying used cars in 2023. Compact SUVs remained the keeps growing as the preferred choice for Spinny buyers, followed by Hatchbacks and Sedans. The colour preferences varied by region, with red cars gaining popularity in Bangalore and Kolkata.
Spinny's data also reveals that Bengaluru, Delhi-NCR, and Hyderabad were the cities with the highest demand for used cars in 2023. The company witnessed a consitent increase in women car buyers, with 35% of women car buyers opting for Spinny cars.
Niraj Singh, the Founder & CEO of Spinny, emphasized the platform's commitment to providing a unique and seamless car-buying experience. "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. A car is not just a purchase; it's a special addition to a home, and we’d keep going far to make it extraordinary for each customer. We are grateful for the journey so far and we’d continue to keep innovating to add quality to the experience of every customer "
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% of Spinny buyers, with 70% opting for completely online purchases. May stood out as the month with the highest number of sales.
With luxury used car trends, Spinny Max observed high demand from Delhi NCR, followed by Bangalore and Mumbai. Jeep, BMW, and Mercedes-Benz were the top-selling car brands, with Jeep Compass, Mercedes-Benz C-Class, and BMW X1 being the most popular models. White, black, and blue were the top favorite colors among luxury car buyers.
