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The 12 months 2020 is lastly coming to an finish, and regardless of all of the negatives, one of many few optimistic adjustments we noticed this 12 months, particularly within the automotive sector, was the rising demand for private mobility. However, the financial constraints brought on by the pandemic has affected the shopping for patterns of shoppers as they’re warier about their spending, and thus, there may be an growing concentrate on the pre-owned automotive market, and that is true within the case of the posh automotive section as effectively.
Also Read: Personal Mobility The Way Forward For Consumers: carandbike Survey
Industry specialists say that the pre-owned automotive market reportedly outnumbers the brand new automotive market by 30 per cent in quantity, and about 54 per cent of the potential patrons will desire pre-owned vehicles. With 2021 approaching, additionally they consider that this development will additional develop within the coming 12 months. Currently, among the main gamers within the pre-owned luxurious automotive section are – Mercedes-Benz India, Audi India, along with multi-branded retails chains like Big Boy Toyz and Luxury Ride.
Talking concerning the firm’s expectations from 2021, Santosh Iyer, VP – Sales and Marketing, Mercedes-Benz India, stated “We expect pre-owned car (POC) business to continue its growth trajectory which currently is at a strong 20 per cent y-o-y level, and keep outpacing the new car sales growth. We have a comprehensive POC business strategy for 2021 aimed at further strengthening our dominant market position in this segment, by offering an enriched product portfolio and brand experiences to the customers.” Iyer says that in 2021, Mercedes-Benz Certified, the corporate’s pre-owned automotive enterprise, will primarily concentrate on having a refreshed stock and in addition a powerful push on the web gross sales of pre-owned vehicles. Currently, 15 to 16 per cent of Mercedes-Benz Certified’s pre-owned automotive gross sales come from on-line channels.
Also Read: Pre-Owned Premium Car Chain Luxury Ride To Open 50 New Showrooms By 2023
At the identical time, Luxury Ride’s MD & Co-founder, Sumit Garg, stated “The year ahead looks promising for both Luxury Ride and for the industry as the preference of consumers has majorly shifted as they are opting for personal mobility, as it is much safer and gives a sense of belonging. People now prefer pre-owned luxury cars over new cars as they are mindful about spending and are choosing a product that provides them value for money equivalent to a new car in a much lesser price.” The multi-brand luxurious automotive chain is aggressively increasing its footprint in India, and the corporate says that within the coming 12 months, it is going to foray into tier II, III cities of India like Ahmedabad, Indore, Pune, Raipur, Lucknow and others. “Recently, we have forayed in the pre-owned exotic sports car segment and 10 per cent of our total stock will be sports cars,” Garg additional added.
Also Read: Pre-Owned Luxury Car Space Growing At A Rapid Pace: Big Boy Toyz
On the opposite hand, Big Boy Toyz (BBT) is aiming at growing its bodily shops exponentially within the subsequent 12 months whereas strengthening its digital presence and including extra selection to its inventory in 2021. In reality, the corporate says that the rise in procurement of vehicles has been its month-to-month aim. Talking about focus areas, Founder & CEO of BBT, Jatin Ahuja stated, “BBT aims at Improving the Logistics as during the lockdown we faced a lot of challenges in transportation and overcoming this will be our key focus along with Strengthening our Procurement team. Increasing the stock has always been BBT’s major focus and we will be working towards the same.”
There is a large demand for SUVs amongst automotive patrons in India, and the development is current throughout all segments. Industry specialists consider that this development will likely be mirrored by the pre-owned automotive house as effectively. Luxury Ride’s Sumit Garg stated, “India has the youngest population and the youth of India prefers SUVs. SUVs continue to remain in demand and as a matter of fact, it has reported year-on-year growth. The segment, as a matter of fact, reported year-on-year growth, marking Indians love for such vehicles. This SUV love in India is not going to stop anytime soon.” At the identical time, BBT’s Jatin Ahuja added, “SUV is the fastest-growing segment in the Indian market. We deal into multi-brands and our sells depend on the consumer preference. With people now preferring personal transport over public, SUVs have emerged as the comfort car for families leading to hike in the demand of the same”
With increasingly shoppers preferring pre-owned autos over new vehicles, organised gamers are burdened, with the duty of providing improved after-sales service and sensible finance choices. Mercedes-Benz Certified presently presents a guaranty of two years/40000 km, together with monetary schemes like 20 per cent decrease EMI, and so they additionally supply enticing finance choices with a low-interest price for MB Certified vehicles like a price of curiosity of 9.99 per cent.
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Luxury Ride, on the identical time, stated, “We have an in-house service centre and the starting price of after-sales services is from ₹ 9, 999 for the luxury cars. We have introduced a package especially for after car services at ₹ 35, 000 for 3 years which no other market players are offering at this rate.” BBT, however, is working in direction of enhancing the phrases of guarantee and after-sales providers and establishing extra service centres throughout states to supply our clients with faster providers. It additionally presents finance choices like – mortgage tenure choices of 3-5 years, an rate of interest of 12 to 14.5 per cent, and Balloon and Bullet EMI schemes.
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