The Gurgaon-based luxury used car retailer saw 75 per cent new customers in the last two quarters, most of them from Tier-II and Tier-III cities.
see photosBoys and Machines only sells used used luxury cars.
Luxury used car retailer Boys & Machines revealed that it experienced increasing inquiries from Tier-II and Tier-III cities of the country for luxury pre-owned cars with an inflow of 20 per cent in the last six months, while overall sales growth 40 percent in the same period. Additionally, the brand saw 75 per cent new customers in the last two quarters, most of them from Tier-II and Tier-III cities. Not only this, there has been an increase in female customers in this period, as the company has seen a 15 percent increase in inquiries from female customers. Boys and Machines retails only in luxury or premium vehicles that range between ₹20 lakh to ₹4 crore in the used car space.
Akash Chaturvedi, CEO, Boys & Machines, said, “There has been an increase in the number of people opting for luxury cars and pre-owned cars are the most economical way to switch to luxury cars. In the expansion of the luxury pre-owned car market This is a major contributing factor. In the last two quarters, we have seen over 75 per cent new customers, most of them from Tier-II and Tier-III cities.
Read also: Luxury used car retailer – Boys & Machines plans to expand to Tier 2 cities by FY2022
Since the start of the pandemic in 2020, the company recorded a high demand for luxury used cars especially from areas like Gwalior, Indore, Surat, Dehradun, Kanpur, Coimbatore, Vizag, the highest ever in the number of inquiries . During this period, the Gurgaon-based retailer also recorded an influx of female customers interested in buying a premium used car, accounting for about 10-12 per cent of sales from them.
(LR) Siddharth Chaturvedi, Founder & MD with Akash Chaturvedi, CEO – Boys & Machines.
Siddharth Chaturvedi, Founder & MD, Boys & Machines said, “We have seen a significant increase in the number of inquiries from cities like Gwalior, Indore, Surat, Dehradun, Kanpur, Coimbatore, Vizag in the last few months. Demand from Tier-2 and Tier-3 cities is at an all-time high. In addition, the number of female customers for pre-owned luxury cars has also seen an increase as compared to the previous years. Women buyers account for 10-12 per cent of our total sales. Since the pandemic began, personal mobility has been on the rise. People with higher disposable incomes have started spending money on aspirational and lifestyle products.”
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With states and businesses opening up with positive government policies, the pre-owned luxury car industry is projected to grow significantly in 2022-23. However, the people of Boys & Machines believe that it is necessary to organize the used-vehicle space first, which can become a major contributing factor in the growth of the economy, as well as contribute to the growth of the sector. In addition, the company will soon launch showrooms in new locations like Indore, Ahmedabad, Chandigarh and Goa. It also offers a preview of its entire fleet of vehicles on its website, which can be accessed from any part of the country, allowing customers to explore all the options before making a purchase.
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