Luxury Ride, a pre-owned luxury car marketplace, has introduced online sales. Betting big on its digital platform, Luxury Ride aims to draw as much as 60% of all its revenues from online in the next 12 months. It will now deliver the car chosen by a customer at their doorstep in any part of the country, expanding its service capabilities for an end to end solution to where ever its customers are.
Car buying has always been a physical process, however, there is now a change in customer behaviour as they adapt to the new normal. There is also a rise in pre-owned luxury car sales as more people who have the means to try and buy their own personal transportation versus using public transportation, Sumit Garg, Co-founder & Managing Director, Luxury Ride, said.
Luxury Ride will continue to invest in the expansion of physical outlets, along with investing in scaling up of online sales through catering to customers who will take longer to return to showrooms, he added.
In countries like the UK, the US, and those in Western Europe, the pre-owned car market is nearly three times the size of new car volumes. In India, it is only just over the new car volume. This points to a marketplace that has scope for exponential growth. Within this market, Luxury Ride says that used luxury cars will be the fastest-growing sub-segment.
The used car market in India is witnessing a hike in sales as the country gets used to the new normal with many wanting to avoid public transport and shared mobility in the wake of the coronavirus pandemic. Outside the luxury car space, there has been a rise in the demand for cars in the Rs 4 lakh to Rs 6 lakh price bracket.
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