The Used Car market in India has been getting a lot of attention for quite sometime now. Due to the better value proposition, more & more Indian buyers are leaning towards adopting a car. But the roadblock in this direction has been the asymmetry of information present in the process of used car transactions, dearth of trusted intermediaries and inconvenience of choosing through the plethora of options for buyers and finding right price for the sellers. That’s where Spinny comes in.
Why we created the company?
The process of used car transaction is unwieldy and unnecessarily complex. Independents offer varied prices and services to attract customers towards cars of questionable quality. Now, for a layman, choosing from a pool of mint and lemon cars therefore, entails a good probability of adverse selection.
To weed out the quintessential matters of inconvenience and scepticism and breakdown the cumbersome process to a one click solution, Niraj Singh, Ramanshu Mahaur, and Mohit Gupta set off on a journey to forge Spinny.
Spinny is the revolutionary new way to buy and sell pre-owned cars online, bringing transparency and honesty to the pre-owned car market. The cumbersome process of buying and selling cars is replaced by eliminating unnecessary charges, reducing the paperwork, and eradicating all hassles.
The Spinny Team:
Niraj and Ramanshu are IIT-Delhi alumni, while Mohit is from IMT, Ghaziabad, and this competent trio is all set to reach for the sky. Niraj is an investor in other startups like Tripoto, Shaadisaga and JustRide; packed with experience and knowledge that he hopes will take Spinny to the pinnacle. Ramanshu has close to five years of experience with Adobe and is our very own Tej (Fast & Furious anyone?), the token tech guy. He’s also an amateur guitarist and singer, always humming something while working on his laptop. Till recently, Mohit served at e-commerce major Flipkart, as an associate director and heads Operations now. Behind the scenes is the brilliant Spinny Crew, a strong team of 50+ members powering and backing this dream. Everyone at Spinny is driven by their passion for giving a great car buying and selling experience to the customers.
What’s our approach?
In today’s busy world, more hassle just eats up the little time we get. To resolve this problem we’ve devised the one click solution, an online portal so that you can sit back and buy/sell cars at the convenience of your home.
Spinny’s quality process begins with sellers simply putting in a request to sell their car on the site. A Spinny inspection team inspects the car and based on the inspection sets a price, if the car passes the 200 point inspection test. Once the inspection is successfully complete, the car is featured on the website and the responsibility for selling the car is taken over by Spinny.
Buyers can rest easy as cars offered are Spinny Certified, which means they have undergone a rigorous inspection by our qualified inspectors. This ensures that the buyer is well informed about the condition of the car and is making an informed decision. For Spinny certified cars, buyers also get the added benefit of Warranty on the cars purchased through Spinny.
We also take care of all the paperwork, from registration to title transfers as well as assisting buyers in financing their new purchase. With Spinny, true convenience and a smoother transaction for both buyers and sellers have finally been introduced to the used car market.
What’s our Plan?
The Indian used car market shows a lot of promise with 2.8 million used cars sold in the last fiscal year. A recent Crisil study estimated the sales of used cars to increase to about 8 million units by 2020, valuing the market at around USD 45 billion by 2020.
While the Indian market is showing a rapid rise in the used car sector, the industry in the western economies has been growing consistently through 70s. Today, three used cars are being sold for every new car. In India, 1.3 used cars are being sold for each new cars. Though we’ve come a long way, there’s much that needs to be done to bring the Indian used car sector at par with the western world.
Niraj says
We are working to solve pain points like price uncertainty, trust gap and inconvenience. Spinny would be a go to platform for people to buy and sell cars with confidence. Ours is a customer centric approach, making customer delight the utmost priority.
We started with Delhi NCR in June 2015 and recently started operations in Bangalore. The company plans to expand to other cities within the next few months ( preferably, the top 6 cities) and proceed to the top 20 cities by mid 2016. To aid the increasing customer demands, Spinny plans to add as much as 200 cars everyday in the coming months. Once the car is live, it would be mapped with potential buyers instantaneously. The process will be refined to the point that maximum user convenience will be guaranteed and time delays will be reduced to the bare minimum.
Spinny is already on its way to eliminating the unwieldy and complex structure of the used car market and making it more accessible to the general consumer in the future. We aim to professionalise the used car industry. After all, a pre-owned automobile should bring the same promise of quality as a new one.
