Spinny’s Take on the Swiftly Changing Automobile Industry

There are several trends continuously shaping the automobile industry in the wake of growing consumer demands. The used car market in India is presently growing at a compounded annual growth of 11%, which is sure to further flourish and advance in the future.

Spinny is one of the most trusted marketplace for buying and selling used cars, playing a precursor to the changing automobile industry. Recently, Niraj Singh, the Founder and CEO of Spinny, also shared his insights about the trends and expectations that are slated to be witnessed in this changing automobile industry.

Some of the key takeaways from his knowledgeable insights are detailed below.

Trends Observed in the Automotive Industry in 2022

Rise of E-commerce

Because of digital channels, online car sales have increased significantly. To meet buyers’ demand for faster transactions with minimal documentation, digital players have entered the industry. This has led the automotive industry to become more professional and organised. As a result, the customers’ trust and transparency quotient is increased, allowing them to make faster transactions.

Increased Reliability on Used Cars

Apart from changes in customer preferences, the price factor, need for personal mobility, and high availability of second hand cars have contributed to the rise in buying pre-owned vehicles. Moreover, the presence of trusted retailers that are using modern technologies to enhance customers’ experience and improve transparency has given the pre-owned vehicle market great momentum

Increased Use of Effective Digital Marketing Strategies

Marketing is an extremely important function of businesses, and with the growing digital platforms, it is essential to formulate innovative strategies online. The players in the automotive industry are already developing creative campaigns on social media platforms and websites to be ahead of the competition.

Hassle-free Customer Experience

Users want an easy, reliable and convenient option to buy cars online from the comfort of their home. Not only do they look for a hassle-free experience but also transparency. The new-age startups, like Spinny, have made this come true by digitising the sales of second hand cars in Mumbai, Bangalore, Ahmedabad, and many other major cities in India.

Under full-stack platforms, the selling process is simple, where customers can view the vehicles’ photos, model details and maintenance history through comprehensive reports. This permits customers to have precise information on the vehicle’s current state, which is further backed by transparent pricing. This gives customers an absolute advantage when buying used cars in India.

Future of the Used Car Industry

According to a report by JM Financial, the automotive industry will be regulated by a hybrid business model in automobile sales, which will be progressive for the overall sector. Further, the report reveals that the D2C business model is expected to see a surge in online sales in 2022.

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