The company management claims it sells close to 300 vehicles annually, or an average of around 75 units every quarter, of which almost 50 cars have run less than 1000 kilometre.
Big Boy Toyz (BBT), the firm that sells pre-owned luxury cars, is planning to enter Mumbai by early next year, with a showroom in the western suburbs.
The company counts industrial the Poonawalas and cricketers like Yuvraj Singh, Virat Kohli among its clients.
The company management claims it sells close to 300 vehicles annually, or an average of around 75 units every quarter, of which almost 50 cars have run less than 1000 kilometre.
The lowest-run car sold recently had travelled just over 240 km, the company said.
Jatin Ahuja, the 31-year-old founder and managing director of BBT explains that one of the reasons for starting a store in Mumbai is that most of the business they get is through online mode and the customers from Mumbai are a bit skeptical about it.
"They would like to see the car before coming to a conclusion," said Ahuja, who got into automotive business during his college days, with a paltry investment of Rs 70,000.
The company, which initially started with Rs 6 crore turnover in 2010, today has revenues of around Rs 225 crore and aspires to reach Rs 1,000 crore by the year 2020.
Though there is no concrete data available about the market size for pre-owned luxury car market in India, the industry insiders expect it to be anywhere between Rs 12,000-15,000 crore, about half of the new luxury car segment which is believed to be around Rs 27,000 crore.
Most of the luxury car companies which sell new cars in the country through their subsidiaries also deal in the used cars. According to some other surveys, the pre-owned car market as a whole in India is 1.2 times the new-car market, which saw sales of three million units last year. In comparison, in China, the used-car market is less evolved at 0.5 times, albeit at higher volumes.
According to Ahuja, few of the possible reasons for people selling cars that are barely used could be wrong purchase decision, or high networth individuals wanting to try new cars as a hobby, etc.
Analysis
The pre-owned car market in India is 1.2x the new-car market, show some surveys
The market for new luxury cars witnessed sales of three million units last year
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