National, 19th October 2023: With the economy expected to grow at 6.3% according to the IMF, the auto sector is poised for exponential growth when it comes to new car sales. To substantiate this upward trend, CarLelo (A Capri Loan Venture) an online marketplace for new cars has observed a 300% growth in online car bookings during the third quarter of 2023.
As consumers are increasingly turning to online platforms to purchase new cars, the report highlights several interesting insights including a growing demand for contactless car acquisitions and a consistent stream of inquiries, resulting in an overall uptick in sales. Buyers are now seeking products that not only give them value for their money but also have loads of features to offer. From Connected Car features to ADAS functions the demand for tech-savvy vehicles is on the rise.
CarLelo has also capitalized on the diverse demographics of India’s economic landscape, with 98% men and 2% of its buyers being women, with over 0.6 million visitors coming on the platform to enquire about new cars and make their purchase. These buyers typically fall within the 25 to 40-year age bracket, with an average age of 31 years.
The report also highlights that most of enquiries received from new car buyers have been from the states of Delhi, UP, Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Punjab, Karnataka among others. Increase in trend is due to the introduction of new models like Hyundai Exter, Maruti Suzuki Jimny, Mahindra Thar, Maruti Grand Suzuki Vitara, Tata Nexon, Maruti Fronx etc across various segments.
Brands like Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Kia, MG Motors, Toyota have generated most enquiries for respective models within their product portfolio. Further their bifurcation stands as SUV’s leading the charge followed by sedan and hatchbacks. Colours like white, grey and silver, specifically in that order, take the top favorite spots among CarLelo new car buyers.
Speaking on CarLelo’s Q3 insights, Gaurav Aggarwal, Founder and CEO – CarLelo (A Capri Loans Venture) said, “in today’s urban India, a car has transitioned from being a luxury to a necessity. The market has witnessed an impressive surge in digital new car purchases. With our unwavering commitment to quality, hassle-free, and a customer-centric approach, people have placed their trust in online new car buying, allowing us to build enduring relationships with our valued clients. We’re on a trajectory of growth. Our aim is a sustainable, profitable business, and we anticipate ending the year with significant double-digit growth”. He also further added, “we are also quite positive about the demand during the festive season and looking forward to achieve a target of 10% to 15% improvement for our overall performance.”
