New Delhi, India, July 21, 2020 – Luxury Ride, India’s largest and fastest-growing chain of pre-owned luxury cars, today announced that it is betting big on online and is looking to rapidly scale as much as 60% of all its revenues to come from online in the next 12-months. It will now deliver the car chosen by a customer in any part of India. It is also expanding its service capabilities to be able to deliver its value proposition of end to end solution across India where ever its customers are. Luxury Ride is also taking multiple steps to ensure the process is seamless and the customer experience is equally positive online as at its physical showrooms.
|Sumit Garg, Co-founder & Managing Director, Luxury Ride|
In his comments, Sumit Garg, Co-founder & Managing Director, Luxury Ride, said “While Luxury car buying has always been a physical process, we are seeing a change in customer behaviour as they adapt to the new normal. At the same time see a spurt in pre-owned luxury car sales as more people who have the means to, try to buy their own personal transportation versus using public transportation. We will continue to invest in our physical outlet expansion and in parallel invest in scaling up our online sales through catering to customers who will take long to return to showrooms. We have made investments in expanding our service reach and will be tuning this further with the goal of ensuring the online experience is as good as the offline experience.”
The pre-owned car market is nearly 3 times of the size of new car volumes in Western Europe, UK and US, while in India, its’ just over the new car volume. This means the space is poised for exponential growth and luxury cars will be the fastest growing sub segment within this. The offline/online combination positions Luxury Ride well to take advantage of this projected growth.