Boys and Machines, a pre-owned luxury car startup that began operations in 2019, plans to expand its services in the coming financial year to four cities - Ahmedabad, Chandigarh, Indore, and Goa. The startup currently has dealerships in Delhi, Kolkata, Mumbai, and Hyderabad and one workshop in Gurugram.
At a press conference today, the company revealed that it is receiving an increase in inquiries from Tier II and Tier III cities around the country. The number of enquiries has increased by 20% during the last six months. Further Tier-II and Tier-III cities account for roughly 40% of their overall sales. With this rise, it expects to have a total business of INR 100 crore in FY24, up from INR 50 crore in FY23.
During the conference, it was reported that approximately 65% of the company’s clients are between the ages of 30 and 40 years. Furthermore, it has seen an increase in young and female consumers from Tier II and Tier III towns. It expects the market to grow by 65% in a couple of years.
Siddharth Chaturvedi, Founder & Managing Director, Boys and Machines, said, “We have noticed a significant increase in the number of enquiries from cities such as Gwalior, Indore, Surat, Dehradun, Kanpur, Coimbatore, Vizag in the past few months. The demand from Tier-II and III cities is at an all-time high. Moreover, the number of female customers for pre-owned luxury cars has also seen a spike compared to previous years.' He added that about 10-12% of its total sales are from female buyers.
The startup currently offers a range of pre-owned luxury cars ranging from INR 20 lakh to over the INR crore mark. With vehicles that are out of warranty, it provides the customers with a six-month warranty on engine and transmission.
With digitalisation being a significant contributor to the economy's growth, it also contributed significantly to the expansion of the industry, the company added.
Akash Chaturvedi, CEO, Boys and Machines, said, “The number of people willing to opt for luxury car has increased, and pre-owned cars is the most economical approach to switch to luxury cars. This is a major contributing factor to the expanding luxury pre-owned car market.”