Last year in one of our carandbike surveys we told you about how demand for used cars would go up post the COVID-19 pandemic disruption. Now we have seen a markable growth in the used car market since the last quarter of 2020 and the same could be said even for the luxury used car market. In fact, Boys & Machines who is one of the recent entrants in this space began operation in October last year with just one showroom in the Delhi-NCR region and just within a year the brand has witnessed potential demand in all four-regions of the country. Apart from Delhi-NCR, the brand is now present in Kolkata in the East, Mumbai in the West, and Hyderabad in the southern region of India. And now Boys & Machines is gearing up to launch three more showrooms in tier 2 cities like Chandigarh, Indore and Ahmedabad.
Used car space has witnessed strong demand post the lockdown.
The company is targetting to generate an annual revenue of Rs. 65 crore in FY2022 and is looking forward to clock the Rs. 100 crore revenue milestone in FY2023. One of the primary reasons behind this substantial growth in the used luxury car space is long waiting period for new models given the semiconductor shortage issue. The luxury car market has been one of the worst struck markets due to the ongoing chip shortage where few dealerships in tier 2 cities are witnessing a waiting period of over six months for some models, which in-turn has disrupted the supply chain. That said, it has obviously created more room for used luxury cars.
Boys & Machines has a fleet of over 30 used luxury cars across India at present and had segregated the segments according to the demand in the particular region. For instance, the company is maintaining a larger number supercars in its fleet in South India with a prospering supercar culture, whereas in Mumbai demand for luxury SUVs are on the higher side, given the waterlogging issue in the monsoon and road conditions. It has witnessed mixed demand across segment in Delhi-NCR and Kolkata.
