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Market for pre-owned foreign luxury cars growing in India

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Photo Credit bigboytoyz.com

New Delhi, May 28:  The demand for fancy foreign luxury cars is witnessing a steep rise, with buyers, including from faraway northeast, picking up Lamborghinis, Maseratis and Range Rovers that cost up to Rs 1.5 crore apiece — but all pre-owned, a polite term for second-hand.

Big Boy Toyz, based in Gurugram, Haryana, is one firm that specialises in selling pre-owned foreign luxury cars in India.

It is perhaps the only one of its kind in the country that panders to the Indian buyers’ whim of owning a branded luxury car, but who are unable to cough up the price of a new one.

Jatin Ahuja, Founder and Managing Director of Big Boy Toyz, or BBT as it is often called, hit upon the idea of selling pre-owned foreign brands in 2009, when he found that Indians preferred exchanging their used foreign car for a new one.

He started off initially in 2007 as Magus Cars Ltd, which would import new cars. But Ahuja found that most buyers wanted to exchange their used cars for new ones, which led to a range of used cars in his possession and he ended up with losses.

2013-Range-Rover-Vogue

Photo cewdit bigboytoyz.com

This led to the launch of Big Boy Toyz — and the focus on pre-owned exotic cars.

Ahuja, who focuses on pre-owned cars that cost between Rs 50 lakh and Rs 1.5 crore and manages to sell at least one car a day, owns a showroom in Gurugram and a car studio in Sultanpur, New Delhi.

“I would like to focus more on cars in the bracket of Rs 50 lakh to Rs 1.5 crore rather than the Rs 1.5 crore to Rs 3 crore segment (the super-luxury segment). The volume of business in the first bracket is more than that in the Rs 1.5 crore-plus segment,” Ahuja told IANS in an interaction in his Gurugram showroom.

“I would like to do at least 75 per cent of my business in the Rs 50 lakh to Rs 1.5 crore segment,” he added.

Big Boy Toyz gets orders for its exotic cars through its online portal, bigboytoyz.com . Ahuja says 30 per cent of his business — of buying and selling second-hand exotic cars — comes from Haryana, and the rest from across the country.

The company has a collection of 120 cars in both the showrooms — ranging from BMWs, Mercedes, Porsches, to Land Rovers.

His company has already carved a niche for itself, and Bollywood stars are among his clientele.

The company aims for a sales target of Rs 1,000 crore by 2020. “At the rate at which our business is growing, I find the target of Rs 1,000 crore by 2020 absolutely achievable,” said Ahuja.

The company plans to open showrooms in other cities like Bengaluru, Chennai and Hyderabad, with demand pouring in from such cities, said Ahuja.

In 2016, Big Boy Toyz recorded an annual growth of 40 per cent with a turnover of Rs 195 crore, and aims to achieve a turnover of Rs 250-260 crore this fiscal year, he said.

Every pre-owned car goes through 151 check points and parameters — like age of the car, kilometres done, demand for the car and its supply, maintenance — before BBT buys them.

The demonetisation move hit sales a bit, but things have since stabilised, says Ahuja.

“The November and December sales were a bit unstable due to demonetisation, but it picked up from January onwards,” he said, adding that it was due to the well-heeled clientele that he caters to.

Ahuja feels that the Indian automotive industry has evolved a lot over the past decade and has huge scope.

“The design of Indian cars is much better, but there is still room for improvement in terms of reliability,” he said, adding that through Big Boy Toyz he is attempting to change the negative perception among Indians of buying pre-owned cars.

(IANS)

By Sakshi Srivastava

(Sakshi Srivastava can be reached at [email protected])

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Hyundai Motor India launches all new Santro

“Our R&D centre in Namyang (S. Korea), Chennai and Hyderabad have put strong efforts for product supremacy and utmost customer delight.”

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New Delhi: Hyundai Motor India Ltd MD and CEO Y K Koo and actor Shah Rukh Khan pose with the newly launched 2018 Hyundai Santro in New Delhi, on Oct 23, 2018. (Photo: Amlan Paliwal/IANS)

New Delhi, Oct 23 : Automobile major Hyundai Motor India (HMIL) on Tuesday launched ‘the all new Santro’ with an introductory price starting at Rs 3.89 lakh.

“The all new Santro is a true example of Hyundai’s Made-in-India philosophy and a shining result of our numerous product clinics and rigorous durability test on various terrains in India,” Y.K. Koo, MD and CEO, HMIL said in a statement.

“Our R&D centre in Namyang (S. Korea), Chennai and Hyderabad have put strong efforts for product supremacy and utmost customer delight.”

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BMW Recall of Vehicles With Fire Risk to 1.6 Million Cars

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BMW is recalling about 1.6 million diesel cars to fix a potential fire hazard in their engines, expanding repairs from just under half a million vehicles in Europe and Asia.

The voluntary service action follows a BMW investigation that found coolant could leak from the car’s exhaust recirculation unit. The defect can lead to sparks while driving and cause fires in “in extreme cases,” the Munich-based manufacturer said Tuesday in a statement.

BMW last month cut its profit forecast, blaming an increase in warranty provisions alongside trade tensions and pricing pressure. South Korea’s government, after reports of 40 fires this year, asked drivers to keep vehicles off roads until undergoing checks. Police also raided the luxury carmaker’s office in Seoul to probe the safety issue, after videos of cars engulfed by fire went viral.

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Honda Activa breaches 2 cr sales mark in India

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New Delhi, Oct 17 : Hondas Activa scooter has breached the 2-crore sales mark in India, Honda Motorcycle and Scooter India said on Wednesday.

According to the company, while it took 15 years to achieve the first one crore sales, the recent addition has come in just three years.

“Over 18 years and 5 generations, Honda 2Wheelers India continuously added value to exceed customers’ expectations and making Activa the most preferred choice of Indian 2 wheeler buyers,” said Minoru Kato, President and CEO, Honda Motorcycle and Scooter India.

“We are delighted that Activa partnered over 2 crore Indian families on the move in realising their dreams.”

Honda Activa was launched in 2001.

IANS

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