CarLelo (a Capri loans venture), an online marketplace for new cars, has reported a 300% growth in online car bookings in the third quarter of 2023. This surge aligns with the IMF’s prediction of 6.3% economic growth, indicating a promising future for the auto sector.
The platform, in a statement, said that it has seen an influx of consumers seeking contactless car acquisitions, with a consistent stream of inquiries leading to increased sales. The demand for vehicles equipped with Connected Car features and ADAS functions is on the rise, reflecting a preference for tech-savvy vehicles.
Gaurav Aggarwal, Founder and CEO of CarLelo, 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… We’re on a trajectory of growth… We anticipate ending the year with significant double-digit growth.” He also expressed optimism about the demand during the festive season and aims to achieve a 10% to 15% improvement in overall performance.
CarLelo claims that it has capitalised on the diverse demographics of India's economic landscape, with men making up 98% and women 2% of its buyers. The platform added that it has attracted more than 6 lakh visitors, primarily aged between 25 and 40 years, with an average age of 31 years.
The majority of inquiries have come from states including Delhi, Uttar Pradesh, Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Punjab, and Karnataka. The introduction of new models like Hyundai Exter, Maruti Suzuki Jimny, Mahindra Thar, Maruti Grand Suzuki Vitara, Tata Nexon and Maruti Fronx across various segments has also contributed to this trend.
Brands such as Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Kia, MG Motors and Toyota have generated the most inquiries for their respective models. Sports utility vehicles (SUVs) lead the charge in terms of popularity, followed by sedans and hatchbacks. White, grey and silver are the top favourite colours among CarLelo’s new car buyers.
