By Nilesh Wadhwa, Autocar Professional
The less-than-a-year-old luxury pre-owned car brand Boys & Machines has expanded its footprint across three cities in the first four months of 2021. And the going seems to be getting better.
Though Covid-19 has impacted demand for new cars, it’s not been all doom and gloom for the pre-owned car segment. Gurgaon-headquartered Boys & Machines, a pre-owned premium luxury automobile company, is seeing steady expansion backed by strong demand.
Boys and Machines kicked off operations in late 2020 with its first retail space in Gurgaon. Since then, it has already expanded to three other cities — Mumbai, Kolkata and Hyderabad — in the first four months of 2021.Given the strong growth momentum, it now plans to target Tier 2 cities — Indore, Ahmedabad, Chandigarh — in the next 60 days.
Founded by auto enthusiast Siddharth Chaturvedi in 2020, it aims to provide customers with the best-priced luxury cars.“As a supercar user, you understand that there is massive depreciation when you purchase and sell these vehicles. This motivated me to come on the other side and get into the business of buying and selling luxury cars. We searched the market for people who are in this industry, met some national players who are into this segment and built a team,” recalls Chaturvedi.
Unlike its competitors, Boys & Machines does not “glamorise selling luxury cars but wants to provide same quality at a reasonable price.” What’s driving the company’s bullishness is “an interesting aspect that we noticed – looking at the uncertainties, people, who were once saving for the future, started splurging on themselves,” says Chaturvedi.
In less than 12 months of opening doors to customers, Boys & Machines claims that it has clocked Rs 25 crore worth of sales since launch (October 2020 to March 2021). “We opened our Mumbai showroom in January and another in Kolkata in February. Now we are clocking sales of around Rs 7-8 crore per month across the showrooms,” reveals Chaturvedi.
To build its inventory, the company has roped in industry veterans and hundreds of dealer partners to procure these vehicles. The Boys & Machines team conducts physical inspection as well goes through the complete documentation and service history. After a vehicle meets all requirements, it is procured and serviced to make it as good as new vehicle, after which it gets listed on the company website.
In terms of customer trends, Chaturvedi views Mumbai as a market with demand for SUVs while Delhi customers prefer sedans. Hyderabad is seeing high demand for sports cars while Kolkata has a mixed demand trend. Eighty percent of vehicle sales are through financing loans in Delhi while in Mumbai and Hyderabad, around 90 percent of purchases are through cash payment. In Kolkata there is no case of financing yet.