In line with the IMF’s projection of a 6.3% economic growth, the automotive sector is poised for substantial expansion, particularly in the domain of new car sales. Supporting this upward trajectory, Carlelo (A Capri Loan Venture), an online platform for new car sales, has reported a significant 300% surge in online car bookings during the third quarter of 2023.

What has led to the surge?

This surge in digital car bookings is indicative of an evolving consumer trend towards online car purchases. The report offers intriguing insights, including the growing preference for contactless car acquisition, a continuous flow of inquiries, and an overall increase in sales. Buyers are now seeking vehicles that not only provide value for their money but also boast an array of features. The demand for tech-savvy cars, equipped with Connected Car features and ADAS functions, is on the rise.

CarLelo has tapped into the diverse demographics of India’s economic landscape. A remarkable 98% of its buyers are men, with the remaining 2% being women. The platform has witnessed over 0.6 million visitors making inquiries about new cars and completing their purchases. These buyers typically fall within the 25 to 40-year age bracket, with an average age of 31 years.

Demographics and Top Players

The report also notes that most inquiries from new car buyers have originated from states like Delhi, Uttar Pradesh, Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Punjab, and Karnataka, among others. This trend has been further fueled by the introduction of new models such as the Hyundai Exter, Maruti Suzuki Jimny, Mahindra Thar, Maruti Grand Suzuki Vitara, Tata Nexon, Maruti Fronx, among others, across various segments.

Prominent car manufacturers like Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Kia, MG Motors, and Toyota have received the most inquiries for their respective models within their product portfolios. Among these, SUVs lead the charge, followed by sedans and hatchbacks. In terms of color preferences, white, grey, and silver occupy the top spots among CarLelo’s new car buyers, in that order.

Official Statement

Gaurav Aggarwal, Founder and CEO of CarLelo (A Capri Loans Venture), shared his thoughts on the insights from Q3. He expressed, “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. With our unwavering commitment to quality, hassle-free, and a customer-centric approach, people have placed their trust in online new car buying, allowing us to build enduring relationships with our valued clients. We’re on a trajectory of growth. Our aim is a sustainable, profitable business, and we anticipate ending the year with significant double-digit growth.” He also added, “we are also quite positive about the demand during the festive season and looking forward to achieving a target of 10% to 15% improvement in our overall performance.”

The post CarLelo Records Remarkable 300% Increase in Q3’23 Bookings first appeared on Motoroids.