Working on a transactional-cum-fulfillment marketplace model, Spinny is the go-to platform for buying and selling used cars. Offering convenient transactions to the customers, Spinny has become the Indian pre-owned car segment that holds a lot of potential and has been getting tremendous attention lately.
The platform eliminates roadblocks to smooth transactions such as asymmetry of information, dearth of trusted intermediaries and inconvenience associated with formalities. Spinny eases out the entire process for all stakeholders: Buyers and Sellers.
While most other industry players working as classified platforms, Spinny operates on a transactional-cum-fulfillment marketplace model. The company's approach aims to end information asymmetry and to establish correct price recommendations. This model positions it perfectly to capture a large mind and market share in India by completely revolutionizing the way the space operates.
The used cars industry in India requires deep vertical integration to solve all its associated pain points. Spinny has devised a one-click solution for users to buy and sell cars from the comfort of their homes. It employs a machine-learning based algorithmic mapping procedure to match the right car with the right buyer.
The scientifically defined processes and methods make the entire end-to-end experience convenient and hassle-free for customers.
The company's quality process begins with sellers simply putting in a request to sell their car on the site. The in-house inspection team checks the car and sets a price on it based on various stringent parameters. Each vehicle has to meet the Spinny 200-point inspection test and is only then featured on the platform.
Buyers can rest easy as cars offered on the platform are Spinny Certified, which means they have undergone a rigorous check by qualified inspectors. This also ensures that there is plenty of accurate information available about the condition of the car, enabling the buyer to make an informed choice. They also get the added benefit of warranty on the cars purchased through Spinny.
One of the key differentiating factors of Spinny is that its price engine, which works on a proprietary neural network-based algorithm, determines the correct price of the car. Nobody is left with a feeling of having landed a raw deal as the entire process is automated. In addition, Spinny also takes care of all the paperwork, from registration to title transfers as well as assisting buyers in financing their new purchase.
Spinny plans to facilitate more than 1,500 transactions in a month over the next one year. It will also look at facilitating finance and insurance in 50 to 60 percent of the cases in the 8 cities of its operation. The company aspires to acquire four to five percent of the used car market share by 2020 and envisions cementing its market leadership position slowly but steadily. With Spinny, true convenience, complete transparency and supreme satisfaction for all is now a reality in the pre-owned car market.