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29
May 2017
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Foreign luxury cars (The Total Investment & Insurance
Solutions)
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 Rs1.5 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.
The Total Investment & Insurance Solutions
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. The Total Investment & Insurance
Solutions
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. The Total Investment & Insurance
Solutions
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. The Total Investment &
Insurance Solutions
"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. The
Total Investment & Insurance Solutions
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 Total Investment & Insurance
Solutions
The company
has a collection of 120 cars in both the showrooms -- ranging from BMWs,
Mercedes, Porsches, to Land Rovers. The
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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.The Total Investment &
Insurance Solutions
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