Category: News

The Covid shock of 2020 devastated most industries and the startup ecosystem was no exception, Sequoia issued a memo calling coronavirus the Black Swan of 2020 and Nasscom said 40% of Indian tech start-ups were forced to halt operations. Many start-ups let go of their employees, did salary cuts, on the contrary Luxury Ride, a chain of pre-owned luxury cars start-up headquartered at Gurugram has not only survived the pandemic with ease, but today completes successful 6 years, given 10 lacs rupees cash as reward to the GM-Sales and also has awarded 11 staff members who has been working with Luxury Ride from more than 3 years. Luxury Ride catering to the bigger section of the society, who have a dream of buying luxury cars at an economical price and [...]

 

Sumit Garg, MD & Co-Founder, Luxury Ride Company recently joined with NewsX as part of the NewsX India A-List, where he discussed his start-up trip, the goal of his business, and the future plans of Luxury Ride company.

Sumit Garg is a first-generation entrepreneur who wants to carve out a niche for himself in the industry. He co-founded Luxury Ride, one of India’s fastest growing pre-owned luxury car companies, like a dreamer who turned his love for luxury cars into a career. He is a proactive businessman with an excellent understanding of the corporate world who approaches even the most mundane activities with absolute discipline and commitment. His cool demeanour makes him an excellent c [...]

With the cold weather in full swing across the country, many Indians are considering a new-to-them sports car to enjoy during the coming cold-weather season. Covid-19 pandemic has not only changed the lifestyle of people but it has also changed the buying preferences of customers. The demand for Luxury cars/brands were in the rise before the pandemic but now demand for the used luxury cars has grown especially in the Tier2 and Tier3 cities of India. The trend of buying and modifying the used sports car in India is spreading like a forest fire, amongst hard-core enthusiasts. In fact, even more so, because there is a variety of such cars to fit almost every pocket.

Due to the change in the buying preference of the customers, [...]

Liberalization & reforms have bred successful entrepreneurs in India and the First Generation Companies have made quite an impact in the Indian Economy. The First Generation Companies have made an impression in almost all the sectors of the economy i.e. IT, Infrastructure, Automobile, Real Estate, Power Transmission, Agribusiness, Ed-Tech, Retail, fashion etc. Under the leadership of our Prime Minster Shri Narendra Modi, many initiatives have been taken to empower startup growth like Start-up India, which will boost entrepreneurship, economic growth and employment growth across India.  I believe this is the golden era of India’s entrepreneurial journey, as start-ups with disruptive potential are scaling up rapidly. Post liberalisation, India’s entrepreneurial ecosystem has been steadily evolving. As the economy witnessed a huge st [...]

With half of 2020 gone in the covid-19 pandemic, it is now clear that the demand for luxury cars will be driven out of tier-I and tier-III markets of India. Reports coming in from almost all the major luxury car makers indicate that non-metropolitan cities are showing increase in demand for premium and luxury cars.

On one hand, early indicators had shown the luxury cars market taking a dip in the metro markets – even setting sales back by 5 to 7 years – latest reports indicate the overall sales is being compensated by the rise in demand from tier-II and tier-III markets. While it will take another two to three years for sales in metros to reach the levels of 2014-15, the growth has already sta [...]

For a segment that was organising and evolving at a breakneck speed in India, the covid-19 pandemic may just hurry up the evolution of pre-owned cars market. The segment had been growing at a steady rate of 15 percent and might see a jump beyond that in the post covid-19 era.

What makes the post covid-19 era interesting are the behavioural changes it will bring about in the people. Social distancing norms and muted public transportation has already changed the travel and commuting behaviour in city dwellers. The post lockdown scenario is expected to encourage more and more people to avoid public transport and use own vehicles for day to day travel and commuting. Even though pubic tr [...]

The COVID-19 pandemic has turned the world on its head bringing businesses to a grinding haltplunging revenues, displacing workforce, sending stock market nose-diving and leaving gaping holes in economies, worldwide. Job losses impacting income of millions of working personnel has left them with lesser purchasing power. 

As the country limps out of lockdown and workforce getting back to their workplaces, mobility will remain as relevant as ever. Those wanting to change their cars have put on hold.With spending on luxury items like cars, the automobile industry has taken its worst hit as those looking to buy / change cars have put on hold the decision owing to the effects the pandemic has had on income. But the silver lining to the dark cloud is that the demand for
pre-owned cars has witnessed an uptick amidst the