Showing posts with label Spinny. Show all posts
Showing posts with label Spinny. Show all posts

Spinny : A Data Driven Approach To Used Car Buying & Selling



New Delhi, 1st July 2016: Spinny, the online used car marketplace that recently acquired its rival HopCar, has introduced data driven algorithmic engines - ‘Spinny Star Price’, and  ’Spinny Star Rating’, which the company stresses will further help simplify the entire process of Buying and Selling Pre-Owned Cars online.

“For an individual, it’s very difficult to correctly predict the right price of any car. The information asymmetry prevalent in the used car market often leads to cases of overpayment & underpayment in a transaction, leaving the buyers & the sellers unsatisfied. The Spinny Star Price helps tackle this issue. While there are other algorithms available in the market, the Spinny Star Price engine, provides reasons behind how the price provided has depreciated to its current value from the car’s original on-road price”, says Niraj Singh, CEO & Founder, Spinny.

Spinny price engine leverages artificial neural network model to accurately predict the price of a used car. According to Ramanshu Mahaur, CTO & Co-Founder, “The engine takes in account more than 500k data points from actual car transactions, to provide a precise price range of a used car based on it's condition, demand-supply match and sale’s channel. It has also been trained to dynamically correct itself by accounting for events like new model launches, changes in taxes, and the seasonality of demand and supply.”

Spinny claims that the Pricing Engine is already powering more than 1000 transactions a month and has been garnering positive feedback from its users since its closed beta launch 3 months earlier.

The Spinny Star Rating engine, on the other hand works as a scoring mechanism to assist people in finding and comparing different cars. The algorithm behind takes hierarchical anatomy of car to see how each part and its functionality affect overall structure and performance of the car. Factors which affect the desirability of a car such as registration dates, hypothecation and current number of owners are also fed into the rating engine. Taking all factors which affect the buying decision for a buyer, the Engine calculates a final score for each product listing which indicates how good a deal is.

For a long time, the Used Car market had lacked a standardized method of Price discovery and validation that has kept many buyers and sellers from involving in used car transactions. The introduction of the Spinny Star Price and the Spinny Star Rating is a step in the right direction by the company to simplify the way used cars are bought and sold in India.

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Delhi based Hopcar Merges with Spinny ­ An Online Marketplace for Used Cars​



June 13 2016,  18.25 PM IST || Pocket News Alert

New Delhi, 13th ​June 2016: A delhi based startup, Hopcar.in, that deals in the sale and purchase of used cars has announced that it has merged with Spinny­ an online marketplace used cars. Hopcar.in was started by four Co­founders : Arijit Biswas, Rahul Thakur, Anish Karan and Rahul Anand in August last year.

“When working towards making Hopcar.in the preferred choice for customers looking to buy or sell used cars, I met Niraj, the co­founder and CEO of Spinny. The vision Niraj had for Spinny was very much in line with that of ours for Hopcar.” quoted Arijit. Niraj, an IIT­D alumni and a Serial Entrepreneur, cofounded Spinny last year in April along with 3 other co­founders. Spinny, now an year old, was founded on the core values of Trust and Transparency. “Having witnessed information asymmetry being a hindrance in the process of buying and selling used cars, I wanted to establish Spinny as the platform that bridged that gap between the two stakeholders.” ­ Niraj says.

The unique proposition that Spinny brought to the market was an analytically developed 200­point Inspection Checklist that assesses a car’s true condition and it’s right price. This works in two ways­ One by helping the buyer make an informed decision about the purchase and Second by helping Sellers claim the right price for their cars.

“It didn’t take us long to figure that just enabling the transaction wasn’t going to be enough to establish ourselves in the market. Customers needed to be provided an avenue they could blindly trust.“ Arijit further added. While Spinny had been working on incorporating a scientifically developed Pricing Engine and an algorithm based Rating Engine in their processes to strengthen the tech­side to their business, Hopcar.in was onto something similar.

“Seeing how our visions and approach naturally synced, it only seemed tactful to make concerted rather than disjointed efforts towards the same aim, and hence the merger happened” he added. The merged entity will continue to operate under Spinny’s brand name with the four co­founders of Hopcar becoming Core­Team members at Spinny. With the entry of many new players in the market, the merger places Spinny in an advantageous position in the otherwise still nascent Pre­Owned Car Market in India.

“Having set our foothold in Delhi, we are now streamlining our operations in Bangalore and plan to expand to other Tier I and Tier II cities by the end of this financial year”­ Niraj states. The merger is definitely a step ahead in Spinny’s continuous endeavours to provide a reliable, data­driven, and transparent service to its consumers.
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HopCar merges with Spinny for better automobile Industry


June 13,  16.43 PM IST || Pocket News Alert

One stop solution to Buy & Sell Used cars

New Delhi, 13th June 2016: Spinny, a Delhi based startup in the used car industry, has recently completed the merger of HopCar.in, another startup in the same industry. The merger will allow Spinny to strengthen its consumer products as well as the development of its technology while at the same time streamlining operations to achieve greater efficiency.


HopCar was established in August, 2015 to provide consumers with a one stop solution to buy and sell used cars. The online vertical focused on giving consumers value, trust, and convenience and targeted the information asymmetry of the used car market. In a similar vein, Spinny was established with the prime directive of improving the consumer experience and their interaction with the used car market. HopCar had been working to provide customers all the relevant information they required, whether they were buying or selling, so as to ensure information asymmetry didn’t take place at any point in the transaction.

HopCar’s founding team includes Arijit Biswas, Rahul Thakur, Anish Karan and Rahul Anand, and between them they are bringing a wealth of experience and innovation to Spinny.  The approach and the experience of the HopCar fit well with Spinny, which was the prime motive behind the merger.


On the occasion, CEO and Co-founder of Spinny, Niraj Singh said, “The used car market is a very fragmented segment with many different players tackling the same issues in their own ways. HopCar was one such player who were working on very similar lines to our own at Spinny. The technology they were developing, their work philosophy, and their approach to the market made the merger with HopCar a natural choice”. The merger brings immediate benefits for Spinny as it will allow Spinny to further strengthen its position in the Delhi-NCR region and bring greater efficiency to our operations in Bangalore as well.

Adding to this, Co-founder of HopCar and now a core team member at Spinny, Arijit Biswas said,” Our experience in the used car market has shown us that the issues in the market were too great to solve alone. However, finding a partner to tackle these issues wasn’t so straightforward either. Spinny’s vision synced naturally with our own and we look forward to working with Spinny and their team to deliver a satisfactory consumer experience.

Both companies were working on their own Price and Rating Engines. Through this merger, the engines will be combined, improving the accuracy and depth of the engines. This will help Spinny roll out fully featured and developed Algorithmic Engines that will help the consumer to understand the reasoning behind the pricing and certification provided by Spinny.

HopCar’s merger places Spinny in an advantageous position in the Delhi-NCR pre-owned car market. The company is currently streamlining its operations in Bangalore and looks to expand into Tier I and Tier II cities by the end of 2016. The introduction of the Price Engine and Rating Engine in the coming months will allow Spinny to better cater to consumer needs while at the same also further improve the overall consumer experience for people looking for a reliable, data-driven, and transaprent platform to buy or sell pre-owned cars.
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Bengaluru can now buy and sell used cars with extreme ease as Spinny goes live in India’s tech capital




February 9 2016,  14.36 PM IST || Pocket News Alert

Bengaluru, February 9, 2016: The experience of buying and selling used cars in the tech capital of India, Bengaluru, is set to become smoother than ever as Spinny, the go-to platform for sale and purchase of pre-owned cars announces its launch in Bengaluru!




Spinny started operations in Delhi-NCR in June 2015. In a short span of 6 months, the company has gone from strength to strength. It has already inspected more than 7,000 cars and listed more than 4000 cars on the site. In those first few months of operations, Spinny has standardized their pricing model by basing it on 2 million data points that also takes into account their accurate  inspection procedure to offer both sellers and buyers a fair price. There has been an incredible response to its services and buoyed by this success, the company has expanded its presence in Bengaluru to offer the best pre-owned car buying and selling experience to citizens of the tech hub of India.




To start off operations in Bengaluru, Spinny first recruited its Inspection team and the Sales Team, two crucial departments in the functioning of its business model. The co-founders of the company took a hands-on approach to building the team and have personally looked into the hiring of personnel for these departments.




Speaking on the launch in Bengaluru, Niraj Singh, Co-Founder & CEO of MySpinny, said, “Since the population in Bengaluru is very tech-savvy, we expect our initial business to come from the working executives in the city. Many young professionals migrate to Bengaluru for work and they prefer buying pre-owned cars rather than new cars. The model currently working in Delhi-NCR will prove quite beneficial for them and therefore we expect great traction in Bengaluru as well for our services.”




The used car market in Bengaluru is quite different from Delhi but the general perceptions associated with used cars are prevalent everywhere. People still look at selling and buying used cars as an inconvenient and opaque process. By offering pre-inspected and certified cars, Spinny is changing this perception towards used cars. Their model makes any used car transaction extremely transparent and convenient, be it in Delhi or Bengaluru. The user experience is uniform, no matter where you buy or sell a pre-owned car from.




Spinny has managed to taste success very early in its journey as it operates on a transactional-cum-fulfillment marketplace model. The company’s model aims to end information asymmetry and to establish correct price recommendations in the used car market of the country. Spinny looks to accomplish this by standardizing their inspection report with a systematic rating system while also streamlining the inspection process by utilising a dedicated app for the procedure. These initiatives will help remove the trust deficit in the used car market while also making the entire transaction process increasingly convenient for consumers.




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 evaluates the car on various stringent parameters and their report is used to set a price the car. 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. They also get the added benefit of warranty on the cars purchased through Spinny.

Bengaluru can now buy and sell used cars with extreme ease as Spinny goes live in India’s tech capital


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Spinny launches pre-purchase inspection service, Spinny Inspect



January 18 2016,  14.14 PM IST || Pocket News Alert

To bring the same level of transparency and confidence in used car transactions in the open market as on Spinny’s platform




New Delhi, January 18, 2016: Spinny, the go-to platform for buying and selling used cars announces the launch of its new service Spinny Inspect for used car buyers in Delhi, Gurgaon , Noida, and Bangalore. The pre-purchase inspection service enables those interested in buying pre-owned vehicles to make an informed choice and pay the right price for their purchase.




Users who have identified a pre-owned car that they wish to buy can simply enlist the services of Spinny’s expert inspectors. They will carry out an unbiased and thorough examination of the vehicle on-site and prepare a detailed 200-point report for the customer. The report helps them make an informed decision and evaluate whether they are getting a good deal or not. It’s a much awaited solution for those who wish to buy pre-owned vehicles but often hesitate as they don’t have the required expertise to judge the condition and value of a used car.    




Niraj Singh, Co-Founder & CEO of Spinny said, “It’s an old adage that one should always take an expert mechanic or driver with them when looking to buy a used car. Unfortunately, not everyone is qualified to inspect a car properly and experts are hard to find. Spinny-Inspect gives buyers easy access to a thorough evaluation of a pre-owned vehicle. The professional approach of our inspectors, the elaborate quality check and the certification given by Spinny Inspection goes a long way in reassuring potential buyers that they aren’t being short-changed and are getting a truly good deal.”  




Spinny Inspect is targeting transactions that take place outside the Spinny platform and will bring the same level of transparency to these transactions as any transaction through Spinny. This further strengthens the Spinny’s resolve to bring information symmetry to the Used Car market. With Spinny Inspect, buyers get detailed insights into the exact condition of the car, including any flaws. In addition to this, information about the car’s service history and maintenance records is also provided, giving customers complete indication of how the car was used during its previous ownership.




Spinny has made it extremely convenient for buyers to avail the service. All the buyer has to do to get their shortlisted car inspected is to book Spinny Inspect from their website and fill in the details of the car. The inspection is scheduled by their Executive who sets the time and place to conduct the inspection. The buyer will need to pay a flat fee of Rs. 750 for the inspection which is to be paid before the inspection either online or with cash. On the launch of Spinny Inspect, Spinny is offering 60% off on any inspection paid for online as an introductory offer.




In a highly unorganised market replete with information asymmetry, Spinny Inspect provides that much need stamp of assurance on a car’s condition and the Spinny certification helps customers feel more confident about their purchase.




http://www.myspinny.com/spinny-inspect/

Spinny launches pre-purchase inspection service, Spinny Inspect

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