Pre-owned luxury seems to be catching up

Hyderabad: One of the crucial factors which can make or break a fledgeling business is hard work. And, the story for Big Boy Toyz is no different. Founded in 2009, the company has become one of the largest multi-brand, pre-owned luxury car outlets in India.

“The right connections do come in handy, but everything depends on how you use it to close the deal. That’s hard work,” Jatin Ahuja, founder and MD, Big Boy Toyz said.

The eight-year-old company’s rise to the top has been swift. However, for Mr Ahuja, his entrepreneurial journey began in 2005 when he booked a healthy profit after repairing and refurbishing an S-Class Mercedes that had broken down due to the heavy rains.

Mr Ahuja, then 19, took help from his father to fund the repairs. But his entrepreneurial spirit saw a huge scope to convert his passion for cars into a business. This early taste gave Mr Ahuja, who holds an MBA degree from Delhi University, the desire to build his own business.

“My father, in 2005, had funded the repair of two such cars and the profits from that helped me kick start my business. Within two years, I was able to start importing luxury cars from the UK and Japan.

“While setting up Big Boy Toyz, my experience came in quite handy. I already knew about the challenges and had a decent set of connections to fall back upon. These connections referred us to people who were willing to sell their cars,” he said.

As business scions, cricketers and Bollywood actors regularly change their vehicle, they sell off their previous vehicles.

The Gurugram-based startup, now a $38.8 million organisation, taps in customers who find a novelty factor in purchasing such vehicles.

Even the carmaker are now allocating a portion of their budget to cater to this segment.

“One of my connections helped me get in touch with Sachin Tendulkar and Yuvraj Singh who were looking to sell their cars.”

Speaking about the challenges, Mr Ahuja said, “In the initial days, it was difficult to acquire pre-owned luxury cars but in recent days, the massive jump in the GST on luxury cars has become a big challenge for us.”

Despite the challenges, Mr Ahuja has set a target of `1,000 crore of annual turnover by 2020 for Big Boy Toyz. The company, which has outlet in Delhi and Gurugram, has plans to open a new outlet in Hyderabad within two years as a part of its expansion.