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<ul><li>The used car retailing company will be recruiting 5,000 people by the end of next year 2022.</li><li>The company will be hiring from management trainees to senior managers across the tech, product, marketing and operations segments.</li><li><keyword id="366851" type="General" weightage="20" keywordseo="Spinny" source="Orion">Spinny</keyword> hired most of the current employees in the month of October this year.</li></ul>Spinny, which is a used car marketplace, is looking to hire 5,000 individuals by the end of 2022 to expand its footprint in the Indian market and take on tough competition coming from Cars24, Droom and others. The company plans to nearly double its workforce from 4,000 to 9,000 people. The company has vacancies across multiple jobs roles like management trainees to senior managers across the tech, product, marketing and operations segments. The announcement comes only a few days after it raised<a href="https://www.businessinsider.in/business/startups/news/spinny-is-the-latest-used-car-platform-to-join-cars24-droom-and-cardekho-in-unicorn-club/articleshow/88140551.cms"> $283 million funding from marquee investors</a> like Abu Dhabi-based ADQ, Tiger Global, Avenir Growth and others. The company was valued at $1.8 billion in this funding round, making its entry into the <keyword id="3009432" type="General" weightage="20" keywordseo="unicorn-club" source="Orion">unicorn club</keyword>. A part of that funding will be used to fund Spinny’s hiring plan. “Every new member of squad Spinny- and more driven individuals will join their ranks in 2022, know their role - to continue to build up this hard-earned trust,” said Niraj Singh, founder and chief executive officer (CEO) of Spinny. The used car platform hired most of its employees in the month of October this year, the company highlighted in a press release. According to their human resource data, 61% of their current employees are working from north India, 20% from south India and 19% from the west side of the country. Spinny was founded in 2015 by Niraj Singh, Mohit Gupta, Ramashu Mahaur and Ganesh Pawar. The company operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. The company has raised more than $530 million to date. On December 14, the company also announced its partnership with the cricket icon Sachin Tendulkar, who is the strategic investor in the company as well as lead brand endorser. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-countries-have-less-than-5-days-work-week-and-india-may-join-the-list-soon/slidelist/88448480.cms">These countries have less than 5 days work week and India may join the list soon</a>

Used car selling platform Spinny to hire over 5,000 people by the end of 2022

New Delhi, Mar 2 () Online used car retailing platform Spinny on Monday said it has raised USD 43.7 million (about Rs 315 crore) funding led by Fundamentum Partnership (FP), a growth-capital fund backed by Nandan Nilekani and Sanjeev Aggarwal. The series-B round also saw participation from new investors, US-based General Catalyst Partners, Korea-based KB Financial Group and existing investors Accel, SAIF Partners and Alteria Capital as co-investors, a statement said. Ashish Kumar, Partner, FP will join the Spinny board, it added. The funds will be used to invest in technology, strengthen business teams, enhance customer experience and, expand to newer cities, it added. Spinny had raised its seed round from Blume Ventures and Simile Ventures, and most recently it had closed its Series A round of USD 13.2 million co-led by SAIF Partners and Accel in April last year. It is currently present across four cities in India and has sold close to 10,000 cars through its platform. "The FP team was impressed with Spinny team's ability to use technology to solve for operational friction in the business, and thereby build a sustainable advantage," Nandan Nilekani, co-founder and Chairman, FP said. This fits into FP's thesis of backing long term-oriented entrepreneurs to solve complex business problems using technology and who aspire to build a company at scale and to last, he added. "With the closure of this round of funding, we are excited to have on-board new investors Fundamentum, General Catalyst and KB Financial Group in our journey and, look to leverage their vast experience across both venture and operating roles," Spinny co-founder and CEO Niraj Singh said. According to industry reports, for every new car sold in India, approximately 1.3 used cars are sold. Currently, the Indian pre-owned car market stands at about 4.3 million units sold annually, growing at about 14 per cent CAGR. However, only about 18 per cent of the market is organised. Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahuar, Spinny is a tech-enabled pre-owned car platform. Its online-to-offline (O2O) model allows customers to discover cars online on Spinny's website and make the final purchase offline at a Spinny Car Hub. SR ANSANS

Spinny raises USD 43.7 mn funding led by Fundamentum Partnership

Used car retailing platform <keyword id="366851" type="General" weightage="80" keywordseo="spinny" source="Orion">Spinny</keyword> on Tuesday announced its partnership with Indian sporting legend <keyword id="6354267" type="General" weightage="20" keywordseo="Sachin-Tendulkar" source="Orion">Sachin Tendulkar</keyword>. Tendulkar is a strategic investor in the company, as well as lead brand endorser. "Our country is becoming younger and our ambitions bigger. Entrepreneurs of today are creating solutions that cater to this ambition. I am very happy to be associated with Spinny - a team which aspires to create solutions the right way. The team has adopted timeless values to achieve excellence in their business - trust, transparency, and integrity," Tendulkar said in a statement. Welcoming Tendulkar as an investor, <keyword id="570594" type="General" weightage="20" keywordseo="Niraj-Singh" source="Orion">Niraj Singh</keyword> (Founder &amp; CEO) said, "His life and journey stand as a beacon for the values of tenacity and determination in the face of challenges. We strive to instil these abilities in everything we do and Spinny's outlook to solve real customer problems. Having him onboard with Spinny is absolutely heart-warming, and we are proud to welcome our newest captain of Squad Spinny, Sachin Ramesh Tendulkar." Recently, Spinny announced the closure of a $283 million funding from new and existing investors, taking its valuation to $1.8 billion and becoming another unicorn in 2021. The company said the raised capital would be utilised to bolster the customer experience, strengthen technology and product capabilities and build teams across functions. The Series E round was led by Abu Dhabi-based ADQ, <keyword id="526777" type="General" weightage="20" keywordseo="Tiger-Global" source="Orion">Tiger Global</keyword> and <keyword id="12698348" type="General" weightage="20" keywordseo="Avenir-Growth" source="Orion">Avenir Growth</keyword>, along with participation from existing investors <keyword id="12734221" type="General" weightage="20" keywordseo="Feroz-Dewans-Arena-Holdings" source="Orion">Feroz Dewan's Arena Holdings</keyword> and <keyword id="6448677" type="General" weightage="20" keywordseo="Think-Investments" source="Orion">Think Investments</keyword>, the company noted in a statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-signs-worlds-largest-green-power-purchase-agreement-with-solar-energy-corporation-of-india/articleshow/88272877.cms">Adani signs world's largest green power purchase agreement with Solar Energy Corporation of India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/bored-apes-yacht-club-ties-up-with-animoca-with-metaverses-like-the-sandbox-decentraland-and-axie-inifinity-to-launch-p2e-nft-game/articleshow/88273162.cms">The company behind The Sandbox, Decentraland and Axie Infinity is now helping the Bored Apes Yacht Club launch its own P2E game</a>

Sachin Tendulkar invests in used car platform Spinny

<ul><li>Anand Rathi Wealth has received a decent response from investors in the IPO as it was subscribed 9.78 times in 3 days.</li><li>However, the grey market premium has been falling each day. Today, GMP stood at ₹25 per share falling from ₹125 earlier.</li><li>The allotment of the IPO is scheduled on December 9.</li></ul>Wealth management firm Anand Rathi Wealth has received good response from investors in its initial public offering (IPO) as the issue has been oversubscribed by 9.78 times. If you have subscribed to the IPO, remember the allotment of the IPO is scheduled for tomorrow, December 9. However, the grey market premium of the company's shares continue to fall since the last couple of days. Currently, the premium for Anand Rathi Wealth’s shares is at ₹25 per share from ₹125 earlier. The IPO is in the price range of ₹530-₹550 per share. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.50 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.42 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.76 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.78 times </td></tr></tbody></table> Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai. Further, the company aims to double its assets under management in the 3-5 years, said Amit Rathi, managing director at Anand Rathi in an <a href="https://www.businessinsider.in/business/corporates/news/anand-rathi-aims-to-double-its-assets-under-management-in-the-next-3-5-years/articleshow/88069928.cms">interview with Business Insider.</a> “Anand Rathi Wealth generates higher revenue yields compared to competition as the company has consciously avoided stock broking and stock advisory businesses and restricted its focus to the high yielding segments of distribution of structured products and mutual funds,” said Nirmal Bang while recommending ‘subscribe’ rating to the IPO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rategain-travel-shriram-properties-ce-info-systems-mapmyindia-and-metro-brands-these-ipos-opening-in-the-next-couple-of-days/articleshow/88140211.cms">RateGain, Shriram, MapmyIndia and more — Check out the important dates of these upcoming IPOs and their grey market premiums</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/spinny-is-the-latest-used-car-platform-to-join-cars24-droom-and-cardekho-in-unicorn-club/articleshow/88140551.cms">Spinny is the latest used car platform to join Cars24, Droom and CarDekho in unicorn club</a>

Grey market premium for Anand Rathi Wealth IPO is down to ₹25 from ₹125

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> minted four used-car unicorns between November 2020 and November 2021.</li><li>A growing middle class and the rise of the millennial generation is driving the sector's growth.</li></ul>Ram Goswami bought a five-year-old Nissan Terrano last year after getting rid of his sedan. He'd owned the sedan for over a decade, but increasing maintenance costs and repairs started to pinch Goswami's pockets. The marketing professional, who's based in Delhi, purchased the SUV for ₹350,000 ($4,662) — less than half its market price."I preferred a used car over a new car since I'm getting a good deal," Goswami, 37, told Insider."If someone has enough money and doesn't need a loan, then he can go for a new car. But <keyword id="11939507" type="UNKNOWN" weightage="60" keywordseo="used-cars" source="Orion">used cars</keyword> are a blessing for people like me," Goswami added.Niroop Rajan, a techie from Bangalore, picked up a 10-year-old BMW luxury sedan last year for ₹700,000 ($9,318). It's his first car, and for him, owning a car is a status symbol."The emotion I felt from driving my parents in my car for the first time was overwhelming. It doesn't matter if it's a used one. I was overjoyed," Rajan, 31, said.While the two millennials live two thousand kilometers apart, Goswami and Rajan are part of a massive churn in India's automobile industry. Both Goswami and Rajan purchased used cars – a rapidly growing segment in India powered by digital disruption, newfound love from millennials, a buffet of financial options, and pandemic travel restrictions.<h2>Four new used-car unicorns</h2>It's a good time to be a used-car startup in India.For every new car sold in the country last year, about 1.4 used cars were sold, up from <a href="http://www.indianbluebook.com/storage/app/media/Insights/India-Pre-Owned-Car-Market-Report-3rd-Edition-2019.pdf">1.2 before the pandemic.</a>Between November 2020 and November 2021, four India-based startups that exclusively sell used cars became unicorns (startups valued at $1 billion or more) and minted a record amount of investment. India is home to about 80 unicorns total.The four startups – Cars24, Droom, Spinny, and CarDekho – raised over $1.5 billion total from global marquee investors. That's more than what these platforms raised in the previous five years put together, figures from their valuation announcements show.Market leader Cars24 saw its valuation nearly double within three months late last year. In September, it was valued at $1.84 billion; the latest funding round in December put the valuation at $3.3 billion. The company is expanding its global footprint with new branches in Australia and the UAE, and it's <a href="https://www.exchange4media.com/marketing-news/cars24-announces-international-expansion-now-operational-in-uae-australia-113641.html">eyeing the Southeast Asian market.</a> Those pouring the money include New York-based investment firm <a href="https://www.spinny.com/about-us/">Tiger Global,</a> American giant <a href="https://india.sequoiacap.com/india/companies/cars24/">Sequoia Capital</a>, <a href="https://economictimes.indiatimes.com/tech/funding/cardekho-enters-unicorn-club-with-250-million-funding-led-by-leapfrog-investments/articleshow/86973768.cms">LeapFrog Investments</a>, Abu Dhabi-headquartered <a href="https://tracxn.com/d/companies/spinny.com">ADQ</a>, and China-based venture capital firm <a href="https://www.cars24.com/blog/cars24-raisesi-450-million-nearly-doubles-its-valuation-to-1-84-billion/">DST Global.</a> And in December, India's star sportsman Sachin Tendulkar <a href="https://auto.economictimes.indiatimes.com/news/aftermarket/sachin-tendulkar-invests-in-used-car-platform-spinny/88276324">invested an undisclosed amount </a>in Spinny.<h2>The pandemic and millennials are behind the change</h2>The pre-owned car market started to outpace the new car market during the pandemic. The poor economic situation dented the demand for new cars, and the global semiconductor shortage prolonged the waiting period. Public <keyword id="11894924" type="UNKNOWN" weightage="100" keywordseo="transportation" source="Orion">transportation</keyword>, too, has taken a hit. "What happened in the last year during the pandemic is that the way people commute has changed," said Kushal Bhatnagar, an engagement manager at consulting and research firm RedSeer. "During the pandemic era, the usage of [ride-hailing services] Ola and Uber dropped. Shared mobility as a concept declined in India."All these factors have had an unintended spillover on the used car market, providing a jumpstart for startups like Droom, an online-only marketplace that offers fair pricing assessments and digitized vehicle histories.<div type="image" title="Droom CEO Sandeep Aggarwal" height="2661" width="3547" msid="90288740" hostid="261"></div>Droom CEO Sandeep Aggarwal said the growth in India's used-car market is driven by the country's growing middle class and the rise of a young population armed with disposable income."We get about 16 million monthly user traffic and about 75% of them come from millennials," Aggarwal told Insider. Indeed, millennials make up 80% of the buyer base for used cars, one <a href="https://www.motownindia.com/Bureau/Auto-Industry/3192/Millennials-Gen-Z-appetite-for-used-cars-on-the-rise-Cars24-Ipsos-Report-Motown-India-Bureau">industry research</a> found.The CEO added that the demand for used cars in India is reflective of a change in generational mentality."'My father had a scooter. After working for 25 years, he bought his first car at the end of his career. I don't want that. I want a car now,' is what a millennial thinks," Aggarwal said. "This aspirational value has been embedded in the generation of Indian millennials."<div type="image" title="Motorbikes and scooters lined up in India." height="2448" width="3264" msid="90288741" hostid="261"></div>The type of demand in the market is also shifting, two industry insiders said."Often what we see is someone will prefer a four-year-old gently used BMW for 1.2 million rupees ($16,000) to a brand new Honda city for the same amount," Aggarwal said."A lot of people who owned two-wheelers now want a car for their family and their obvious choice is a used one. The age group driving this growth is between 30 and 35," echoed Anurag Jain, the cofounder of CarDekho.<h2>Moving towards a focus on the user</h2>With an estimated <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">30,000 brick-and-mortar dealers</a> across the country, India's used-car market is a highly fragmented area dominated by mom-and-pop operations. Until about five years ago, most used-car services were seller-centric listing services. The segment was riddled with untrustworthy agents and cumbersome paperwork.But this is slowly changing. The segment is moving towards user experience-focused systems and buyer-focused business models.Consider CarDekho, a 14-year-old company that hit unicorn status in October. The marketplace offers end-to-end services such as doorstep pickup, financing options, insurance, post-service warranty, and long-term maintenance packages."In India, it will not be a pure-play digital transaction where one book and get the car delivered to home. Most of India will be O-to-O (online-to-offline), a blend of the digital and offline marketplace," Jain told Insider.<div type="image" title="A used car lot in India" height="1908" width="2544" msid="90288743" hostid="261"></div><h2>The road ahead</h2>While the demand for pre-owned cars <a href="https://www.ft.com/content/6617dc19-6302-42b6-9c98-94faecb0dd8c">has soared across the world</a>, India is a hugely under-penetrated market. Only <a href="https://www.census2011.co.in/hhassets.php">about 4% of households</a> in the country own a car.Globally, China leads the used-car market with 21.4 million units sold in 2019, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer</a>. The US follows in second place with 17.5 million used cars sold in 2019. India is in fifth, with 4.4 million units sold.The country's automotive industry is expected to be worth $300 billion by 2026, per an <a href="https://www.ibef.org/industry/automobiles-presentation">estimate</a> from government-backed think tank India Brand Equity Foundation. The business of pre-owned vehicles stands to play a key role in this growth. From the 4.4 million used cars purchased in 2021, numbers are expected to almost double in five years, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer's forecast</a>.For now, India's used-car unicorns are aggressively adding more manpower and markets to capitalize on opportunities. Droom and CarDekho are eyeing a public listing in the coming months."If we look at the large economies like the US, Western Europe or Japan, we're talking about 70%+ adoption of cars," said Droom's Aggarwal. "In India, the motorization adoption is set to grow from 22 cars per 1000 people to 200 cars per 1000 people in three decades."

How millennials and the pandemic are powering India's used-car market, where 4 startups hit unicorn status in one year

<ul class="summary-list"><li>The seller's market for <keyword id="11939507" type="UNKNOWN" weightage="60" keywordseo="used-cars" source="Orion">used cars</keyword> and vehicles is starting to wobble.</li><li>Prices for <keyword id="13913914" type="UNKNOWN" weightage="60" keywordseo="used-vehicles" source="Orion">used vehicles</keyword> fell 0.4% in April, marking a third consecutive month of declines.</li></ul>The seller's market for used cars just celebrated its one-year anniversary, yet it's already on its last legs.Used vehicles were hit hardest by rising <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> as the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> reopened and spending boomed in early 2021. Pent-up demand for cars slammed into the global semiconductor shortage, crimping supply for both new and previously owned vehicles. That powered a massive price spike. Used car and truck prices <a href="https://www.businessinsider.com/used-car-prices-inflation-gas-shortage-stockpiling-drivers-slammed-reopening-2021-5">rose more than 10%</a> in April and June of last year and counted for roughly one-third of overall inflation throughout last spring.Headline inflation has since soared to levels not seen since the 1980s, but the used vehicle prices that powered the initial surge are now falling back to earth. Used car and truck prices fell 0.4% in April, according to government data published Wednesday. That follows a 3.8% decline in March and a 0.2% drop through February.After months of extraordinarily large price hikes, it might finally be a good time for car buyers.Prices for used cars and trucks now sit about 48% higher than pre-pandemic levels, Insider calculated with data from the Bureau of Labor Statistics. While that's still a hefty price hike for a 28-month period, it's down significantly from the January peak when prices were about 54% higher.Other measures show the market continuing to cool off through April. The <a href="https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html">Manheim Used Vehicle Value Index</a> fell to 221.2 last month, down from the March reading of 223.5. That's the lowest level since September 2021. The measure also shows used vehicle values peaking in January, signaling the recent slump is likely a prolonged downtrend.Several factors stand to extend the cooldown. Spending on durable goods — think vehicles, furniture, and appliances over food and medicine — declined through February and March, alleviating some of the demand that's boosted inflation. The pandemic-era drop in new vehicle inventories <a href="https://fred.stlouisfed.org/series/AUINSA">has also slowed through 2022</a>. If the supply of new cars recovers, that will likely alleviate supply pressures in the used-vehicle market as more cars are resold.To be sure, rising interest rates present a new hurdle for buyers looking to take advantage of falling prices. The Federal Reserve <a href="https://www.businessinsider.com/fed-raises-interest-rates-may-double-sized-hike-mortgages-loans-2022-5">lifted its benchmark interest rate</a> by half a percentage point in May, doubling the size of its typical rate hikes in a bid to more aggressively ease inflation. The central bank's rate increases affect borrowing costs throughout the economy, and while most auto loans have fixed rates, the higher rate will make loans pricier in the months ahead.Fed Chair Jerome Powell hinted earlier in May that more double-sized rate hikes are "<a href="https://www.businessinsider.com/federal-reserve-interest-rate-hikes-double-sized-future-meetings-powell-2022-5">on the table</a>" for the Fed's summer meetings, meaning vehicle financing will only get more expensive through 2022.Still, the decline in headline prices will bring much-needed relief for buyers after months of double-digit price increases and widespread shortages. Used vehicles might not completely be a buyers' market just yet, but it's moving in that direction.

It's finally a better time to buy a used car

<ul class="summary-list"><li>Used-car prices likely jumped yet again in May, UBS says, following a 68-year record in April.</li><li><keyword id="71298" type="PERSON" weightage="60" keywordseo="used-cars">Used cars</keyword> have been one of the primary drivers of increased consumer inflation.</li><li>It's one strange part of the puzzle that is America's <keyword id="46126" type="ORGANIZATION" weightage="60" keywordseo="economic-recovery">economic recovery</keyword> from the pandemic.</li></ul>If you're in the market for a <keyword id="40524" type="PERSON" weightage="60" keywordseo="Used-Car">used car</keyword>, be prepared for some sticker shock. Prices are projected to have skyrocketed again in May, and that boom is probably going to be a primary driver of increased inflation.A note by a group of UBS researchers, led by Alan Detmeister, forecast a 10.8% price increase. That's even higher than April's <a href="https://www.businessinsider.com/used-car-prices-saw-their-biggest-monthly-price-increase-ubs-2021-5">record-breaking surge</a> of 10%.<div type="image" title="used car prices jump" height="769" width="1026" msid="83317035" hostid="261"></div>Those pre-owned cars are adding significant mileage to inflation in the US. UBS projects that core Consumer Price Index (CPI) will have another "massive" rise in May; simply put, that means things got even more expensive. That follows a <a href="https://www.businessinsider.com/inflation-consumer-price-index-april-cpi-economic-reopening-price-growth-2021-5">13-year high in April</a>. In both April and May, the increase is "heavily driven" by <keyword id="11400078" type="UNKNOWN" weightage="60" keywordseo="used-car-prices">used car prices</keyword>, according to UBS.Used cars are just one of a myriad of <keyword id="475892" type="PERSON" weightage="60" keywordseo="shortages">shortages</keyword> throughout the US <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, part of the country's strange rollercoaster of a recovery. A global computer-chip <keyword id="62654" type="PERSON" weightage="60" keywordseo="shortage">shortage</keyword> has wreaked havoc on the automotive industry, potentially costing it up to $110 billion just this year, <a href="https://www.businessinsider.com/chip-shortage-expected-cost-auto-industry-car-makers-110-billion-2021-5">Insider's Dominick Reuter reported</a>. Those chips are <a href="https://www.businessinsider.com/why-is-there-chip-shortage-car-companies-electronics-supply-chain-2021-2">used for everything</a> from car engines to Bluetooth capabilities. That's <a href="https://www.businessinsider.com/why-is-there-chip-shortage-car-companies-electronics-supply-chain-2021-2">slowed production of new cars</a> - right when Americans are itching to buy them, as <a href="https://www.businessinsider.com/why-is-there-chip-shortage-car-companies-electronics-supply-chain-2021-2">Insider's Katie Canales reported</a>."With pressures on the used car market, along with returning demand for travel, we expect further increases in these categories in the coming months," the UBS researchers write. They also expect "solid" price increases for new cars and apparel.<h2>Another shortage could be holding up economic recovery</h2>Last week brought the May jobs report, which tracked payroll gains for the month. It showed signs of labor-market acceleration, as <a href="https://www.businessinsider.com/may-jobs-report-559000-payrolls-unemployment-rate-recovery-labor-market-2021-6">Insider's Ben Winck reported</a>, with the unemployment rate dropping. However, the number of payrolls added came in below expectations. A separate UBS note from researchers led by Andrew Dubinsky said jobs are rebounding slower than expected because of shortages - "temporary labor supply bottlenecks implied by strong wage gains are slowing growth." For instance, the youngest workers, who are 16 to 24, saw declines, which UBS attributes to them potentially returning for in-person schooling.So something else is getting more expensive: The amount that workers get paid. Employers are forking over more money to try and get workers to join their workforce. As the UBS researchers write, "Annualized leisure <keyword id="2372711" type="PERSON" weightage="60" keywordseo="wage-growth">wage growth</keyword> of around 20% in the past three months suggest the recovery is being held back by labor supply." That <a href="https://www.businessinsider.com/wages-growth-labor-shortage-jobs-report-may-rehire-unemployment-data-2021-6">wage growth</a> signals that labor-market-supply issues will be temporary, UBS said. But it's not just a matter of wages keeping people out of the workforce. Some <a href="https://www.businessinsider.com/labor-shortage-unemployment-benefits-america-reopening-rethink-work-employment-wages-2021-5">unemployed workers</a> are rethinking work and what they want out of it, while others struggle with a <a href="https://www.businessinsider.com/labor-shortage-hiring-outlook-skill-gap-job-market-chamber-commerce-2021-6">labor mismatch</a> - the jobs that are open don't necessarily fit with their skills, or previous experience. Despite all of that, it doesn't appear that increased unemployment benefits kept workers from returning in May. In <a href="https://www.businessinsider.com/republican-states-cutting-unemployment-benefits-expanded-300-weekly-biden-stimulus-2021-5">25 GOP-led states</a>, governors have prematurely announced an end to federal benefits to get workers back, but, as <a href="https://www.businessinsider.com/may-jobs-report-strong-despite-enhanced-ui-gop-cut-2021-6">Insider's Ayelet Sheffey reported</a>, they returned regardless.And, of course, there's still an ongoing pandemic. UBS, which is "optimistic" about labor force participation in the coming months, notes COVID fears may subside. That's <a href="https://www.businessinsider.com/schools-closures-and-elderly-covid-fears-behind-labor-shortage-ubs-2021-5">one factor</a> that may have been keeping older workers from returning.

One shocking chart shows used-car prices jumping another record amount in May, highlighting the strange gaps in the economy's recovery

<ul class="summary-list"><li><keyword id="71298" type="PERSON" weightage="60" keywordseo="used-cars">Used cars</keyword> are the latest product seeing a record price increase from a supply <keyword id="62654" type="PERSON" weightage="60" keywordseo="shortage">shortage</keyword>.</li><li>Researchers at UBS found that used-car prices may have shot up by 8.2% to 9.3% in April.</li><li>UBS estimates that's the largest monthly price increase in 68 years of tracking used cars.</li></ul>The latest commodity seeing a price squeeze amidst <keyword id="475892" type="PERSON" weightage="60" keywordseo="shortages">shortages</keyword> and high demand is used cars.A note from UBS researchers led by Alan Detmeister found that not only did used-car prices climb in April, but the monthly price increase could be the largest in 68 years of tracking. It looks like prices may have risen by 8.2% to 9.3%.Used cars have been in high demand due to a few of the factors driving the shortages all over the American <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>. The economy is reopening, people are ready to spend money (perhaps from new stimulus checks), and <a href="https://www.businessinsider.com/why-is-there-chip-shortage-car-companies-electronics-supply-chain-2021-2">they want cars</a> - especially as <a href="https://www.businessinsider.com/where-wealthy-americans-moved-during-pandemic-luxury-real-estate-suburbs-2021-3">more suburban areas boom</a> with wealthy transplants. But new cars are being hit by a computer chip shortage that's hitting the automotive industry hard.As <a href="https://www.businessinsider.com/chip-shortage-car-companies-automakers-61-billion-loss-2021-1">Insider's Grace Kay reported</a>, semiconductor shortages could cost automakers billions, and has already led to lower production rates for new cars. Even Elon Musk <a href="https://www.businessinsider.com/elon-musk-tesla-supply-chain-issues-chip-shortage-insane-difficulties-2021-4">has said</a> that Tesla's suffered from supply chain and semiconductor woes. Cue a used-car boom, with the market heating up and trade-ins fetching higher prices.<div type="image" title="chart showing used car prices skyrocketing" height="606" width="704" msid="82440711" hostid="261"></div>According to UBS, prices on used <keyword id="6358816" type="UNKNOWN" weightage="60" keywordseo="car">car</keyword>s may only climb in the coming months, due to a lag in wholesale to retail pricing. New car prices are also likely to pick up, increasing by 1%.<h2>Why there are so many shortages, and which ones may pick up next</h2>It may seem that everywhere you look, a new product is in a shortage. Chicken, diapers, corn, gas, furniture: <a href="https://www.businessinsider.com/why-supply-shortages-economy-inventory-chips-lumber-cars-toilet-paper-2021-5">The list of shortages goes on</a>, and will likely only grow amid economic reopening. That's due to some of the same factors impacting used and new cars. Supply-chain issues have persisted throughout the pandemic, and factories shuttered for safety reasons need to crank back to life as demand steepens.Read more: <a href="https://www.businessinsider.com/how-suez-canal-ship-affects-semiconductor-shortage-2021-3">The processor shortage that made the PlayStation 5 and some cars harder to find was almost over - until a ship got stuck in the Suez Canal. Here's why it's likely to get even worse.</a>The climate crisis also has a role, with several domestic products in the US - such as plastic and gas - impacted by factors including the devastating winter storms in Texas. Droughts are impacting the worldwide corn supply amidst high demand; <a href="https://markets.businessinsider.com/news/stocks/corn-prices-jumped-142-past-year-demand-china-drought-brazil-2021-5-1030386126">Insider's Will Daniel reports</a> that corn prices have jumped 142% in the past year.UBS projects 12-month headline Consumer Price Index (CPI) <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> rising to 4.3% from 2.6%, "an enormous surge over just the past few months." Economists' median estimate for April CPI is 3.6%, per Bloomberg.<div type="image" title="Screen Shot 2021 05 06 at 11.02.36 AM" height="956" width="1376" msid="82440714" hostid="261"></div>UBS projects hotels and airfares will be next to see substantial price increases. <a href="https://www.axios.com/summer-travel-already-booked-aadefd1b-52c5-4764-9a00-98cf971945e4.html">Axios reported</a> - in an article aptly titled "Our crazy, booked-up summer" - that summer travel in the US is about to boom, with a particular emphasis on domestic travel.A recent report from the <a href="https://www.ustravel.org/research/monthly-travel-recovery-data-report">US Travel Association</a> found 72% of Americans are planning a summer vacation in 2021; that's compared to 37% last year. That probably won't help the already intense <a href="https://markets.businessinsider.com/news/stocks/rental-car-shortages-us-travel-demand-chip-shortage-2021-4-1030312711">rental car shortage</a>.

You Searched For "used car company spinny" and got 8 results

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It's finally a better time to buy a used car

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One shocking chart shows used-car prices jumping another record amount in May, highlighting the strange gaps in the economy's recovery

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Used-car prices just saw their biggest monthly price increase in at least 68 years, UBS estimates

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