This “unique deal” with luxury car brands such as BMW, Audi and Mercedes was brokered by the Jain International Trade Organization (JITO), Vice President Himanshu Shah told PTI on Saturday.
JITO is a non-profit community body with 65,000 members from across India, he said.
“These 186 luxury cars, each priced between Rs 60 lakh and Rs 1.3 crore, were handed over to their owners across India between January and June this year. JITO’s nationwide drive helped our members save Rs 21 crore in the form of discounts,” Shah said.
He said the organization was merely a facilitator and did not benefit from this deal.
A majority of the cars were bought by the Gujarat-based Jains, Shah added. It all started when some JITO members suggested leveraging the strong purchasing power of the community to get heavy discounts from car manufacturers, said Nitin Jain, who led the initiative. “Since purchasing power is one of the key strengths of Jains, we came up with the idea of reaching out to the brands directly to ensure higher discounts on purchases made by our members. The automakers also saw a win-win situation and offered us discounts as this deal eliminated their marketing costs,” said Jain.
A few community members initially bought cars before word spread about the deep discounts, he said.
“Soon, other JITO members also started buying cars. A total of 186 cars were purchased and Rs 21 crore was saved. On an average, each member saved between Rs 8 and 17 lakh, enough to buy another car for a family member,” Jain quipped.
Buoyed by the successful luxury car deal, JITO has now launched a new initiative called ‘Utsav’, making similar arrangements with major brands in jewellery, consumer durables and electronics, he added.
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