Jain community members buy 190 luxury cars, get Rs 21 crore discount in bulk deal

The Jain community, renowned for its strong business background and proficiency, managed to strike an amazing bulk deal, securing a huge collective discount of over Rs 21 crore on the purchase of 190 luxury vehicles, including brands like Mercedes, BMW, and Audi. The deal with enormous discount was struck in a special initiative by the Jain International Trade Organisation (JITO), a not-for-profit community body with 65,000 members from across India, and highlights the significance of the community’s buying power and business prowess. JITO vice president Himanshu Shah described it as a “one-of-its-kind deal” with the luxury brands. The organisation collaborated with 15 dealers of top brands like BMW and Mercedes and negotiated prices for its members.

JITO acted only as a facilitator and did not profit from the deal, Shah told news agency PTI.

Shah revealed that most of the luxury cars were bought by Gujarat-based Jains. The cost of the cars ranged between Rs 50 lakh and Rs 1.25 crore and the vehicles were delivered between January and June. “It helped our members save Rs 21 crore in discounts,” said Shah.

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The initiative was driven by Nitin Jain, a community member, after some JITO members came up with the idea that they could negotiate discounts from car dealers by leveraging their purchasing power. Since no marketing cost was involved, even carmakers saw this as a win-win situation.

“Since buying power is one of the key strengths of Jains, we came up with this idea of directly contacting the brands to ensure higher discounts on purchases our members make. The carmakers also saw a win-win situation and offered us discounts as this deal eliminated their marketing cost,” Jain said.

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The initiative began with a few members, and soon more people from the community got interested after hearing about the hefty discounts.

“Soon, other JITO members also started buying cars. In all, 190 cars were bought and over Rs 21 crore was saved. On average, each member saved between Rs 8 lakh and Rs 17 lakh, enough to buy another car for a family member,” said Jain.

JITO is now coming with a new initiative called ‘Utsav’ for similar deals with major brands in jewellery, consumer durables and electronics.