Home Business: Used Car Retailer Spinny Announces Layoffs, Impacting 300 Workers
Spinny, a leading used car retailing platform, has made the decision to lay off approximately 300 employees as part of a cost-cutting initiative. The most impacted divisions are Truebil and Spinny Max, which have merged into the main platform. This reduction in workforce accounts for around 4.5% of the company’s total employee base of over 6,000 individuals.
The layoffs are intended to streamline operations and provide a more focused approach moving forward. The goal is to offer customers a comprehensive experience on a single platform. The company explained that their previous strategy of distributing inventory across different brand platforms sometimes limited the options available to customers in search of reliable and budget-friendly cars. By consolidating operations, the company aims to better meet the needs of these customers.
In addition to three months of severance pay, Spinny has expedited the vesting of Employee Stock Ownership Plans (ESOPs) for affected employees and allowed them to retain their assets. Some affected employees have taken to LinkedIn to share their experiences, expressing gratitude for their time at Spinny and looking towards the future.
Spinny’s decision to lay off employees comes after a successful funding round in 2021, which raised $283 million and valued the company at $1.8 billion. This is the first time Spinny has implemented layoffs, while other competitors in the industry, such as CarDekho and Cars24, have previously downsized their workforce.
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