Mahindra First Choice Wheels plans to raise dealerships from 705 to 1,000 by next fiscal
Report by: BSMOTORING DESK
16 February 2016
Mahindra First Choice Wheels Ltd (MFCWL), a leading multi-brand certified used car company, plans to expand its footprint across India, raising the number of dealerships from 705 to 1,000 in the next fiscal.
Set up in 2007, the used-car firm - part of the multi-billion-dollar automotive group, Mahindra - operates across 325 locations in the country including metros, mini-metros and smaller towns.
The company has been growing at a rapid pace with a CAGR of 35% by volume over the last five years. The cumulative retail footprint under Mahindra First Choice brand is in excess of 8.5 lakh sq feet.
MFCWL recently inaugurated its 705th dealership in Shimoga in Karnataka. The new outlet, Tristar India Trading and Services Pvt Ltd, is the company's first franchisee for multi-brand commercial vehicles.
According to Dr Nagendra Palle, managing director and CEO, MFCWL, this is a new step for creating space in the used commercial vehicle segment along with used car ecosystem. "We are enhancing and leveraging our physical and online presence and are best positioned in the pre-owned car industry to deliver a "Brick and Click" synergy interface for a unique customer experience," he adds.
Tarun Nagar, vice-president, retail business, MFCWL, points out that over the past seven years, the company has not only emerged as India's leading used car firm, but has also contributed to the creation of a used vehicle ecosystem by bridging the wholesale and retail channels while leveraging physical and online infrastructure.
The company has created a unique franchisee driven business model and is on a mission to transform the way used cars are retailed in the country. MFCWL is a market leader in the online auction space, having sold in excess of 300,000 vehicles through the 'eDiig' auction platform.
It has recently launched the Indian Blue Book (IBB), which is the first and only used car pricing guide that incorporates transaction data with an analytical engine. IBB has got immediate traction with most leading banks and NBFCs, car portals, auto magazines, auto OEMs, dealers and customers subscribing to it.
A new product for car evaluation called 'Autoinspekt' has been launched. Autoinspekt is an unbiased third party vehicle evaluation report to determine the condition, quality and value of a used vehicle. The report itself covers 53 parameters across eight vehicle systems of the car and is prepared after physical inspection of the vehicle by a trained engineer. The company has delivered over 100,000 inspections to date.