Mahindra has been quick on encashing the opportunity in the used car business, with rising demand for used cars during the COVID season.
Mahindra has inaugurated 34 used car outlets in 34 cities post the lockdown.
Mahindra First choice has a network of 1000 plus outlets spread across the country which includes metros, mini metros and smaller towns. The company is growing at a rapid pace with a CAGR of 35% by volumes over the last 5 years.
The company has created a unique (first globally) franchisee driven business model and is on a mission to transform the way used cars are retailed in the country
MFCWL is the market leader in the online auction space, having auctioned in excess of 5 lakh+ vehicles through the ‘eDiig’ auction platform (www.ediig.in)
The company has product called the Indian Blue Book (IBB) URL: www.indianbluebook.com which is India’s 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 product for car evaluation called ‘Autoinspekt’ (www.autoinspekt.com) 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 8 vehicle systems of the car and is prepared after physical inspection of the vehicle by a trained engineer. The company does over a million inspections per year.
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