In a short period Mahindra has its grasp strengthened on the used car market with more than 200 dealerships. The company plans to reach 500 dealerships in 2015.
“This is truly a Rise moment for the Company. Several years ago we had taken a bet on the fact that the used car market was bound to explode and took a conscious decision of setting up an independent multi-brand company, rather than linking our foray into the used car business to the OE business. This conviction in the business model has resulted in the company today achieving a significant milestone of 200 outlets,” said Mr. Anand Mahindra, Chairman and Managing Director, Mahindra Group.
“This is an important day for Mahindra First Choice Wheels. We have reached 200 outlets and are well on our way to achieving the target of 500 outlets by F-15. Since inception, MFCWL has worked with the basic belief that a second hand car buyer is not a second class buyer. We have designed our outlets, systems and processes keeping this basic customer truth in mind. We have grown at a CAGR of 40% over the last 5 years and even in the current year when the growth rate for new passenger vehicles is at 6%, we have grown by 30%,” said Mr. Rajeev Dubey President President (Group HR, Corporate Services & After Market) & Member of the Group Executive Board, Mahindra & Mahindra Ltd.
Mahindra First Choice has been growing at a double digit month on month. It helps that this is the only multibrand used car company offering warranty on the used cars.