Mahindra First Choice Wheels inaugurates its first dealership in Chandigarh
All India Network at 800 outlets; plans to double network in FY17
- India’s No.1 multi-brand certified used car company, Mahindra First Choice Wheels Ltd., strengthens Northern presence with the inauguration of Chandigarh’s first multi-brand used car showroom
- Plans to inaugurate 100 outlets serving the North in FY 2017
- With a network of 800 outlets spread across 360 locations in the country, including metros, mini metros and smaller towns, the company’s cumulative retail footprint is over a million sq feet.
- Plans to double the network strength in FY17 to 1500 showrooms across the country
Chandigarh, July 8, 2016: Mahindra First Choice Wheels Ltd.(MFCWL), a part of the USD 17.8 billion Mahindra Group, and the country’s largest multi-brand certified pre-owned car company, today inaugurated+ its first authorized dealership in Chandigarh - Chandigarh Auto Sales. The showroom is Chandigarh’s first multi-brand used car outlet, and the company’s 250th dealership serving the Northern Region.
The showroom was inaugurated by Dr. Nagendra Palle, Managing Director & CEO, MFCWL, Tarun Nagar, Vice President - Retail, MFCWL, and Tarjinder Kumar Bansal, Dealer Principal, Chandigarh Auto Sales.
“Mahindra First Choice Wheels continues in its endeavour of building a robust brick & click market place for pre-owned vehicles in India. With 800 franchisee outlets, we lead the multi-brand pre-owned vehicle space. Having rapidly expanded our network at nearly 50% a year, over the last 5 years, we plan to double our national network this fiscal to 1500 outlets, across the country. Last year we also auctioned vehicles online from over 1,000 different locations making us the largest online wholesale network in India. We believe that this comprehensive approach of using our physical network in conjunction with our online channels will help us build a long term sustainable business, while organizing a largely unorganized pre-owned vehicle industry in India,” said Dr. Nagendra Palle, Managing Director & CEO, MFCWL.
“The northern region is a strategic market for Mahindra First Choice Wheels. We see great potential for the multi-brand pre-owned car business here, which prompted us to expand our presence further. The Mahindra First Choice customer value proposition, at its physical outlets, is built around the quality of the multi-brand vehicles we retail and in the refreshing customer experience offered to customers, through our franshisee network. We are working on creating newer formats to reach the hinterland. Our strong franchisee network, will help us expand the scale and depth of our operations and play an important role in helping us meet this goal,” said Tarun Nagar, Vice President - Retail, MFCWL.
“We are delighted to be associated with Mahindra First Choice Wheels, and look forward to a strong and enduring partnership with the company. Mahindra First Choice Wheels is India’s leading multi-brand certified used car company and we share in their vision of bringing transparency into the pre-owned vehicle space. I am confident that with their innovative and industry-first products and services, we will be able to meet the needs of the Chandigarh market, and expand the rapidly growing market further.” said Tarjinder Kumar Bansal, Dealer Principal, Chandigarh Auto Sales.
MFCWL embarked on its journey of building the pre-owned vehicle eco system in the country in 2007, by connecting the retail and wholesale side of the business through investments made in the creation of it’s physical and online assets. The products and services extended through its “On the ground” and “In the cloud” hybrid business model have powered more than 1.25 million pre-owned vehicle transactions since inception.
The company offers several innovative products and services that are industry-firsts and unique to the Indian used car segment. â€˜Ediig’, its online auction portal, connecting institutions to used car dealers and brokers, is the largest online vehicle auctioneer in the country, having sold in excess of two lakh vehicles through the platform - www.ediig.in.
The Indian Blue Book (IBB) URL: www.indianbluebook.com, is India’s first and only comprehensive used car pricing guide, that incorporates transaction data with an analytical engine. IBB subscribers include leading Indian banks and NBFCs, car portals, auto magazines, auto OEMs, dealers and customers.
MFCW’s car evaluation solution â€˜Autoinspekt’ - www.autoinspekt.com - is India’s first organised third party inspection service. Its unbiased third party vehicle evaluation report helps determine the condition, quality and value of a used vehicle. The report 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’s unique business model has received a thumbs up from external investors, as well. In the last 12 months the company raised funding from Silicon Valley based Hedge Fund, Valiant Capital and Cox Automotive a $17 Billion US based enterprise providing digital marketing, classifieds, software, wholesale and eCommerce solutions to dealers, consumers, manufacturers and financial institutions. Its brands include Manheim®, Autotrader®, Kelley Blue Book®, Dealertrack®, vAuto®, Xtime®.
About Mahindra First Choice Wheels
Mahindra First Choice Wheels Ltd. (MFCWL) is India’s number one multi-brand certified pre-owned vehicles brand. The company plans to expand this number to 1500 outlets over the next 12 months. This implies that customers will soon be able to choose from a range of certified pre-owned vehicles throughout India, including metros and tier-2 towns and cities.
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.Tremendous attention to detail is required to ensure that each used car meets a high level of quality. Before purchasing the car, a trained engineer thoroughly inspects the vehicle and ensures that all papers are in order. After purchase, the car is refurbished and undergoes an extensive 118 point quality check, as part of the company’s robust certification process. The objective behind the care and diligence exercised, is to present the customer with a car in good condition.
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