6th November, Mumbai- Mahindra First Choice Wheels Ltd. (MFCWL), India’s No. 1 multi-brand certified used car company, reached an important milestone by inaugurating its 300thfranchisee outlet in Mulund. From its humble beginnings in 2007 when its first franchisee outlet was established, the company today has achieved a dominant status in retailing of multi-brand used cars in the country. MFCWL is driven by its mission to transform the way used cars are retailed and has made several innovations along the way. The list of innovations include developing a unique franchisee based business model, selling certified multi-brand used cars under warranty and offering the most comprehensive warranty product available on used cars in the country, in addition to a differentiated consumer experience through launch of its “Highline” stores for selling high-end multi-brand used cars.
Commenting on the inauguration of its 300thoutlet , Mr. Rajeev Dubey, President (Group HR, Corporate Services and After-Market) & Member of the Group Executive Board, Mahindra & Mahindra Ltd. said, “Our conviction in the Mahindra First Choice business model is driven by the simple belief that a second hand car buyer is not a second class buyer. The continuous investment in product and process has allowed us to achieve a dominant status in the multi-brand used car space.”
“Our focus on continuous innovation on the customer front coupled with a unique business model centred around dealer profitability has helped us to race to 300 franchisee outlets in a short span of 6 years. The opportunity for growth is immense and we have just scratched the tip of the iceberg” said Dr. Nagendra Palle, CEO, Mahindra First Choice Wheels.
“Automaxx was among the first franchisees that we appointed in 2007. It’s great that as we are expanding, our franchisees are also getting ample opportunities to grow with the company and are investing in multiple franchisee outlets. This is the biggest endorsement that you can get and establishes the strength of the business model,” said Mr. Yatin Chadha, Senior Vice President – Retail Business, Mahindra First Choice Wheels.
The used car market, with an estimated size of 3 million units plus, is already bigger than than the new car market and is growing at a much faster pace as compared to the new car market. The current slowdown notwithstanding, it is expected that the used car market will become almost double the size of the new car market in the next 5 years.
As the dominant player in the multi-brand used car space in the country, Mahindra First Choice is well placed to ride on the growth opportunity that the country presents. Mahindra First Choice Wheels is investing in continuously innovating the used car retail experience, empowering the consumer with information, products and services that enable a safe, confident and pleasurable transaction while enabling the dealer to grow profitably with its brand, process, technology and support on the ground.
A series of product introductions hilghlight these innovations – CertiFirst, WarrantyFirst, Indian Blue Book (www.indianbluebook.com) and Autoinspekt ( www.autoinspekt.com). These products specifically enable the consumer to proceed with the best pricing and vehicle condition information while providing confidence that the company is standing behind the used car being purchased.
MFCWL is planning to grow on the back of this innovation agenda. CCI newswire
