Mahindra First Choice 400th Dealer opening and Future Plans - Press Release
Mahindra First Choice Wheels Ltd. (MFCWL), India’s No. 1 multi-brand certified used car company, has just reached a new milestone with the inauguration of its 400th outlet in Dwarka in Delhi NCR. This is the company’s 34th dealership in Delhi NCR and the 137th in North India.
Published on: Mar 4, 2016
Transcripts - Mahindra First Choice 400th Dealer opening and Future Plans - Press Release
Copyright © 2013 Mahindra & Mahindra Ltd. All rights reserved. 1
Press Release For Immediate Dissemination
Mahindra First Choice Wheels inaugurates 400th authorized dealership
All India network at 400 outlets; planning to close FY15 with 500 outlets
December 12, 2014, Delhi: Mahindra First Choice Wheels Ltd. (MFCWL), India’s No. 1 multi-brand certified used car company, has just reached a new milestone with the inauguration of its 400th outlet in Dwarka in Delhi NCR. This is the company’s 34th dealership in Delhi NCR and the 137th in North India. The new outlet, M/s Car Choice II, is spread across 10,000 sq. ft and is located at Plot no. 3 & 4, Sector-7, Near Gokul Garden, Dwarka and was inaugurated by Rajeev Dubey, President (Group HR, Corporate Services & After-Market) & Member of the Group Executive Board, Mahindra & Mahindra Ltd. Dr. Nagendra Palle, CEO, Mahindra First Choice Wheels was also present. “Today is a very significant day for the entire MFCWL family as we achieve yet another milestone in our journey. Over the past seven years we have not only emerged as India’s leading used car company but have also contributed to the creation of a used car ecosystem by bridging wholesale and retail channels while leveraging physical and online infrastructure. But perhaps our greatest achievement has been the credibility that we have brought to an industry that was largely unorganised.,” said Mr. Dubey.
Mahindra First Choice Wheels Ltd. – USPs
• India’s No.1 multi-brand certified used car company, Mahindra First Choice Wheels Ltd. (MFCWL), has a network of 400 franchise outlets spread across 225 locations in 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 cumulative retail footprint under the Mahindra First Choice brand is in excess of 8.5 lakh sq feet
• The company has created a globally unique franchisee driven business model and is on a mission to transform the way used cars are retailed in the country. It is also the winner of the prestigious “Franchisor of the year” award in the Automotive business category by Franchisee India
• MFCWL is the market leader in the online auction space, having sold in excess of 1.5 lakh vehicles through the ‘eDiig’ auction platform (www.ediig.in)
• The company has recently launched a new 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 new product for car evaluation called ‘Autoinspekt’ (www.autoinspekt.com) 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 8 vehicle systems of the car and is prepared after physical inspection of the vehicle by a trained engineer. The company has delivered over 1lakh inspections to date
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“Rising consumer confidence is driving demand for used cars in the country. This state-of-the-art dealership at NCR will help us tap into this growth trend. NCR is the biggest market and a strategically important one for the company. Aside from the metros, we have also been getting an excellent response from B and C category towns which is enabling us to expand faster. We are planning to close the year with 500 outlets and 1.5 lakh vehicle sales, both online and offline,” said Dr. Palle. “Mahindra First Choice Wheels already has a significant presence in the North and we are delighted to extend our association with Sanjay Duggal, MD of M/s. Car Choice II. His expertise and knowledge of the local market will help us make further inroads in NCR. At Mahindra First Choice Wheels Limited, we are witnessing a transformational change in the way we operate, use of technology is bringing transparency and speed to the transactions. With a vision to create a used car ecosystem, we are enhancing and leveraging our physical and online presence. A strong retail franchise network of 400 plus outlets across 225 cities, forms the backbone of our operations and we are best positioned to deliver a Brick and Click experience to customers. We are creating value for all our stakeholders across the value chain through innovative and industry-first products for all our customers. Our strong franchisee network will play critical role in delivering products to the customers ” said Yatin Chadha, Senior Vice President, Mahindra First choice wheels. “Car Choice II is our second outlet in Dwarka after the Sector-23 outlet and we are delighted to extend our relationship with Mahindra First Choice Wheels which is already a well established brand in the country. Our dealership will offer the entire range of services for customers, including purchase and sale of multi-brand certified used cars, car finance, insurance, fitment of car accessories and assistance with paperwork and documentation to all those wishing to purchase or sell a used car,” said Sanjay Duggal, MD of Car Choice II. Within a short period of the launch, MFCWL has also developed a variety of industry first products which use technology to ease used vehicle operations. We have recently launched seven innovative products which are smart, simple, standalone tools that solve many challenges for every kind of stakeholder including Consumers, Dealers, Financiers, Leasing companies and Manufacturers. The company’s footprint in NCR currently encompasses 34 dealerships and it further plans to expand this number to 40 outlets by year end. Key focus areas include Mayur Vihar, Gurgaon, RK Puram, Punjabi Bagh, Indirapuram, Shahadra, Okhla, Mathura Road, Janak Puri and Gaziabad in NCR. From its humble beginnings in 2007 when its first franchisee outlet was established, MFCWL has achieved a dominant status in retailing of multi-brand used cars in the country. The company 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.
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About Mahindra First Choice Wheels Mahindra First Choice Wheels Ltd. (MFCWL) is the country’s preferred used car mart and is India’s number one multi-brand certified used car player. The company plans to expand this number to 1000 outlets over the next three years. This implies that customers will soon be able to choose from a range of certified used cars throughout India, including the metros and tier-2 towns and cities. MFCWL closed F-14 with sales of 57,000 used cars, which is 30% growth over the last financial year. 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 also sees to it that all papers are in order. After purchase, the car is refurbished and undergoes an extensive 118 point quality check by a trained engineer, 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. In short, buying a used car from Mahindra First Choice offers several advantages, including quality assurance, safety and a hassle-free driving experience. To give complete peace of mind to the used car buyer, the company has Warranty products like WARRANTYFIRST, CERTIFIRST and CERTIFIRST+. Subject to specific terms and conditions, WARRANTYFIRST provides Warranty for all the major mechanical and electrical components of the car. The concerned components are covered for a period of 12 months or 15,000 km, whichever is earlier. The CERTIFIRST Warranty covers the car’s Engine and Transmission for a period of 6 months or 7,500 Km, whichever is earlier while CERTIFIRST+ covers for a period of 12 months or 15000 kms, whichever is earlier. The Warranty products come with the facility of 24X7 Roadside Assistance across the country. The 24x7 Roadside Assistance, subject to specific terms and conditions, assures the certified used car buyer that should the car breakdown, he will be provided assistance.
The Warranty product gives tremendous peace of mind to buyers of certified used cars. Mahindra First Choice has a website - www.mahindrafirstchoice.com - which provides complete assistance to customers wishing to buy or sell a car. Mahindra First Choice also has retail finance relationships with major banks like Mahindra Finance, HDFC, Kotak Mahindra and ICICI Bank for helping consumers buy their dream cars through loans. Mahindra First Choice Wheels Ltd. also has a significant presence in the online space. Through its ‘Autobid’ auction platform it has sold more than 1.5 lakh vehicles till date.
The company has also launched a new product, the Indian Blue Book (IBB) (www.indianbluebook.com), which is the most comprehensive unbiased resource for consumers and dealers to determine the value of their used cars.
A new product for car evaluation called ‘Autoinspekt’ (www.autoinspekt.com) 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 8 vehicle systems of the car and is prepared after physical inspection of the vehicle by a trained engineer. About Mahindra The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
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A USD 16.5 billion multinational group based in Mumbai, India, Mahindra employs more than 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.
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