Mahindra First Choice Wheels
Ltd. (MFCWL), India’s leading multi-brand used car products and services
company, has now entered the space of used premium two wheelers. The company
will initially focus on the premium segment (250 cc and above).
For the two wheelers business,
the company will set up its first outlet in Delhi and two more are expected in Mumbai
and Bengaluru, said Dr. Nagendra (Nagi) Palle, CEO and MD, Mahindra First
Choice Wheels. “Currently the price range of used two-wheelers in our outlets
range from Rs 1 lakh to Rs 7 lakh,” he said. The company hopes to launch 50
two-wheeler outlets By March 2018.
Meanwhile, the company inaugurated
the country’s largest pre-owned vehicle showroom in Wazirpur Industrial Area in
New Delhi. Spread over an area of
nearly. 7000 sq ft, this multi brand pre-owned vehicle display showroom will
retail passenger cars, commercial vehicles and premium 2 wheelers from the same
facility - an industry first. All products retailed from the showroom will
offer Mahindra First Choice Wheels Certification and Warranty.
With this addition, the
company’s pre-owned portfolio pan-India now includes passenger cars, utility
vehicles, commercial vehicles, electric vehicles and premium 2-wheelers.
Rajeev Dubey,Group President -
HR & Corporate Services and CEO – After - Market Sector, Mahindra Group said,
“Over the last decade, MFCWL has established itself as a leader in the
multi-brand used car space. Our market research indicates that the brand
translates to other consumer vehicle segments such as electric vehicles and two
wheelers as well, where consumers are looking for a strong trusted brand to
stand behind their transactions.”
The used car industry is
estimated at 3.3 million in F17. With its entry into commercial vehicles
(market size --1 million annually) and two-wheelers (market size --12 million
annually), MFCWL has expanded its portfolio and addressable market
MFCWL ended F17 with 1,220
outlets which represented a network growth of 65% year over year. The company
has showrooms of various formats that cater to consumers in large metros as
well as in “D category” towns with population under 1.5 lakh. Around 60% of
MFCWL’s customers are first time buyers of an automobile. In April 2017 it
added another 35 outlets bringing the total to 1,255 outlets pan-India.
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