The way we spend on our money on a set of wheels in India is still largely traditional. We either buy things up front or finance them. However, with penetration of less than 1% in India, the car leasing business is slowly gaining popularity with big players jumping into the mix. In order to offer smarter value to customers to cope with the rapidly-shifting paradigm in the automotive industry, Hyundai Motor India announced a collaboration with ALD Automotive India, a globally renowned automotive leasing and fleet management company.
The coming together of these two will offer flexible leasing solutions to provide an attractive alternative to owning a car to salaried individuals, working professionals, small and medium enterprises, corporates and public sector. Hyundai Leasing will be available across Delhi NCR, Mumbai, Chennai, Hyderabad and Bangalore in the first phase. The lease will be made available across the entire Hyundai product line-up at an extremely attractive monthly lease rental. The benefits of leasing to the customers include no upfront cost, no financial risk, efficient tax management, easy up-gradation and no maintenance and insurance hassles. The leased vehicle will be available for a minimum period of 2 years going up to 5 years depending on the city and model selected.
Speaking on the Hyundai’s lease offering, Mr S.J. Ha, Executive Director, Sales & Marketing, Hyundai Motor India said, “Indian automotive industry is at the cusp of transformation. As a smart mobility solutions provider, we at Hyundai understand the needs of our evolving customers and are committed to making ‘Shared Mobility’ accessible. The vehicle leasing business is rapidly picking pace in India and offers great prospects. We are extremely happy with our collaboration with ALD Automotive and together we will leverage our strengths to create Unique, Smart and Brilliant ownership experience for our customers.”
Commenting on the announcement, Mr Suvajit Karmakar, Chief Executive Officer & Whole-time Director, ALD Automotive India said, “We are extremely proud and excited to announce this partnership with Hyundai. I am confident that this association will make us explore newer product and service offerings and take Car Leasing to the next level in the Indian car market. This will further reinforce our position as a leader and we look forward to a mutually beneficial relationship with Hyundai.”