Mahindra First Choice Wheels Ltd. (MFCWL), today announced that it has sold one lakh vehicles through its ‘Autobid’ auction platform (formerly called eDiig). The platform has conducted nearly 7,500 auctions with over 6,500 buyers across nearly 900 locations, making it the leading used vehicle b2b platform in India.
According to Nagendra Palle, CEO, Mahindra First Choice Wheels Ltd., “Autobid is a world class auction platform that allows for immense flexibility in auction formats which provides excellent liquidity for sellers and buyers, producing the best vehicle values for either customer, with a high conversion rate. The one lakh actual transactions represent the number of vehicles sold through the platform and this scale is testament to the efficacy of the platform and the efficiency of our team. Our intent is to continue to invest in this platform to broaden its reach within India’s used vehicle industry.”
He added, “Our platform offers complete transparency and end-to-end analytics to our corporate and dealer customers and I am confident that it will continue to grow rapidly in the coming years. The success of the auction platform illustrates the growing need for and adoption of the ‘bricks and clicks’ hybrid model by the used vehicle industry. We are looking forward to playing a key role in expanding this model over the next few years.”
According to B Ganeshkumar, Head of e-business at MFCWL and one of the original founders of eDiig, “It is a proud moment for us to see the transaction numbers rise. We are continuing to innovate with our products and processes to bring the best value to our customers.”
The company is working on launching a series of products and value added services to support the used vehicle market. It has recently launched two value added services – ‘AutoInspekt’, its vehicle evaluation service, and ‘IBB’, which provides pricing guidance for buyers and sellers, both of which are unique, industry first features.
As part of the eCommerce platform offering, dealers can look forward to new products such as certification, warranty, insurance and financing in the future. The company is focused on building an ecosystem for the dealers with the objective of supporting them in generating traffic to the dealership, sourcing inventory and utilizing technology in order to enable a transparent retail transaction that the consumer can trust.