Mahindra has announced that through its existing multi-brand certified used car company called First Choice Wheels, it’ll also add a new brand called “Edition”, which will claim to be the country’s first Premium used cars franchise network. Mahindra has already opened its first “Edition” store that is located in Juhu, Mumbai. Mahindra is going to be selling a variety of premium cars ranging from BMW, Mercedes-Benz, Jaguar and Audi. To further enhance the experience of buying these premium used cars, Mahindra has announced the inclusion of a comprehensive warranty coverage for all the vehicles it will be selling through this brand. Commenting on the launch of “Edition”, Rajeev Dubey, Group President (HR & Corporate Services) and CEO (After Market Sector), Member of the Group Executive Board, Mahindra Group, said, “Aspirational buyers with rising disposable incomes are increasingly looking to upgrade to premium car brands. ‘Edition’ offers them a unique opportunity to acquire their favourite car brand at a much more accessible price.”
Mahindra First Choice Wheels is currently one of India’s most well-known multi-brand certified used car company, with over 1200 outlets across 500+ cities. It offers certified used cars with warranty and making the entire process of buying and selling used cars more transparent and hassle-free. The company has a comprehensive 118-point quality inspection and refurbishment process that ensures its vehicles are of the highest quality. The company extended its leadership position in the Indian used car industry in FY 2018 with a strong growth in its transaction revenues and its technology-enabled businesses. These include its auctions (eDiig.com), inspections (Autoinspekt.com) and pricing solutions (IndianBlueBook.com). These tech-enabled solutions are driving transparency and efficiency in an industry which has previously been unorganised in nature.
Also Read – Mahindra First Choice Wheels
According to Ashutosh Pandey, CEO, Mahindra First Choice Wheels, “The launch of ‘Edition’ is yet another pioneering move by Mahindra First Choice Wheels. It will help to drive our future growth by expanding our product portfolio and giving us access to an entirely new customer segment. The used car volume is expected to grow at 15% CAGR, from 3.3 million to 7.4 million units by FY2022. Currently, the organised sector comprises of 15% while the semi-organised sector comprises 36% of the domestic used car market. With a rising demand from tier 2 and 3 cities, the organised sector for the used cars is expected to grow up to 35% by 2022. We see a $7 billion (Rs 50,789 crore) opportunity by FY2023.”