Mahindra First Choice to open 10 outlets in AP, TS

Currently, the used car business arm of Mahindra Group has 15 outlets in both the states

Hyderabad: Mahindra First Choice Wheels Limited (MFCWL), part of Mahindra Group and a leading player in multi-brand used car business, is planning to open 10 new outlets across Andhra Pradesh and Telangana by the year-end. This expansion will take the company’s network to 25 as it already has 15 dealerships in both the states.

“We have drawn up plans to expand our footprint in Telangana and AP from the present 15 dealerships to 25 by the year-end. Our focus cities are Hyderabad, Vijayawada and Visakhapatnam,” said Dr Nagendra Palle, Chief Executive Officer, MFCWL, said after inaugurating Xspeed Wheels, the company’s new dealership, in the city on Thursday.

The company, which has 380 dealerships across India in addition to online presence, has sold 57,000 certified used cars last fiscal, clocking 30 per cent growth year-on-year. It plans to expand the sales network to 500 outlets over the next two years as it is keen to tap the growing demand for certified used cars in tier II and other smaller cities and towns.

“The used car industry has been growing at a CAGR of 15 per cent. Increased awareness, easy accessibility, certified vehicles and aftersales service through warranty have increased the confidence of the Indian consumers in the used car market,” he explained. Xspeed Wheels, set up by two partners Pawan and Srikanth Reddy, is located at Kondapur area of Cyberabad. “Our dealership will offer the entire range of services for customers, including purchase and sale of multi-brand certified used cars, car finance, insurance and car accessories,” said Srikanth.