Mahindra First Choice plans new outlets in AP, TS
Mahindra First Choice Wheels Ltd (MFCWL), which is into multi-brand used car business, is gearing up to expand its franchise network in Andhra Pradesh and Telangana from the current 24 outlets to about 75 by March 2017.
Hyderabad: Mahindra First Choice Wheels Ltd (MFCWL), which is into multi-brand used car business, is gearing up to expand its franchise network in Andhra Pradesh and Telangana from the current 24 outlets to about 75 by March 2017. “The two states offer good opportunity for us to grow. That’s reason why we want to expand our network of outlets to 40-45 by the end of the current fiscal from 24 now.
The target is to have 70-75 outlets by end of the next fiscal,” Nagendra Palle, Chief Executive Officer, MFCWL, told media here on Tuesday after inaugurating Paramount AutoBay Services, the company’s 12 outlet in Telangana and 701th overall. The franchisee outlet was set up by Ms Vidya Nambirajan.
Established in 2007 as a part of auto major Mahindra Group, the MFCWL has its 701 used car showrooms located across 300 cities and towns. Apart from the franchise outlets, it also operates online automobile auction platform, ediig.com, which is popular among automobile financiers, institutions and used car dealers for buying and selling in bulk.
It also has used car pricing guide in indianbluebook.com, and offers car evaluation services through Autoinspekt. The MFCWL is now in the process of expanding its network nationwide as well and plans to add 300 new outlets in a year or so, taking the total to a landmark 1000.
On the business side, the company is notching up 30 per cent growth annually for the past few years. “We are targeting to sell 1.6 lakh used vehicles in the current fiscal and half of the numbers will come from our B2B auction platform,” Tarun Nagar, Vice President (Retail Business), MFCWL.