Global Used Car Market research and Industry experts project Used Car market to grow at a CAGR of 7.07% during the period 2017-2021. Read on...
After the increase in shared-taxi operators as compared to self-owned cars, there has been a steep rise in the sale of used cars. This has paved a way for a lucrative business model that is buying, servicing and selling of used cars.
Moreover, for every new car bought, there is one used car sold, the growth of used-car is taking shape due to the growth in technology and people’s obsession with new cars. This is also a sector which buys cars and modifies them as saleable ones.
The Global Used Car Market Research and Industry experts project the used cars’market to grow at a CAGR of 7.07% during the period 2017-2021.
According to Mordor Intelligence, the market for used cars in India is expected to reach a market size of USD 75 billion by 2023, recording a CAGR of 15.2%, during the forecast period. The Indian used cars’ market has grown at a tremendous pace since the beginning of the 20th century.
Mahindra First Choice Wheels Ltd (MFCWL) is part of a USD 17 billion multinational Mahindra Group, which is spearheaded by Anand Mahindra to create a business ecosystem for pre-owned cars.
From Used-cars to Used-two-wheelers
The multi-brand car servicing giant has recently launched servicing multi-brand two-wheelers while expanding its current network nationwide and looking out to have a presence in petrol bunks, offering minor repair services and a tie-up has been made with Hindustan Petroleum Corporation Ltd.
The brand also targets to have about 2500 service centers under its brand by 2023.
In a recent interview, Vijayakumar, Chief Executive Officer said, Mahindra First Choice Services has already launched private label parts for two-wheelers. On the four-wheeler segment, the company is targeting to increase its network from the present 330 to 1,000 by 2023.
MFCWL adopted a company-owned model earlier and subsequently shifted to a franchise model in 2003 since that gave it an opportunity to partner with people with different capabilities, backgrounds, market reach, and resources.
The brand has 1200+ franchise outlets across 600+ towns and cities. Of these more than 90 percent have been operating with multiple franchises.
The core team ensures each franchise performs to expectations. The franchise partners are helped both technologically and analytically.
The Franchising World, India’s no.1 franchising magazine, identifies the TOP 100 franchise brands and celebrates their achievements every year in its anniversary issue. The issue highlights the established Indian and big global brands that are increasing their positioning in India along with the new-age brands that are lucrative and profitable; expanding fast, and can act as a reference guide for budding entrepreneurs and investors across India.
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