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Mahindra First Choice Wheels Ltd. is committed to building a world class enterprise in the pre-owned vehicle segment based on a strong belief in the hybrid model connecting the consumers. Find your answers in this contributory column of expert advice.
To many in India, car is not just a subject of desire but a symbol of achievement, a musical conch through which they loudly sing to the world that they have arrived in life. Even today 60% of India’s car buying population are first time car buyers, this segment of first time car owning population is unique and diverse in many ways consisting of varied sets of people with their own stories of car and its symbolism. From ayoung working professional for whom car is his first big step towards corporate success, to retired men and women having their last investment on hedonism, to an urban migrant who has toiled years and for whom car is his message of triumph to his village brothers.
Brand @ its best
There was a time when this populace car choice was restricted and their dreams were packed in small hatchbacks. With a practical budget of up to Rs 2-4 lakh and all they could aspire was a compromised new car.
This was until Mahindra First Choice Wheels (MFCW) entry into the car segment, Mahindra first choice radicalised the unorganized used car segment with their retail foray into the multi-brand certified used car segment, By refurbishing select used cars and certifying them for warranty, MFCW provided first time car buyers an option that was not just practical but distinctly better compared to the small car that was available in the new car segment. Today, he can enlarge his dream from a compromised hatchback to a comfortable sedan.
From 2007 Mahindra First choice brand, has grown from strength to strength and in a way has played a pivotal role in not only organising the largely unorganised and complicated market of used cars but also has helped in removing the social stigma attached in owning a used car. Through robust procurement and certification process, they are able to provide a customer with a car that is in no way inferior to a new car.
Franchise a preferred route
MFCW is the largest multi brand certified car provider in the used car space, they have forged a successful partnership with over 700+ franchise partners across 325 towns in India. The proven franchise model has been successful in taking many of their partners to different strata in society. From first time entrepreneurs, to women entrepreneurs, to erstwhile independent used car dealers turned certified car dealer there are fascinating stories of success in the used car franchise network of Mahindra First Choice.
Thus, MFCW has been a company that has not only added value to the end customer, but to each and every stakeholder, this fact gets emphasised with 65 channel partners who have taken multiple dealerships of MFCW and also the company’s entry into the commercial vehicle category . MFCW have extended their value proposition by launching their used multi brand commercial vehicle dealerships in India.
But MFCW feels, they have just scratched the tip of the iceberg. The used car market opportunity is much larger than the new car market and is poised to grow from current level of 3 million units to 5 million units in the next 5 years. Mahindra first choice through their dominant position in the used car ecosystem believe that they can be the behemoth in the ever growing organised used car space.
Writer is National Head, Franchise Operations of Mahindra First Choice Wheels