 "Mahindra First Choice")
Mahindra First Choice Wheels, the multi-brand pre-owned cars business of the Mahindra group, expects its sales to grow by 35% next year on the back of various factors including network expansion and introduction of new products in the online space.
The company, which currently has a network of 400 outlets across the country, expects to close the current year with sales of over 1.5 lakh pre-owned vehicles, both online and offline.
"We are quite bullish on the growth aspect as we have been growing in the range of 35%. Going ahead, we should grow roughly in the same way," Mahindra & Mahindra President (Group HR, Corporate Services and After-Market) Rajeev Dubey told reporters here.
He added that pre-owned car business in India is poised for growth in the coming years.
The company, which today inaugurated its 400th franchise outlet, aims to open 200 more such shops next year.
"We will close the current year with 500 outlets and by next-year end we aim to touch the 700 mark," Dubey said adding that the company is getting an excellent response from B and C categories towns.
Giving a break of the sales so far in the year, he said 70,000 units have been sold by the company via physical outlets while 80,000 units have been sold using online platform.
"We have recently launched seven innovative products which are simple standalone tool that solve many challenges for every kind of stakeholder including consumers, dealers, financiers, leasing companies and manufacturers," Mahindra First Choice Wheels CEO Nagendra Palle said.
The Indian pre-owned market is estimated to be around 32 lakh units per annum with just around 17% of the market falling under the organised sector.
Mahindra First Choice Wheels has a market share of around 5% of the organised pre-owned car business currently.
