Mahindra First Choice aims to ramp up presence in used car mkt

Mahindra First Choice Wheels, the multi-brand used-cars offering from the Mahindra and Mahindra stable, is eyeing a significant increase in its share in the used car market.
The company aims to add 180 outlets this fiscal, taking it from the present 520 to 700 across the country, which includes metros, mini-metros and smaller towns, its CEO and Managing Director Nagendra Palle told reporters here today.
The firm also plans to expand in the northern part of the country, including Punjab and its key focus areas include Ludhiana, Jalandhar, Chandigarh, parts of UP and Rajasthan.
Palle today inaugurated a new dealership, 'Moments Hospitality' in Derabassi in Punjab, near here and the company will add two more dealerships in the state tomorrow, including Pathankot and Amritsar.

Replying to a question, he said, "Sixty per cent of our buyers are purchasing car for the first time."
On the used car market, he said, "In developed markets, second hand car business is at least three times of new car. In India, we just crossed the ratio of 1:1, but there is growing demand among consumers."

Palle, who returned to India two years back after a stint of over 20 years in used car market in the US, said the company has created a unique franchisee-driven business and its dealerships offer the entire range of services for customers.
He said the used car industry is growing at a rate of 20 per cent per annum, but the company is clocking even higher growth.

"The company is growing at a rapid pace with a CAGR of 37 per cent by volumes over the last 5 years. The cumulative retail footprint under the Mahindra First Choice brand is in excess of 8.5 lakh sq feet," he added.