Mahindra First Choice Wheels sees big potential in Punjab market

Mahindra First Choice Wheels, the multi-brand used-cars offering from the Mahindra and Mahindra stable, is eyeing a significant increase in its footprint in the Punjab market.

It is targeting adding 100 outlets this fiscal across the country, riding on the back of huge demand in the used car sector.

"The company's footprint in Punjab currently encompasses 19 dealerships and we further plan to expand this number to 25 outlets by year end and may be more.

"While there is great demand from main towns like Ludhiana, Chandigarh, Jalandhar, but even the smaller towns like Hoshiarpur and Gurdaspur are driving the growth," the company's Senior Vice President, Yatin Chadha said.

The company added another outlet in Punjab with the inauguration of its authorised dealership at Kharar in district Mohali by Chadha last evening.

Chadha said the used car industry is growing at a rate of 20% per annum and the growth in the organised used car sector is growing at a healthy rate over 30% per annum.

The dealership will offer the entire range of services for customers, including purchase and sale of multi-brand certified used cars, car finance, insurance, fitment of car accessories and assistance with paperwork and documentation to all those wishing to purchase or sell a used car.

The company at present has a network of 370 franchise outlets spread across 210 locations in the country which includes metros, mini metros and smaller towns.

"The company is growing at a healthy pace with a CAGR of 35% by volumes over the last 5 years. The cumulative retail footprint under the Mahindra First Choice brand is in excess of 7.5 lakh sq feet," he said.

Speaking about company's presence in J&K, he said, "In Jammu alone, we have five franchisees while in Kashmir Valley we have four and one more is in the offing. Already, we are present in towns like Pulwama and Anantnag (Kashmir). We have two outlets in Srinagar.

"From Kashmir up to Kolam in the south and from western side in the Bhuj up to north-east, we have a good presence."

He said that in Kashmir, there was a huge demand for diesel vehicles, mainly SUVs like Scorpio and Xylo brands, keeping in view the hill terrain and to accommodate more persons, with the Valley being a favourite tourist destination.