The brand has strengthened its market leadership in the organized used car segment by adding these new stores.
Mahindra First Choice Wheels Ltd (MFCWL), India’s leading multi-brand pre-owned car retailer, has opened 50 new state-of-the-art franchise stores across Tier I/II/III cities of India.
The new MFCWL stores have been added in states like Haryana, Uttar Pradesh, Rajasthan, Bihar, Maharashtra, West Bengal, Haryana, Punjab, Kerala, and Tamil Nadu. The brand has strengthened its market leadership in the organized used car segment by adding these new stores.
Ashutosh Pandey, CEO & MD, Mahindra First Choice Wheels Ltd, said, “Used cars, with their attractive pricing and good quality, remain a viable alternative for a large section of customers looking to purchase a car, especially in a challenging economic environment. This trend is a lot more, predominant in Tier II/III India which is why we are expanding our footprints rapidly to the remotest of cities.”
New Stores Offering
All the 50 new stores will be providing used-car buying and selling, 118-point inspection reports, warranty on Mahindra Certified used cars, easy finance, and hassle-free RTO transfer, among others.
In order to ease consumer concerns related to hygiene and sanitization, MFCWL will offer a sanitation kit with each car sold at its stores. This kit will contain two face masks, a pair of gloves, car disinfection spray, and a hand sanitizer along with a step-by-step manual on the process to be followed to sanitize the vehicle.
Mahindra First Choice Wheels has built an organized eco-system in the highly unorganized pre-owned cars sector over the years. The company has created a circle of trust and transparency among franchisees, customers, dealers, and institutional clients. All franchise owners have access to technology, training, software, branding, and marketing.
MFCWL prefers partners who are already a part of the automotive industry in some capacity. Its franchise partners range from two-wheeler OEM dealerships, new car OEMs, and unorganised used-car dealers willing to rebrand as an MFC dealer.
Mahindra First Choice Wheels operates in four retail formats, including Xpress Store, Standard Store, Super Store, and Edition Store. The working capital of MFC dealerships starts from Rs 30 lakhs for an ‘Xpress’ outlet, requiring an area of 500 sq ft. This capital goes up to Rs 4 crore for an ‘Edition’ store, requiring around 1,500 internal store space and 10,000 external space.
Margins earned by franchisees vary from 8-15% depending on the vehicle transacted.