Auto major Mahindra & Mahindra on Wednesday said it has entered into a strategic alliance with Shriram Automall to facilitate M&M customers to exchange their old commercial vehicles with new ones.
“A memorandum of understanding (MoU) was signed by both the parties, to facilitate an exchange programme which will enable M&M customers to exchange their old commercial vehicles with new commercial vehicles, from the company’s stable,” Mahindra & Mahindra said in a statement.
As part of the agreement, Shriram Automall, a part of Mumbai-based Shriram Transport Finance Company, will work closely with M&M to evaluate and procure the old vehicles of M&M customers, under exchange, it added.
Shriram Automall (Newlook Division), which is engaged in transaction of used vehicles, will service all the exchange inquiries within twenty-four hours, through its local representatives. The company said the exchange programme will be operative in four states Andhra Pradesh, Tamil Nadu, Karnataka and Kerala and will later on enter other markets.
“With the launch of several products in the Small Commercial Vehicle (SCV) range, we were keen to increase the commitment to our customers in this segment. Hence, through this partnership, we intend to drive synergies between both the businesses,” Mahindra & Mahindra Sr Vice President (Sales & Customer Care) Automotive Division Arun Malhotra said.
He said the partnership will leverage its distribution network of over 200 dealerships and Shriram Automall’s (Newlook Division) expertise in this space.