A leading auto manufacturer, Mahindra and Mahindra, plans to expand its used car business by making an investment of Rs. 8 billion.
Mahindra’s used car business is successfully running under name of Mahindra First Choice Services Ltd (MFCS).
According to Rajeev Dubey, group management board member of Mahindra, the company plans to open nearly about 300 outlets in the country within a span of five years. These outlets would not only sell used cars but would also deal in sales of spare parts.
With a heavy investment in the business, the company inaugurates the first CarXSpace outlet here, which is expected to take their used car business to newer heights. They are also in plans to create an e-commerce platform common for both car buyers and car sellers.
According to Rajeev Dubey, Mahindra has sold one million used cars in the last fiscal. MFCS is also in talks with a number of non-life insurance companies so that its customers can gain the advantage of cashless damage claims settlements.