Maruti Suzuki’s sedan Swift Dzire is the most popular brand in the used car segment, according to multi-brand used car company Mahindra First Choice Wheels Limited (MFCWL).
MFCWL Group President (HR and Corporate Services) and CEO (After-Market Sector) Rajeev Dubey said, “In the used car market, the average price of a vehicle is around Rs 3.75 lakh, and the most popular car is Maruti Suzuki Swift Dzire.”
He added, “Our network is large (presence in 339 cities), and in the used car market, Maruti comes first, followed by Hyundai, Tata Motors and others.”
Dubey claimed, “Almost 60% are first-time buyers, and the average age is around 30-35 years.” He was in the city to inaugurate the 735th outlet, Car Bazaar, which is spread across 8,000 sq feet, and is located at Kamanahalli Circle, Kalyan Nagar, Outer Ring Road. For MFCWL, this is the ninth outlet in Bengaluru and 24th in Karnataka. A new outlet generates 15-20 new jobs.
MFCWL is planning to expand its footprint to 1,400 dealerships by the end of this financial year. The company currently has a network of 735 outlets spread across 339 locations in the country which includes metros, mini metros and smaller towns.
Growth momentum
MFCWL Managing Director and CEO Nagendra Palle said, “The company is growing at a compound annual growth rate of 25% in (2015-16) and for 2016-17, the company aims to reach 60% growth. The cumulative retail footprint under the MFCWL brand is over a million sq feet.
Palle added, “For FY 2015-16, we sold 69,000 cars and for FY 2016-17, we plan to sell 1.30 lakh vehicles. We also have B2B players, where dealers and brokers buy vehicles from institutions through ‘eDiig’ auction platform, which has grown significantly.” He said, “This year, we will sell over 80,000 vehicles, and the total number of cars that have transacted through our network (Retail and wholesale) is over 2 lakh.”