Mahindra First Choice, Mahindra multi brand used car outlet is aiming to have around 1,500 outlets in India by the end of this fiscal year. The brand currently has 800 outlets, and if all goes according to plan, the company will have almost doubled its outlets.
Mahindra is looking to penetrate the northern market, in states like Punjab, Haryana, and Himachal Pradesh. The company is also eyeing the rural market.
Nagendra Palle, the company's Managing Director and CEO said, "This fiscal year, we want to end at about 1,500 outlets from 800 we have at present, which is a pretty rapid pace of growth."
Palle inaugurated the company's 800th and its first outlet in Chandigarh called 'Chandigarh Auto Sales' said, "Sixty per cent of our buyers are purchasing car for the first time. In developed markets, second hand car business is at least three times of new cars. In India, we just crossed the ratio of 1.2:1, but there is growing demand among consumers."
Palle also commented about the car ownership status in India. Here, according to the CEO, car ownership status stands at 22 cars per 1,000 people. In China, it is 140 cars per 1,000 people, whereas in America, it is 809 cars per 1,000 people.
He also said that the used car industry is growing at 20 percent per year, and Mahindra is growing at 30 percent a year on the volume front.