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Hero MotoCorp is has introduced a buyback scheme for its scooters. This is a measure to boost sales of Hero's scooters, which quite evidently are dwindling. The buyback scheme is called BuySurance and under this scheme, buyers of Hero Scooters will be provided a certificate that will enable the customer to get a fixed value for the scooter if it is sold within five years.
Hero Motocorp currently four scooters in the Indian market — Pleasure, Duet, Maestro and Destini 125. Hero MotoCorp has plans to launch two more scooters this month, one of which is the Maestro Edge while the other one is yet to be announced.
Despite Hero MotoCorp having scooters in different segments, its scooters are struggling with sales. Hero seems to be looking at different ways to boost sales, and this buyback scheme is one of them.
BuySurance is the first scheme of its kind in the scooter segment in India. Under BuySurance, everyone purchasing a Hero MotoCorp scooter at an authorised Hero dealership will be given a BuySurance certificate from CREDR, which is a company that deals in the buying and selling of pre-owned two-wheelers.
The certificate will have fixed values of depreciation for every six months over a period of five years. During the timespan of five years, if the customer decides to sell the scooter, all that needs to be done is, bring the scooter along with the CREDR certificate to a Hero Dealership.
The customer will be able to get exactly the same amount as prescribed in the certificate depending on the age of the vehicle. Hero MotoCorp had started the BuySurance scheme in Pune last month on a low scale. Now, the scheme has been pushed to dealerships in Delhi and Bangalore.
Hero MotoCorp aims to expand BuySurance to 10 of its largest markets in India and will then consider launching it in the rest of the country depending on the response it receives.
Sanjay Bhan, Head of Sales and After Sales for Hero MotoCorp was quoted as saying, "Hero MotoCorp has come out with a disruptive value offering – a first of its kind offering in Indian two-wheeler market – where customers get guaranteed future resale on their new Hero scooter purchase. Over a period of time, our plan is to cover the top-10 markets in the country as part of the pilot project."
Thoughts On Hero Launches BuySurance Buyback Scheme For Hero Scooter Buyers
It is very thoughtful of Hero MotoCorp to implement the buyback scheme in this segment. A few of Hero MotoCorp's motorcycles have good resale value in the used motorcycle market. However, the same cannot be said of Hero's scooters. There are very few takers for used Hero Scooters. Hence, this buyback scheme should give buyers the confidence in Hero MotoCorp's scooters.