Mahindra First Choice’s flagship brand for refurbished vehicles, AutoKart Refresh, has launched its 5th store in Mumbai, Maharashtra. Located at Ghodbunder Road, Thane, the facility utilizes a space of 20,000 sq. ft and supports over 150 vehicles. The company launched its first-ever outlet in April 2021 with plans to add four more facilities in 4 cities. Marking its presence in Chennai, Pune, Ahmedabad, and Hyderabad, the outlets have sold more than 100 refurbished vehicles per month.
20 Outlets by FY2022
Mahindra First Choice Wheels Ltd, CEO & MD, claims that the company aims to introduce 20 outlets by FY2022. The new Thane facility will act as an end-to-end provider of quality refurbished vehicles for Mumbai and Thane-based customers. The facility will also cater to business vehicle buyers from the same areas for Light Commercial Vehicles (LCVs). AutoKart Refresh retail stores provide business vehicle owners, retail, and wholesale finance options with Mahindra First Choice’s warranty and trust.
The retail stores offer collateral-free loans for dealers via their proprietary Loan First program along with vehicle insurance. Offering hassle-free RTO transfer services makes AutoKart Refresh the first choice for purchasing or selling refurbished vehicles. The facilities also enable dealers to run an asset-light model due to its large yards, which help retain vehicles. Meanwhile, the dealers and brokers of AutoKart Refresh use their time to find the right buyers for the retained vehicles.
Mahindra First Choice
As an industry leader in the used car segment, Mahindra First Choice has over 1100 retail stores in 350+ cities. The company has sold over 2 million cars in India, making it a dominant player in the used vehicle ecosystem. Using its “on-the-ground” and “in-the-cloud” capabilities, the company provides products and services for its retail and wholesale customers. The company’s funding comes courtesy of Silicon Valley-based Hedge Fund, Valiant Capital, and a USD 17 billion enterprise, Cox Automotive.