Mahindra First Choice, the multi-brand used car selling company owned by the Indian auto major Mahindra & Mahindra has opened its 200th outlet in India. The company plans to open 500 outlets by the year 2015.
Mr. Anand Mahindra Chairman and Managing Director Mahindra Group stated on the occasion that the company in the beginning had foreseen enormous opportunities in the used car industry. He attributed the achievement of the 200 outlets milestone to foresight and conviction in the business model.
Commenting on the used car market, Mr. Rajeev Dubey president (Group HR, Corporate Services and After Market) and Member of the Group Executive Board Mahindra & Mahindra stated that the company functions on the belief that the used car buyer is not a second class buyer and the processes and systems have been designed with that in mind.
The company has witnessed a growth of 40 percent CAGR (Compound Annual Growth Rate) in the period 2007-2012. In the year 2012, the company has so far grown by 30 percent in comparison to the used car industry growth rate of 6 percent.