Mahindra Automotive on Wednesday said it has tied up with vehicle and leasing subscription platform Quiklyz, which allows customers to lease Mahindra vehicles in a hassle-free manner.
Following this collaboration, the platform will now be available live on Mahindra Auto’s portal and across its dealership network, Mahindra Automotive said in a statement.
The platform will offer convenience, flexibility and choice to customers across eight cities — Mumbai, Pune, Delhi, Noida, Gurugram, Bengaluru, Hyderabad and Chennai.
"The 'pay per use' model has been specifically designed keeping in mind the changing customer needs. Offering leasing options to customers through our sales channels will provide customers with flexibility and transparency in a simple and convenient manner,” Veejay Nakra, chief executive officer (automotive division) of M&M Ltd, said.
The customers will also be able to choose their preferred vehicles with the option to return, buy back or upgrade to a newer model at the end of the tenure, he said.
"Quiklyz will help us target and leverage the potential of India’s expanding car leasing market, further broadening our consumer portfolio,” Nakra added.
The monthly rentals for vehicles will start at as low as Rs 21,000 per month, which is inclusive of insurance, maintenance and roadside assistance with no additional down payment.
The customer availing the service through the platform will have choice of tenure between 24 months and 60 months as well as have the flexibility to select annual kilometer options, starting with 10,000 km per year, according to the statement.
Turra Mohammed, senior vice-president and business head at Quiklyz, said: "Vehicle leasing and subscription are becoming a new normal and cost-effective means of accessing a vehicle.”
The leasing and subscription industry, according to Tura, is expected to grow at a compound annual growth rate (CAGR) of 15-20 per cent in the next 5-10 years making it one of the fast-growing markets in India.
"We are delighted to offer the complete range of SUVs (sports utility vehicles) from Mahindra on leasing through a digital platform. Our aim is to build a strong foothold in this market and further bolster Quiklyz’s brand presence,” he stated.
Quiklyz also has the largest portfolio of electric vehicles on its subscription platforms.
As part of this partnership, Quiklyz will offer Mahindra’s Treo load vehicles for e-commerce fleet operators.
"We are delighted to partner with Mahindra Auto in our Quiklyz journey.""The leasing and subscription module in India is currently at a nascent stage and coupled with the multi-faceted advantages accruing from Mahindra’s auto sector, our spread and reach pan India would be an advantage,” Raul Rebello, chief operating officer (core business) of Mahindra Finance, was quoted as saying.