Mahindra Group, the popular Indian conglomerate, has stepped into the car leasing and subscription market through Mahindra & Mahindra Financial Services Limited (MMFSL/Mahindra Finance). This new vertical has been launched under the Quiklyz banner.
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Vehicle leasing and subscription businesses are fast gaining popularity in the country, with many consumers preferring to lease and not own a vehicle, thereby getting the freedom to quickly upgrade their vehicles. It also helps one with avoiding the headache of selling a vehicle in case he or she has to shift bases. As per Mahindra, the leasing and subscription models offered by Quiklyz allows exactly the same benefits as the customer can pay a monthly fee to use a vehicle of his choice. One can choose any vehicle from any carmaker and the overall cost of usage is claimed to be lower than what one would pay under the regular ownership model.
Quiklyz would make use of Mahindra Finances and Mahindra Groups robust infrastructure to deliver an edge over similar vehicle leasing and subscription services. While this market is in its nascent stages, factors such as that of car scrappage, fast-increasing adoption of electric vehicles, reducing ownership period of a new car, asset-light business models and the ever-evolving mindset of the millennial are expected to lead to the growth of alternate ways of vehicle ownership such as subscription and leasing options.
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Speaking on the new business initiative, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, With Quiklyz, we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike. I am confident Quiklyz will add substantial value to our existing financial business portfolio as we aspire to tap all emerging opportunities in this space .
Turra Mohammed, SVP & Head, Leasing & Subscription, Mahindra Finance mentioned, A very important set of consumers for our new business will be the millennials who aspire to not only owning a vehicle, but to do so in a hassle-free manner. Quiklyz will provide that convenience while allowing them to frequently change or upgrade to newer models entering the market without any down payment. For corporates as well, leasing is fast emerging as a viable option both for providing cars to their employees and obtaining vehicles for their business use .
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So, what are your thoughts on Quiklyz, Mahindra's new brand for car leasing and subscription programmes? Let us know through commenting below. Join our 91Wheels Telegram and 91Wheels Whatsapp group to know more about vehicles, conduct discussions on your favourite ride and much more! Also, you can subscribe to our Youtube channel for video content on the latest from the world of cars and motorcycles.
