Business

Mahindra Finance forays into vehicle leasing

Mahindra & Mahindra Financial Services Ltd. (MMFSL) has announced its entry into vehicle leasing and subscription business under a new brand called Quiklyz.

Ramesh Iyer, V-C & MD, 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, said, “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, leasing is fast emerging as a viable option both for providing cars to their employees and obtaining vehicles for their business use,” he added.

Changing millennial mind-set, asset light business models, car scrappage policy, rapid vehicle roll outs by automotive OEMs, emergence of EVs and sharply reducing average holding period of new car are expected to accelerate Leasing and Subscription as owners look at alternate ways of vehicle access without treating it as a long-term commitment, the company said.


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Printable version | Oct 18, 2021 4:41:40 AM | https://www.thehindu.com/business/mahindra-finance-forays-into-vehicle-leasing/article36505176.ece

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