India’s Mahindra Finance has launched a vehicle leasing and subscription service known as “Quiklyz,” aimed at making car purchases quicker and simpler.
As Car and Bike reported Wednesday (Nov. 17), the digital platform will allow customers to select and lease their vehicles online, subscribing to vehicles for periods of 24, 36, 48 or 60 months, for an all-inclusive monthly fee.
Ramesh Iyer, vice-chairman and managing director of Mahindra Finance, said the company is hoping to capitalize on India’s fast-growing car leasing and subscription business, with a goal of hitting a book size of 10,000 crore in a span of three to five years.
“Leasing is seeing significant traction in the last mile mobility space, especially with EVs, something our business module will also focus on,” Iyer said.
“With leasing being a relatively new concept for Indian retail consumer, we wanted Mahindra Finance to be at the forefront of this module facilitating millennials and new age corporates alike for hassle-free ownership of vehicle,” he added.
Quiklyz will be available for both retail and B2B customers, offering a wide range of vehicles from various manufacturers. Customers just need to choose their model color and variant, enter their details, upload certain documents and pay a security deposit. From there, the car can be delivered to their door.
“Leasing currently accounts for 10% of corporate registered vehicles, and we expect it to grow to 20% to 25% share in the next five years,” said Turra Mohammed, senior vice president and business head of Quiklyz. “In the retail-B2C segment, subscriptions could account for 3% to 5% of car sales in the next three to five years.
Read more: No Money Down: Car Manufacturers Continue To Add Subscription Options
PYMNTS examined the rise of automotive subscriptions in a report last year, looking at services offered by brands such as Volvo and Porsche, as well as companies like Fair.
This Santa Monica-based FinTech lets customers choose the type of car they want, the miles they need and then set lease terms ranging from one month to three years.
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