Mahindra and Mahindra Financial Services Ltd (MMFSL) today announced its entry into the leasing and subscription business. The new vertical would operate under the brand name Quiklyz. Under the services provided by this business the consumers will pay a monthly fee to access the vehicle of their choice across all car brands at a lower price point.
Giving clarity on the brand name Mahindra Finance stated that “Quiklyz” denotes an aspirational mindset of ensuring hassle free usership to its consumers. In a statement released by the company it revealed that the objective for Quiklyz is to build a nimble model with very high asset quality. This also gives the brand a springboard to launch similar products in semi-urban and rural markets in times to come.
Speaking on the new business initiative, Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance said “With Quiklyz we aim to make the process of ownership convenient for our consumers both for individuals 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 and Head, leasing and 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."
The company stated that Mahindra Finance and Mahindra Group ecosystems would give an edge to Quiklyz with the business utilising all common infrastructure of Mahindra Finance.
The company also revealed that the changing millennial mind-set, asset light business models, car scrappage policy, rapid vehicle launches 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.
Edited by Divyadeep Singh
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