Vehicle leasing and subscriptions are slowly but surely catching on in India. With many automotive manufacturers offering leasing and subscription services, Mahindra Finance too jumped into the fray and announced that it will enter the leasing and subscription business for vehicles under its new brand which has been named 'Quiklyz'. The idea is to facilitate quicker purchase and easier upgrades for customers and not treat owning a car as a long-term commitment. The consumer pays a monthly fee to access the vehicle of their choice across all car brands, at a lower price point vs. regular car ownership. Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models.
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(Mahindra Finance will offer leasing and subscription for all vehicle brands, although whether it will offer the same services for used car or not, it isn't clear yet)
Turra Mohammed, SVP & Head, Leasing and 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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Mahindra Finance says that the name 'Quiklyz' denotes an aspirational mindset of ensuring hassle free vehicle usership to its consumers. The idea is to build an agile vehicle-purchase model for customers. Mahindra Finance is likely to use the 'Quiklyz' brand as a springboard to launch similar services in semi-urban and rural markets in the near future.
