Car subscription is increasingly gaining popularity among millennials as conventional vehicle owning patterns are changing.
Mahindra & Mahindra Financial Services Limited, part of the Mahindra Group, has entered the leasing and subscription business with a newly constituted entity called Quiklyz. The subscription business model allows customers to access passenger vehicles of choice across brands for a certain monthly fee.
Lower price point against regular car ownership
Targeted at individuals, corporates and businesses
Similar services to be launched in semi-urban and rural markets in the future
Quiklyz subscription business: what is it?
The Quiklyz leasing and subscription model sees the consumer pay a monthly fee to access the vehicle of their choice across all car brands, and at a lower price point versus regular car ownership. Mahindra Finance is also targeting corporates and businesses who are also looking for alternate ways to have access to vehicles that can match their requirements without traditional ownership models.
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. 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”.
