As traditional vehicle ownership patterns change, a car subscription is becoming more popular among millennials. Mahindra finance (MMFSL) stated today that it has entered the leasing and subscription sector. Quiklyz would be the brand name for the new vertical. Consumers will pay a monthly subscription to access the vehicle of their choosing across all automobile manufacturers at a reduced price point through the services supplied by this company.
Mahindra Finance said that the brand name “Quiklyz” implies an aspirational mentality of delivering hassle-free usership to its customers. Quiklyz’s goal, according to a statement published by the business, is to create an agile model with extremely high asset quality. This also serves as a springboard for the company to introduce comparable items in semi-urban and rural markets in the future.
“With Quiklyz, we want to make the process of ownership simple for both our customers and our corporate sectors,” stated Ramesh Iyer, Vice-Chairman and Managing Director of Mahindra Finance.
What Is It
The Quiklyz leasing and subscription model allows customers to pay a monthly fee to access a vehicle of their choosing from any manufacturer, at a lower cost than traditional automobile ownership. Mahindra Finance is also targeting corporations and enterprises who are searching for new methods to obtain access to automobiles that meet their needs without having to buy them outright.
“A very significant set of new business customers will be the millennials who desire to not only own a car but to do it in a hassle-free way,” said Turra Mohammed, SVP and head leasing and subscription at Mahindra Finance.
Future
Mahindra will shortly announce the pricing for the full range after showcasing its new XUV700 flagship vehicle in all its splendour on August 15. In the next few days, a new 1.2-litre mStallion turbo-petrol engine will be added to the Mahindra XUV300. The all-new Scorpio, which is slated to arrive sometime next year, will be Mahindra’s next significant introduction in India.