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Mahindra First Choice Wheels, the multi—brand used—cars offering from the Mahindra & Mahindra stable, on Thursday said it will grow at 35 per cent this year.
“By FY15, our target is to sell over 1 lakh units of used cars. This year we will be growing at 35 per cent and will sell over 46,000 vehicles of various brands,” M&M president for corporate services & after—market and group HR, Rajeev Dubey told PTI here.
In FY12, the company had sold 34,200 units, he said, adding that parent M&M has invested Rs 200 crore into this venture so far.
The five—year—old company has been clocking a CAGR of 40 per cent by volume since the beginning and in the first half it has clipped at 30 per cent, when the new car industry managed just about 6 per cent, Dubey said.
Quoting a recent Crisil study, Dubey said by FY17 used market should be twice the size of the new car market.
In FY12, the used car space was worth 2.8 million units, which was 1.2 times the new car market size, Dubey said.
Of the 200 outlets, only five are owned and operated by the company while the rest are franchisees, he said.
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