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Shriram Auto Mall India Ltd (SAMIL) plans to add 16 more auto malls across India by March 2015 to its existing tally of 44.
The two-year-old company, which functions as an interface and aggregator between used vehicle buyers and sellers, is focusing on commercial vehicles, said DV Ravi, Managing Director of Shriram Capital Ltd, and Sameer Malhotra, CEO, SAMIL, after inaugurating the fifth auto mall in the western region of the country here on Tuesday.
This is SAMIL’s 44th auto mall in India.
The auto mall, spread over 3.5 acres on the outskirts of Ahmedabad, also houses one-stop classified kiosk with real-time information on over 20,000 pre-owned vehicles, available with SAMIL for disposal.
Ravi said the base price of used vehicles to be auctioned are fixed by sellers. Forty per cent of deals end up Shriram Capital financing the vehicles. “We have sold about two lakh vehicles, mainly commercial ones, in the last two years.”
He said SAMIL witnessed a 50% growth in this business last fiscal.
The company charges 4 per cent of the transaction price as its fees from customers.
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