Mahindra & Mahindra Financial Services has announced its entry into the leasing and subscription business with the brand Quiklyz.
The offering will allow consumers to pay a monthly fee to access the vehicle of their choice across all car brands, at a lower price point than that of regular car ownership.
The service will cater to individuals as well as corporate consumers all over India. It will also give the brand a springboard to launch similar products in semi-urban and rural markets.
Ramesh Iyer, vice-chairman and managing director, Mahindra Finance, said, “With ‘Quiklyz’, we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike. I am confident ‘Quiklyz’ will add substantial value to our existing financial business portfolio as we aspire to tap all emerging opportunities in this space”.
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”.