Mahindra & Mahindra Financial Services Limited (MMFSL/Mahindra Finance), part of the Mahindra Group, today announced its entry into the Leasing and Subscription business. The new vertical would operate under the brand name ‘Quiklyz’, denoting the changing mindset on mobility.
With the process of owing a vehicle at an inflection point, consumers today want to access vehicles earlier in their life and upgrade their vehicles faster than ever before. Leasing and Subscription model offered by ‘Quiklyz’ provides exactly that; where consumer pays a monthly fee to access the vehicle of their choice across all car brands, at a lower price point vs. regular car ownership. Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models.
The name ‘Quiklyz’ denotes an aspirational mindset of ensuring hassle free vehicle usership to its consumers. The objective for ‘Quiklyz’ is to build a nimble model with very high asset quality. This also gives the brand a springboard to launch similar products in semi-urban and rural markets in times to come.
Speaking on the new business initiative, Ramesh Iyer, Vice-Chairman & 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 & Head, Leasing & Subscription, Mahindra Finance mentioned, “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”.
Mahindra Finance and Mahindra Group ecosystems would give an edge to ‘Quiklyz’ with the business utilizing all common infrastructure of Mahindra Finance.
Changing millennial mind-set, asset light business models, car scrappage policy, rapid vehicle launches by automotive OEMs, emergence of EVs and sharply reducing average holding period of new car etc., are expected to accelerate Leasing and Subscription as owners look at alternate ways of vehicle access without treating it as a long-term commitment.