Over the last few years and specially in the Covid-era the need for personal mobility has grown many folds. But not everyone can afford to buy a new car and options in the used car market have been short in supply. Here is where car leasing comes in where you subscribe to a brand-new car for a fixed tenure at a monthly cost. This cost included everything including registration, insurance, maintenance, road-side assistance etc. At the end of tenure you can either return the car or buy it. The subscription model has found favour with many buyers who do not want to buy a car the old-fashioned way.
Gauging the market sentiment, Mahindra & Mahindra Financial Services Limited launched its leasing and subscription business ‘Quiklyz’ in 2021. The idea was to create a new-age digital platform for vehicle leasing and subscription that aimed to provide great convenience, flexibility and choice to customers across cities. In the initial phase Quiklyz launched its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida, Pune and the plan was to further expand it in 30 locations over the next one year.
Quiklyz is available for both corporate (B2B) and retail (B2C) customers. Under the B2B segment, the company aims to offer services to corporates and fleet operators, while in B2C segment it targets customers with what it calls as millennial mindset. In the last few days, it has announced 2 significant partnerships with major car brands on leasing and subscription.
Quiklyz will now be available live on Mahindra Auto’s portal and across Mahindra Auto’s dealership network. The monthly rentals for vehicles will start at Rs. 21,000 per month and the customer will have choice of tenure between 24 months to 60 months as well as have the flexibility to select annual kilometer options starting with 10,000 km/year. As part of this partnership, Quiklyz will also offer Mahindra’s Treo load vehicles for e-commerce fleet operators. According to the company, the subscription model ensures that there’s no risk or uncertainty about maintenance, battery life and resale value.
Country’s largest carmaker Maruti Suzuki’s subscription model, Maruti Suzuki Subscribe has been doing quite well since it was launched in July 2020. Now the company has expanded further by partnering with Quiklyz.
The brand is already in tie-ups with other leasing platforms like Orix, Myles and ALD. It has also added Kolkata market in its subscription program which is now available across 20 cities Delhi-NCR, Bengaluru, Hyderabad, Pune, Mumbai, Chennai, Ahmedabad, Jaipur, Indore, Mangalore, Mysore and the new addition Kolkata.
Customers can now also subscribe Maruti Suzuki vehicles for a period of 60 months. Here too an all-inclusive fixed monthly rental includes the vehicle usage charges, registration charges, maintenance, insurance, and other common services related to vehicle usage. Once the tenure is over, the customer has an option to switch over to a new car or avail the option of purchasing the subscribed car. The service also offers the customers the option of foreclosing the subscription at any point in time. It also provides the customers with an added option of choosing between white or black registration plates.
The writer is Senior Editor at carandbike.com
The monthly rentals for vehicles will start at Rs 21,000 per month and the customer will have choice of tenure between 24 months to 60 months as well as have the flexibility to select annual kilometer options starting with 10,000 km/year.
Quiklyz will be available live on Mahindra Auto’s portal and across Mahindra Auto’s dealership network.