- Will cater to both individual and corporate entities

- To expand to semi-urban and rural markets soon

Mahindra and Mahindra Financial Services Limited, a subsidiary of Mahindra Group has announced its entry into vehicle leasing and subscription business with its new venture named ‘Quiklyz’. Under the new Quiklyz program, consumers can pay a predefined monthly fee and have access to vehicles across different car brands.

With Quiklyz, Mahindra aims to target both individuals as well as corporates segments. Mahindra Finance states that factors such as changing millennial mindset, car scrappage policy, rapid vehicle launches by OEMs, and the emergence of EVs have drastically reduced the holding period of a new car. This has resulted in more and more customers looking at alternate ways of vehicle access without having to own it for a long period. In the times to come, the company will introduce the initiative in semi-urban and rural markets.

Turra Mohammed, SVP and Head, Leasing and 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.”

In other news, Mahindra recently unveiled the new Mahindra XUV700 and is expected to announce the prices and variant details in the coming days. We have driven the Mahindra XUV700 and you can read more about it here. The Mahindra XUV300 compact SUV is also likely to get a more powerful petrol engine, details of which can be read here.