<div>Mahindra First Choice Wheels, the multi-brand used-car business of Mahindra and Mahindra, aims to significantly expand its market by opening new sales centres.</div><div> </div><div>The company aims to add 180 outlets this fiscal, taking it from the present 520 to 700 across the country, which includes metros, mini-metros and smaller towns, its CEO and Managing Director Nagendra Palle told reporters in Chandigarh.</div><div> </div><div>The firm also plans to expand in the northern part of the country, including Punjab and its key focus areas include Ludhiana, Jalandhar, Chandigarh, parts of UP and Rajasthan.</div><div> </div><div>Palle inaugurated a new dealership, 'Moments Hospitality' in Derabassi in Punjab, near Chandigarh and the company will add two more dealerships in the state, including Pathankot and Amritsar.</div><div> </div><div>Replying to a question, he said, "Sixty per cent of our buyers are purchasing car for the first time." </div><div> </div><div>On the used car market, he said, "In developed markets, second hand car business is at least three times of new car. In India, we just crossed the ratio of 1:1, but there is growing demand among consumers."</div><div> </div><div>Palle, who returned to India two years back after a stint of over 20 years in used car market in the US, said the company has created a unique franchisee-driven business and its dealerships offer the entire range of services for customers.</div><div> </div><div>He said the used car industry is growing at a rate of 20 per cent per annum, but the company is clocking even higher growth.</div><div> </div><div>"The company is growing at a rapid pace with a CAGR of 37 per cent by volumes over the last 5 years. The cumulative retail footprint under the Mahindra First Choice brand is in excess of 8.5 lakh sq feet," he added.</div>
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