Mumbai, February 14, 2013: used car company Mahindra First Choice Wheels Ltd (MFCWL) has announced that it has sold 100,000 vehicles through its ‘Autobid’ auction platform. The platform has conducted nearly 7,500 auctions with over 6,500 buyers across nearly 900 locations.

According to Nagendra Palle, CEO, MFCWL, “Autobid allows for immense flexibility in auction formats which provides excellent liquidity for sellers and buyers, producing the best vehicle values for either customer, with a high conversion rate. The 100,000 actual transactions represent the number of vehicles sold through the platform and this scale is testament to the efficacy of the platform and the efficiency of our team. Our intent is to continue to invest in this platform to broaden its reach within India’s used vehicle industry.”

He added, “Our platform offers complete transparency and end-to-end analytics to our corporate and dealer customers and I am confident that it will continue to grow rapidly in the coming years. The success of the auction platform illustrates the growing need for and adoption of the ‘bricks-and-clicks’ hybrid model by the used vehicle industry.”

MFCWL has recently launched two value-added services -- AutoInspekt, its vehicle evaluation service, and IBB, which provides pricing guidance for buyers and sellers, both of which are claimed to be unique, industry-first features.

Photograph: L-R: Rajeev Dubey, president (Group HR, Corporate Services & After-Market) & Member of the Group Executive Board), Mahindra & Mahindra, with Nagendra Palle, CEO, MFCWL