50% growth in online vehicle sales by Mahindra First Choice Wheels Ltd. (MFCWL)

Mahindra First Choice Wheels Ltd. (MFCWL), today announced that it has registered a 50% growth in online vehicle sales through its eDiig (www.ediig.com) platform. The company sold over 55,000 units online in FY14 and strengthened its leadership position in the B2B online vehicle auction space. During the year, the company also add new clients to its roster and expanded its buyer base to 9,500 buyers in 900+ locations across the country.

 “We have completed nearly 40,000 Autoinspekt evaluations since the product launch and it has been received very well, surpassing our expectations.The launch and success of the Autoinspekt product is consistent with our long term strategy of building a strong used vehicle ecosystem using a hybrid (online / offline) approach. We believe products that drive transparency and efficiencity such as Autoinspekt empower all stakeholders in this ecosystem – financial institutions, dealers, OEMs and consumer alike ,” Dr. Nagendra Palle, CEO, Mahindra First Choice Wheels Ltd.

Online adoption of wholesale auctions is growing rapidly, driven by the significantly greater efficiencies realized relative to physical channels. Online platforms also provide for a greater level of transparency and traceability of transactions which are very attractive to both sellers as well as buyers. As governance norms get more stringent, online auctions are expected to grow even faster. Transparency in wholesale transactions will soon be just hygiene vs. a “nice to have” today.
eDiig’s growth in F14 has been fuelled by several product innovations it has implemented to support better decision making by both sellers and buyers.