Mahindra and Mahindra Financial Services on Thursday announced its entry into the leasing and subscription business. “The new vertical would operate under the brand name Quiklyz,” it said in a statement.

Under the leasing and subscription model, consumers would pay a monthly fee to access the vehicle of their choice across all car brands, at a lower price point compared to regular car ownership.

“Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models,” the company noted in the statement.

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Mahindra Finance and Mahindra Group ecosystems would give an edge to Quiklyz with the business utilising all common infrastructure of Mahindra Finance.

Making it convenient for consumers

Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance said, “With Quiklyz, we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike.”

The company expects that the changing millennial mind-set, asset light business models, car scrappage policy, rapid vehicle launches by automotive OEMs, emergence of EVs and sharply reducing average holding period of new cars will accelerate leasing and subscription.

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“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,” said Turra Mohammed, SVP and Head, Leasing and Subscription, Mahindra Finance, adding that 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.

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