January 24, 2013, Mumbai: Mahindra First Choice Wheels Ltd. (MFCWL), India’s No. 1 multi-brand used car company, today announced the appointment of Dr. Nagendra Palle as CEO of MFCWL. Dr. Palle has over 20 years of automotive experience in India and overseas and will help MFCWL to continue innovating on its industry leading ‘bricks and clicks’ business model.
Dr. Palle’s deep experience in used car retail and wholesale, as well as automotive e-commerce at ‘Openlane’ is of particular relevance for MFCWL. Openlane is one of the leading online wholesale marketplaces in the US with over 300,000 cars sold every year. Dr. Palle has also been an entrepreneur in the online used vehicle space in the US.
“I look forward to my role as CEO of India’s leading multi-brand used car company. The used car industry in India is poised for transformation, and I am excited about the role that technology can play to help Mahindra First Choice Wheels lead this transformation”, said Dr. Palle on his appointment.
Commenting on the new appointment, Rajeev Dubey, President (Group HR, Corporate Services & After-Market) & Member of the Group Executive Board, Mahindra & Mahindra Ltd., said “We are thrilled to have Dr. Palle join our team during this stage of the company’s rapid growth, with the Indian used car industry poised to reach an annual sale of 3 million units. His unique wholesale, retail and technology expertise will enable us to take the company to the next stage The used car industry in India is rapidly evolving with customers becoming ever more demanding and Dr. Palle’s global expertise will help us meet these challenges in the coming years.”
Previously Dr. Palle worked with leading global organizations including Ford Motor Company, Visteon Automotive Systems, A. T. Kearney and Accenture in functions spanning R&D, business planning, strategy, finance, mergers and acquisitions and online used vehicle retailing and auction.
Dr. Palle has a B-Tech from IIT Madras, and went on to do his Masters of Science in Applied Mechanics from the Colorado School of Mines, USA and a PhD in Mechanical Engineering from the University of Illinois at Urbana-Champaign, USA. He also has an MBA from the University of Michigan at Ann Arbor, where he graduated with distinction with Finance and Strategy as his areas of focus.
About Mahindra First Choice Wheels
Mahindra First Choice Wheels is the country’s preferred used car mart and is India’s only organized multi-brand player, with 223 outlets in 125 cities across India. The company plans to expand this number to 500 outlets in the next three years. This implies that customers will soon be able to choose from a range of certified used cars throughout India, including the metros and tier-2 towns and cities.
Tremendous attention to detail is required to ensure that each used car meets a high level of quality. Before purchasing the car, a trained engineer thoroughly inspects the vehicle and also sees to it that all papers are in order. After purchase, every car is refurbished and undergoes an extensive 118 point quality check by a trained engineer, as part of the company’s robust certification process. The objective behind the care and diligence exercised is to present the customer with a car in good condition.
In short, buying a used car from Mahindra First Choice offers several advantages, including quality assurance, safety and a hassle-free driving experience. To give complete peace of mind to the used car buyer, the company has recently launched two new Warranty products named WARRANTYFIRST and CERTIFIRST.
Subject to specific terms and conditions, WARRANTYFIRST provides Warranty for the major mechanical and electrical components of the car. The concerned components are covered for a period of 12 months or 15,000 km whichever is earlier. The CERTIFIRST Warranty covers the car’s Engine and Transmission for a period of 6 months or 7,500 Km whichever is earlier.
Both WARRANTYFIRST and CERTIFIRST come with the facility of 24X7 Road side Assistance across the country. The 24x7 Road Side Assistance, subject to specific terms and conditions, assures the certified used car buyer that should the car break-down, he will be provided assistance.
The products WARRANTYFIRST and CERTIFIRST give tremendous peace of mind to buyers of Certified used cars.
Mahindra FirstChoice has launched its revamped website www.mahindrafirstchoice.com This new website has been developed to provide complete assistance wanting to buy or sell a car. It is also integrated with social networking tools like Facebook, Twitter and Youtube. To help car buyers make an informed decision, the website also has tools like the LIFESTYLE RECCOMMENDER and the TOTAL COST OF OWNERSHIP.
Mahindra First Choice also has retail finance relationships with major banks and NBFCs in the country. For helping car consumers buy their dream cars through loans, Mahindra First Choice has tie-ups with leading companies like HDFC BANK, MAHINDRA FINANCE.
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 15.9 billion multinational group based in Mumbai, India, Mahindra employs more than 155,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world.
For further enquiries
Senior Vice President – Group Communications
Mahindra & Mahindra Ltd.
Phone: +91 22 2490 1441