Mahindra & Mahindra signs MoU with Shriram Automall for commercial vehicle exchange programme

Mahindra & Mahindra Ltd. (M&M), a part of the US $7.1 billion Mahindra Group, announced a strategic alliance with Shriram Automall (I) Ltd – Newlook Division, a pioneer and leader in the pre-owned commercial vehicles industry, today. A memorandum of understanding (MoU) was signed by both the parties, to facilitate an exchange programme which will enable M&M customers to exchange their old commercial vehicles with new commercial vehicles, from the company’s stable.

Under the aegis of this agreement, Shriram Automall – Newlook Division will work closely with M&M to evaluate and procure the old vehicles of M&M customers, under exchange. Shriram Automall – Newlook Division will service all the exchange inquiries within twenty-four hours, through its local representatives. Further, the old vehicles procured by Shriram Automall - Newlook Division would be refurbished and sold as per Shriram Automall - Newlook Division’s discretion, through its own network. Initially, this exchange program will be operative in the four southern states of Andhra Pradesh, Tamil Nadu, Karnataka and Kerala and will be subsequently extended to all the key markets.

Speaking on the occasion Mr. Arun Malhotra – Sr. Vice President – Sales & Customer Care, Automotive Division, Mahindra & Mahindra Ltd., said, ”With the launch of several products in the Small Commercial Vehicle (SCV) range, we were keen to increase the commitment to our customers in this segment. Hence, through this partnership, we intend to drive synergies between both the businesses. Our endeavour is to leverage our strong distribution network of over 200 dealerships and Shriram Automall - Newlook Division’s expertise in this space, to enhance our value proposition to our customers. Going forward we are confident that this will expand the overall market and chart a new path for the industry. “

According to Mr.Gunasekaran, President, Shriram Automall (Newlook Division) "M&M and Shriram Automall – Newlook Division share a common desire—to provide customers with quality and cost effective solutions in the pre-owned commercial vehicles segment, which is currently operating through unorganized networks. Being the only organized player in the pre-owned commercial vehicle segment, we foresee a steady growth in this market. Through our collaboration with M&M we intend to capitalize on this growing segment”