In order to bring "legitimacy and transparency" to the used car market in India, Mahindra First Choice launches real-time online-offline used car auctions.
Mahindra’s used car division, Mahindra First Choice Wheels, has launched a unique live online-offline auction platform that allows car buyers to participate in traditional ‘on the ground’ used-car auctions via the internet in real-time. Called the True Time Bids, the new platform is claimed to be first of its kind and combines online and offline auction formats into one simultaneous auction.
As per the company, buyers will be able to bid a vehicle by being physically present locally at an auction yard or online with buyers bidding on a vehicle at an auction, in any city across the country. Bidders will be able to watch a live feed from the auction yard showing the vehicle and current bids. Additionally, the platform will also have provision for vehicle inspection and pricing analytics.
Mahindra First Choice ran this concept of simultaneous online-offline bidding as a pilot project with Kotak Bank prior to the launch. After having received positive response from both buyers and sellers, the company has now launched a full-fledged platform.
Commenting on the development, B. Ganeshkumar, Senior Vice President of eBusiness at Mahindra First Choice Wheels said, “The pilot launch of Truetimebids.com with Kotak has been extremely successful and we look forward to taking this platform to all our clients over the next few weeks. We believe it will fundamentally change the way vehicles are disposed at auctions. Our clients are continuously looking for higher liquidity and more efficiency in our auction services, and we are pleased to develop and launch India’s first simultaneous online-offline auction platform.”
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