Mahindra launches new platform for vehicle auction
NEW DELHI: Mahindra
First Choice Wheels Ltd (MFCWL) today announced the launch of a platform that
allows buyers to participate in traditional 'on the ground' used-car auctions
via internet in real-time.
The
platform, True Time Bids will significantly improve efficiency of how vehicle
auctions are conducted in India today, the company said in a statement.
MFCWL ran a
pilot project of True Time Bids with Kotak Bank BSE -0.14 % prior to its
launch.
MFCWL Senior Vice President of eBusiness B
Ganeshkumar 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."
Stating that
the platform will fundamentally change the way vehicles are disposed at
auctions, he added: "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."
Typically,
vehicle auctions are conducted offline while some are also done online to
attract non-local bidders. The truetimebids.com platform combines both auction
formats into one simultaneous auction event.
The launch
of True Time Bids is a part of Mahindra First Choice Wheels' overall aim to
organise the used-car space in India and bring legitimacy and transparency to
the market, the company added.
Source : Mahindra
launches new platform for vehicle auction