Toyota Kirloskar Motor Private Limited, the joint venture between Toyota Motor Corporation and the Kirloskar Group, has announced a new alliance with Mahindra & Mahindra Financial Services in New Delhi on April 15, 2013. With this new tie-up, the Indo-Japanese alliance has planned to offer easy motor vehicle finance schemes to its customers in the domestic passenger car market.
In a statement, Toyota Kirloskar Motor revealed that it has signed “a memorandum of understanding (MoU) with Mahindra & Mahindra Financial Services to extend auto retail finance to their prospective customers.” The statement further added that Mahindra & Mahindra Financial Services is going to be among the preferred loan providers for the Japanese auto maker’s entire product portfolio offered to the Indian car enthusiasts.
Speaking his mind on the new partnership with Mahindra & Mahindra Financial Services, N. Raja, Senior Vice President (VP), Sales and Marketing, Toyota Kirloskar Motor Private Limited, was quoted as saying, “Even though the overall auto market seems to be challenging at the moment, we have seen a surge for automobile loans in semi-urban and rural areas and we hope this new association of ours will help us reach out to more prospective customers.”
Raja also affirmed that the company couldn’t have chosen a better time to enhance its client reaching initiatives in the Indian auto market. This alliance with Mahindra & Mahindra Financial Services would help the company in luring more domestic customers by providing easier and better finance options on purchase of its vehicles.
Commenting on the joining hands with Toyota Kirloskar Motor, Rajnish Agarwal, Vice President, Operations, Mahindra & Mahindra Financial Services, was quoted as saying, “Our wide network of over 640 offices and customer presence in more than 1,50,000 villages across India gives us an edge in reaching out to the deepest parts of the country.”