Shriram Automall, a unit of Shriram Transport Finance Company and the country's only organised player dealing in pre-owned commercial vehicles.
Shriram Automall, a unit of Shriram Transport Finance Company and the country’s only organised player dealing in pre-owned commercial vehicles (CVs) in 100 cities, is not only expanding into other vehicle segments but morphing into a full-fledged vehicle player, along the lines of similar firms in advanced markets.
To start with, it plans to offer a variety of services, including fleet management solutions. Besides, the company is gearing up to sell pre-owned two-wheelers and cars.
It has already started selling pre-owned agriculture-related vehicles like tractors and vehicles that are part of construction equipment.
Next in the pipeline is diversification into bulk parking business. Finance companies, manufacturers, traders and transporters will be told they can park their vehicles in the automalls.
For example, transporters can park their vehicles at Shriram Automall’s premises after delivery. Similarly, financiers who repossess trucks, vehicle rental firms and construction companies can use automall spaces.
“We are becoming a parking hub,” said Sameer Malhotra, CEO of Shriram Automall. Vehicle valuation services is one more area the company is getting into.
Going forward, the company is looking to sell new CVs, not just pre-owned vehicles. Down the line, forays into overseas markets are conceivable, said Malhotra. “We would like to capture opportunities in India first. But we are observing regions like the Asia-Pacific, neighbouring countries and Africa.”
Given expectations of future growth, Shriram Automall is looking to acquire tracts of land ranging from 3.5-4 acre to 20 acre.
For instance, the upcoming Automall in Vijayawada will be spread across 20 acre, while the second largest mall will occupy 17 acre in Hyderabad. The plan is to use such facilities for parking as well as for auctioning pre-owned CVs and cars. Typically, Shriram Automall conducts around 80 auctions a month. Malhotra said the company has grown almost 40% since its start in 2011. “The scope is such that it’ll grow even during recessions. Hence, we’re very optimistic about our growth,” he said.
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