PRLog - Nov. 22, 2012 - SECUNDERABAD, India -- Hyderabad, November 21, 2012: Shriram Transport Finance Company Limited (STFC), India’s largest asset financing company, today launched 'Shriram Automall', the country’s biggest Automall in Hyderabad. This recent addition of Automall is the 11th in India; the company has already set up 10 Automalls across key locations in the country.
Arun Duggal, Chairman of Shriam Group, Vinod Dasar
Shriram Automall is the first-of-its kind initiative for the trading of pre-owned commercial vehicles, infrastructure and agricultural equipment in an organised and transparent manner. Mr. Vinod Dasari, Managing Director, Ashok Leyland, inaugurated the Automall in Hyderabad today.
Spread across 15 acres of land, Shriram Automall aims to put an end to the unreliable and old practices prevalent in commercial vehicle transactions by cultivating organized vehicle-trading mechanism. Apart from vehicle transactions, the Automall helps customers seek financing and insurance options as well as provides refurbishment solutions for vehicles. As add-on facilities, the Automall also provides rest rooms for travel-fatigued truck drivers/cleaners and parking services.
The company plans to expand its PAN India network to 60 key cities by 2013. Such Automalls, equipped with secured stockyards, will be strategically located on important highways of the country, spreading across up to 20 acres of land.
“Automall, the first of its kind concept in Hyderabad, will provide a major boost to commercial vehicle owners across India. Our objective is to bring greater transparency and value-added services to Commercial Vehicles & Equipment trading Industry in India. The facility will house hundreds of pre-owned commercial vehicles both in as-is-where-
Announcing the launch of the Automall, Mr. Sameer Malhotra, Chief Executive Officer, Shriram Automall India Limited, said, “Our aim is to create an organised and reliable structure for the trading of pre-owned commercial vehicles with utmost transparency. Through our Automalls, we have given the buyers and the sellers a unique platform where they can conduct transactions in a hassle-free manner. This is the first Automall in Hyderabad and through this initiative we intend to help the pre-owned vehicle and equipment market grow in India.”
The Automall in Hyderabad also houses two new initiatives that provide value-added services to vehicle owners such as 'Shriram One Stop' and 'Shriram New Look'. 'Shriram One Stop' is a computerised touch screen kiosk which is a virtual Truck Bazaar, providing real time information about used commercial vehicles available for sale, while 'Shriram New Look' offers a platform for transaction of authentic vehicles. Old trucks from the market are refurbished and sold under this brand name.
About Shriram Transport Finance Company Limited:
Shriram Transport Finance Company Limited is the flagship company of the Shriram group which has significant presence in Consumer Finance, Life Insurance, General Insurance, Stock Broking, and Distribution businesses. Incorporated in 1979, Shriram Transport is today the largest asset financing NBFC in the country and holistic finance provider for the commercial vehicle industry and seeks to partner small truck owners for every possible need related to their assets. It has PAN India presence with 502 branch offices. Based in Mumbai, it manages assets worth Rs 40,307 crores and has a customer base exceeding 8,50,000. Shriram in the last 30 years, has helped replace nearly 20 lakhs trucks by providing affordable acquisition credit to the small truck operators.
About Shriram Automall India Limited:
Shriram Automall India Limited (SAMIL), one-of-its-kind facility is a wholly owned subsidiary of Shriram Transport Finance Company. It is India's first ever service provider that offers a transaction platform for the trading of pre-owned commercial vehicles, construction and agricultural equipments in an organized and transparent manner. This initiative was started in February 2011 and in its second year of operations; the company has launched its full-fledged facilities in 10 key locations across India. The Automall offers a common meeting platform for potential buyers and sellers where the valuation of the vehicle is determined through a transparent public auction process. In addition, Shriram Automall also promotes two new initiatives:
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