Tata Motors-CredR tie up to help Two-Wheeler owners to upgrade to a new Nano

India: CredR - Tata Nano Exchange Mela was conducted at Kharadi, Pune, Maharashtra, on 18 & 19 June, 2016. The purpose of the event was to facilitate two-wheeler owners to upgrade to a new Tata Nano at a down payment of INR18,000, with additional assured benefits of INR20,000.

The Exchange Mela provided free on-spot valuation of two-wheelers, instant payment and immediate upgrade to new Tata Nano. Moreover, with the success of the event in Pune, this initiative is planned to expand to other cities in near future.

Asif Ali Khan, Head New Initiatives at CredR said, “We are constantly looking at ways to enhance the experience of our users - whether they are entering the two-wheeler ecosystem or exiting it. Our pre-monsoon Exchange initiative with Tata Motors gives us a great platform to reach out to existing two-wheeler owners who are looking to upgrade to a four wheeler before the monsoon strikes.”

The Exchange Mela would further help the sellers to get the best exchange value, which would smoothen the upgrade process. Other benefits available for the customers include easy on-spot finance up to 85 percent, exchange bonus worth INR5,000, free car insurance worth INR11,000 and an assured minimum exchange value worth INR2,000 on every used bike.

According to a recent report published by TechSci Research, “India Tire Market Forecast and Opportunities, 2021’’, Expanding middle class population and increasing national disposable income is driving the demand for passenger cars in the country, in turn boosting the passenger car tire sales, which is expected to grow in the country. Two-wheeler tire segment, accounted for a volume share of over 50% in the country’s tire market in 2015, is also expected to maintain its position as the largest tire segment over the next five years.

TechSci Research is of the view that these events would help the penetration of passenger cars into the middle class and lower-middle class section of the country, thereby boosting the demand for passenger car tire market in the country. However, two-wheeler tire segment, which contributes a major share, might get hampered a bit.