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Tata Capital issues Rs 24 crore through pledging of shares to Advaith Hyundai

Picture credit: Aneesh Sriniwasan

Vivek Dubey

Bangalore, 27 Oct, 2016: Biggest Hyundai Dealer, Advaith Hyundai, has received Rs 24 crore loans from TATA Capital to expand its operations.

Advaith raised the funds by pledging of shares. Ajay Singh, Sales and Marketing Director of Advaith Hyundai, said, the funds are received on the basis of the increase in sales.

Advaith Hyundai executive, Singh said, approximately 2000 to 2400 Hyundai models are sold every month. He also added that these models are sold on an increase of fifteen percent as compared to the same model last year.

He further added that, “People are not ready to purchase cars online as they believe in checking the car personally and after evaluation they make up their mind.  Sharma added that the largest selling car segment is top and middle class car models like Hyundai Grand i10, Elite i20 and Creta.

More than seventy percent of people buy their cars through EMI (Equated Monthly Instalments) and only twenty percent of people buy in cash.

Singh added that, Owing to the festive season, people wait for the offers and hence they plan for some lucrative offers in advance. They start the campaigns by promoting their cars and they also provide these advantages along with the packages of the offers in competition to the other companies which help the people to decide to buy a new car in this festive season, which adds to their numbers.

“Advaith Hyundai is also planning to increase the bonus by Rs 10,000 to Rs 20,000k to all its 1700 employees across all 14 showroom and 24 service centers in state,” says Singh.

 

 

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