U.S. Manheim To Enter Indian Automobile Market
Thursday, 03 July 2014, 02:18 IST
BANGALORE: Manheim, one of the World’s largest automobile auction company, is planning to enter Indian market through Srhiram’s Automall, a well-established automall wholly owned subsidiary of Shriram Transport Finance. Manheim is a U.S. based automobile auction company situated in Pennsylvania. The main business of Manheim is to provide auction service for physical sale of automobiles and online tools to connect whole sale vehicle buyers and sellers.
Manheim firm is waiting for the time when broken Indian automobile market will try to merge with the big established companies to expand the business in used vehicle space. P. Sridharan, executive director of Shriram Transport Finance said that Manhein is in negotiation for the minority stake. Things are moving but it is still early days in the deal, reports Times of India.
Shriram Group includes 22 companies. Shriram Transport Company is looking forward to expand the business. It operates 32 automalls in India and is planning to extend the group to 60 automalls by the third quarter of the financial year. After organized players enter the Indian used car market, Shriram’s automall may start trading U.S. trucks.