Auto companies may roll out incentives to draw customers

The automakers plan to push sales back to showrooms in April. Offers include 100% On-Road Financing, Installation Holiday and Vehicle Loan Repayment Guarantee Programs. Due to the Covid-19 pandemic and then the lockdown. Producers say this is balanced by concerns about using public transport.

Dealerships are set to reopen this week amid nationwide cuts since the nationwide lockdown began on March 25. Industry sources said that the company is trying to liquidate shipments near 300,000 passenger vehicles.

Market leader Maruti Suzuki is in talks with banks about easy terms for customers, one for every two vehicles sold in the local market.

“People today want to switch from public transport to personal transportation because of health and safety issues,” said Maruti Suzuki Executive Director of Marketing and Sales, Shashank Srivastava. However, they also want to reduce their EMI (equivalent monthly installments) burden in case of loss of income. We have started negotiations with banks to prolong the loan period, reduce interest rates, and reduce payments. ”

The company is also looking at a step-up telephone scheme – early installments and more later including Special offers for front line workers
Maruti Suzuki has 130,000 units out of which 600 dealerships across the country opened on Tuesday.

Source- https://auto.economictimes.indiatimes.com/news/aftermarket/auto-companies-may-roll-out-incentives-to-draw-customers/75590062