Hyderabad: Vehicle leasing company OTO Capital has entered into Hyderabad to offer two-wheelers from all major brands. This is the first time the company will be providing its services through a completely online model.
OTO has partnered with 45 dealerships in Hyderabad already and plans to sign up 50 more showrooms in the next two months. The company said it has observed high demand in the city with over 200 queries being made every month to lease two-wheelers.
The company has tied up with dealerships such as Fortune Honda, Gem Suzuki, Varun Bajaj, Phoenix Hero, Pearl Yamaha, Shanthi Motors, and others. The company said while it has always had an online focus, this is the first time the full range of offerings will be available online.
Due to the Covid-19 restrictions, buyers are no longer visiting showrooms frequently. A buyer doesn’t need to step out of the house to own a vehicle. The home delivery and home test-drive options are also available in the city now.
OTO Capital has seen traction in Bengaluru and Pune. The company has leased more than 1,000 two-wheelers since January 2020. The company says that one can save up to 30 percent through OTO Monthly Instalments (OMI) compared to a traditional bank loan EMI.
The buyer has complete control over the ownership and can choose to lease the vehicle between one year to three years. At the end of the leasing period, one can also buy back the vehicle from OTO or upgrade to any other vehicle of their choosing.
OTO said major OEMs have started leveraging its online platform. Hyderabad has been a tech-forward city with a high number of early adopters. The city’s two-wheeler segment has recovered from the economic slowdown faster than Bengaluru and Pune this year, which makes it a key market for OTO Capital.
Sumit Chhazed, co-founder, OTO Capital, “We have seen huge demand from the city but due to COVID, we were unsure of how to carry out our operations on the ground. This is why we decided to go completely online as the Hyderabad audience is very tech-savvy and are open to new solutions.”