Online leasing platforms are an emerging trend in the car leasing industry that reflects a transformative shift, leveraging digitalization for enhanced accessibility and convenience. These platforms and mobile apps streamline the leasing process, allowing customers to browse, customize & complete lease transactions from the comfort of their devices.
For instance, in November 2021, Mahindra Finance introduced Quiklyz, a specialized digital platform enabling customers to conveniently choose and lease vehicles online. Through this platform, customers can subscribe to a vehicle for durations ranging from 24 to 60 months, tailored to their specific needs, all under a comprehensive monthly fee. The trend fosters a seamless user experience, providing real-time information, transparent pricing, and facilitating efficient communication between lessees & leasing companies, contributing to a more user-centric and technologically advanced leasing landscape.
The integration of advanced technologies into leased vehicles is also an emerging trend in the car leasing market. Telematics and connectivity features are increasingly prevalent, offering lessees enhanced user experiences. For instance, in November 2023, Reliance Jio introduced JioMotive, an OBD-based telematics solution for cars. This technology enhances vehicle security and enables users to monitor diverse parameters, providing real-time insights into the vehicle's performance. These technologies provide real-time data on vehicle performance, maintenance needs, and even driver behaviour. Such connectivity not only elevates the driving experience but also empowers leasing companies with valuable insights for efficient fleet management. This trend aligns with the broader industry shift toward tech-driven, connected mobility solutions, fostering innovation & improving overall leasing offerings.