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Home / India News / 2007 / February / February 27, 2007
Kotak Mahindra Wins the Frost & Sullivan Voice of Customer Awards for 'Best Passenger Vehicle Finance Company in India'

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Kotak Mahindra Wins the Frost & Sullivan Voice of Customer Awards for 'Best Passenger Vehicle Finance Company in India'

Mumbai, Maharashtra, India

Kotak Mahindra Prime Ltd. has been awarded the Voice of Customer Awards for 'Best Passenger Vehicle Finance Company in India" for the year 2006. This award is in recognition of its outstanding performance in customer experience and satisfaction for the year 2006. This is presented based on research conducted by Frost & Sullivan, which involved a sample size of 5,100 vehicle owners (a mix of utility vehicles and passenger cars) with vehicle age less than 5 years spanning 15 major cities in India.

Kotak Mahindra Prime is a customer centric organization having dedicated customer service personnel servicing customers keeping in mind values such as ownership, accuracy and transparency. Kotak's differentiation lies in its value proposition of providing tailor made solutions to its customers rather than pre-determined canned products.

The vehicle financing industry continues to play an important role in reshaping the new vehicles market in India. Non-availability of financing options was one of the key hindrances for growth of new vehicle sales in the early 90's. The entry of private sector banks, brought about customer friendly interest rate regime and superior customer service. This coupled with change in customer perception of borrowing to fund vehicle purchase saw the surge in finance penetration from 60-65% in early 2000-01 to 80-85% of all new vehicle purchase today.

While presenting the award, Mr. Anand Rangachary, Managing Director, South Asia and Middle East, Frost & Sullivan, said, "Vehicle financing and competitive offering has helped to bring many first buyers quickly to the vehicle market by reducing entry barriers. The competitive nature pushed many service providers to innovate by not only financing the basic cost of the vehicle but also in many cases the complete cost of ownership. Tracking this dynamic market for customer experience and satisfaction was one of the key objectives of the research."

Mr. Sumit Bali, CEO, Kotak Mahindra Prime Ltd., on receiving the award said, "This award is a reflection of the planning, execution and hard work put in by the entire Kotak Mahindra Prime team to ensure customer delight. The award is recognition of our journey towards becoming the Global Indian Financial Services brand and reinstates our commitment to provide better before and after sales experience to our valued customers."

Speaking on the Auto Finance Industry, Mr. Bali said, "Passenger cars are expected to grow at a CAGR of 16-17% up to 2010 and Auto finance disbursements are expected to grow higher. Consistent economic growth is leading to higher disposable income. The change in mindset and rising aspirations is resulting in more customers opting for B segment car as their first car. The customer today is looking at owning a car as an expense rather than looking at it as owning an asset as was the case a few years ago. The entry of new players is sure to expand the market with new models at newer price points"

The methodology adopted by Frost & Sullivan involved a dip stick study among vehicle owners to identify performance metrics that determine their preference and choice of using a service provider. These metrics were discussed with a select industry group to verify and validate with reference to current business practices.

The parameters for the award criteria, Best Passenger Vehicle Finance Company, included: Customer Service, Service at vehicle dealerships, clarity and easy formalities of application process, Time taken for approval of loan, down payment options, loan amount disbursed, Loan tenure / periods offered, foreclosure options and penalty and Interest Rates.

The sample size of 5,100 vehicle owners evaluated the industry participants' in the car finance segment performance metrics to provide ratings on a 7-point scale, with 7 indicating the maximum score reflecting "highly satisfied" with the product or service and 1 indicating the least score reflecting "highly dissatisfied" with their experience.

Ratings from the sample were analysed and the top achiever was selected on the basis of maximum score obtained on each of the parameters with corresponding weightage given to overall performance. The award recipient was chosen from those companies that had an active portfolio in the market. Kotak Mahindra Prime Ltd. achieved the highest score overall.

About Frost and Sullivan:

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 45 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com

About Kotak Mahindra Prime Ltd

Kotak Mahindra Prime Limited (KMPL) is a subsidiary of Kotak Mahindra Bank Limited primarily formed to finance all passenger vehicles. KMPL is India's Leading car finance company. The company is into financing and supporting automotive manufacturers, dealers and retail customers. The Company offers financing in the form of loans for the entire range of passenger cars, multi utility vehicles and pre-owned cars. The Company also offers Inventory funding and infrastructure funding to car dealers. KMPL has preferred Financier relationships with various car manufacturers in India such as General Motors, Honda, Hyundai, Maruti, M&M ,Toyota, etc.

KMPL has a robust delivery platform, which is critical for sustained growth. As on March 31, 2006, KMPL had a retail distribution network comprising 52 branches (including representative offices) covering about 100 locations in 16 states in the country and a wide network of Direct Marketing Associates, brokers and agencies supporting the distribution network. To know more, visit www.kmpl.com

Ravinder Kaur, Corporate Communications - South Asia and Middle East, Frost & Sullivan, +91 (044) 4204 4515 ravinder.kaur@frost.com

Source: Frost & Sullivan (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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