Shriram Transport’s arm plans to open 50 auto malls

24 Jun 2011 Evaluate

Shriram Automall India, a subsidiary of the Shriram Transport Finance Company (STFC), is planning to establish 50 auto malls in the country. These auto malls are large-format sales outlets, offering transaction infrastructure for buying and selling of commercial vehicles initially and construction equipment later.

As par the of company’s mall concept, sellers can come with their vehicles and the company will auction it for them. The auto malls would help STFC in financing used commercial vehicles also.

The company already has four auto malls in India at Vadodara, Chennai, Gudgav and Panvel and 46 more such auto malls will be opened in near future.

Shriram Transport Finance Company is the largest player in commercial vehicle finance. It lends finance for pre-owned trucks to new trucks. The company posted a net profit of Rs 340.62 crore for the quarter ended March 31, 2011 as compared to Rs 264.42 crore for the quarter ended March 31, 2010, up 29%. Total income of the company increased from Rs 1228.20 crore for the quarter ended March 31, 2010 to Rs 1387.47 crore for the quarter ended March 31, 2011.

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