Cox Automotive picks strategic stake in Mahindra First Choice Wheels

US-based Cox Automotive has acquired a strategic stake in Mahindra First Choice Wheels (MFCWL), the used-car retailing unit of Mahindra and Mahindra (M&M). The transaction, through a secondary sale, saw one of MFCWL's early investors, HDFC, selling its entire 4% stake.

Cox Automotive is a global leader providing digital marketing, classifieds, software, wholesale and e-commerce solutions to dealers, consumers, manufacturers and financial institutions. In addition to MFCWL, Cox Automotive’s international investments also include China’s AutoSt, a used vehicle marketplace for dealers and consumers, as well as BitAuto, a leading online provider of car classifieds and car content. This venture, along with other investments, such as the creation of RMS Automotive and the purchase of Brazil’s CarBizz, further strengthens Cox Automotive’s commitment to the global automotive marketplace.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.