The Federation of Automobile Dealers Associations (FADA) held its first Finance and Insurance Summit- 2022 in Mumbai. FADA said in a statement that the summit was organised to bring industry stalwarts on one platform to discuss the ongoing opportunities and challenges in the Indian Automobile industry with reference to finance and insurance. The leadership shared their views and vision for the sector and urged the industry to initiate some of the best practices for a better future.
Ashish Kumar Singh, IAS, Additional Chief Secretary (Transport & Ports), Maharashtra, along with some of the Industry leaders from finance and insurance sector attended the summit. B Ganesh Kumar, Founder and CEO, Kuwy Technology Service Pvt. Ltd; Rajan Pental, Sr. Group President and Global Head – Retail Banking Yes Bank; Ramesh Iyer, Chairman, FIDC & MD - Mahindra Finance; Amar J Sheth, State Chairperson Maharashtra; Vinkesh Gulati, President, FADA, and Manish Raj Singhania, Vice President, FADA, led the sessions, the release said.
Gulati said, “Throughout their existence, finance and insurance (F&I) have been the backbone of the Indian economy. In recent years, the F&I sector has made enormous contribution to the growth of the Indian automobile industry and the dealer community. Dealerships are a dynamic business and need finance support every off and on, the Finance and Insurance sector has really given us the best of their support we needed from them. Insurance and Finance Industry holds a significant role in revitalising the confidence of the industry both on supply and demand sides. As a representative of the entire fraternity, I would like to thank you for your continued support of our business model & giving it the trust it deserves. As we move forward, I assure you the dealer community will do its best to make this relation efficient and drive the sector forward."
The first power panel focused on the changing Dynamics of Automotive Industry and vehicle financing business. The session discussed crucial industry topics, such as continued supply chain constraints, high used-vehicle values, rising interest rates, increased cost of funds and revised MISP guidelines.
The power panel 1 was moderated by Sai Giridhar, Treasurer, FADA, along with industry stalwarts such as B Ganesh Kumar, CEO and Founder, Kuwy Technology Service Pvt Ltd; Ajay Raghuvanshi, Head Sales- India Region, Skoda Auto India P Ltd; Eric Vas, President (Urbanite Business), Bajaj Auto Ltd; Mahavir Agrawal, Head - Credit Risk (Retail & SME), YES BANK; and
Vikas Pandey, Executive Vice President & Business Head - Auto & Gold Loans, HDFC Bank Ltd.
The second power session focused on the Automotive Industry and Vehicle Insurance. The session discussed the current situation for vehicle insurance business in the automotive market. Vehicle Insurance has grown as a greater opportunity for dealers to sustain a longer relationship with the customer and retain the business opportunity at large for future.
The panellists for the Power Panel 2 were Anand Singhi, Chief Distribution Officer, Reliance General Insurance Co. Ltd; Gunasekhar Boga, Executive Director, IFFCO TOKIO General Insurance Co. Ltd; Jagjeet Siddhu, Senior EVP & Head, Multi-Channel Distribution, Kotak Mahindra General Insurance Co. Ltd; Parthanil Ghosh, President - Motor Business, HDFC Ergo General Insurance Co. Ltd and the session was moderated by C S Vigneshwar, Secretary, FADA.
The summit was further extended to FADA Dealership Excellence Awards 2022. Dr Avinash Dhakane, IAS, Transport Commissioner, Maharashtra, was the chief guest. Dr Pawan Goenka, Chairman IN-SPACe, Department of Space, Government of India and executives from Indian Automobile sector, Finance, and Insurance institutions, as well as representatives of FADA were also present.
The objective of the summit was to bring industry leaders together at one platform to explore future trends. The summit and award ceremony witnessed the participation of over 317 auto retailers and delegates from Maharashtra region, the release added. (MT)
Maruti Suzuki Celerio Scores 3 Star In Global NCAP Rating, Ciaz Gets 1 Star
- By MT Bureau
- December 22, 2025
Global NCAP, the automotive safety watchdog, has announced the latest results for its #SaferCarsForIndia campaign, with two models from Maruti Suzuki India, the country's largest passenger vehicle manufacturer, receiving mixed results.
The latest crash test result saw Global NCAP awarding the Maruti Suzuki Celerio a three-star rating for adult occupant protection following the inclusion of six airbags as standard. A previous version of the vehicle, equipped with two airbags, had received two stars for adult occupant safety and one star for child protection.
The technical evaluations of the six-airbag Celerio indicated protection levels ranging from good to marginal. The assessment noted that both the footwell and the bodyshell were unstable. Tests also showed exposure of children’s heads during front and side impacts.
On the other hand, the company’s popular sedan model the Maruti Suzuki Ciaz received a 1-star rating in the same assessment. The report for this model highlighted:
- The absence of side head protection.
- An unstable footwell and bodyshell.
- A lack of three-point seatbelts in all seating positions.
In contrast, Global NCAP reported that the new Dzire and Victoris models achieved five-star ratings.
Richard Woods, Chief Executive Officer of Global NCAP, said, “We are encouraged that Maruti Suzuki is committed to improving safety with five star performance for new models like the Dzire and Victoris, it remains disappointing however that some legacy models fall short.”
The results follow a commitment from Maruti Suzuki to increase safety standards across its future vehicle range.
CARS24 Appoints Divanshu Saxena As CBO Of Financial Services Arm
- By MT Bureau
- December 22, 2025
CARS24 has announced the promotion of Divanshu Saxena to Chief Business Officer (CBO) of its NBFC arm, CARS24 Financial Services.
In his new role, Saxena will oversee the strategy, growth and execution of the financial services division. His responsibilities include scaling lending operations, managing risk and maintaining profitability as the company develops its financial services platform.
Saxena previously managed the consumer financing business for LOANS24. During his tenure, the division recorded growth in finance penetration and contributions from non-retail lending. The company noted that his work focused on unit economics and portfolio quality.
Ruchit Agarwal, Co-Founder & Group CFO, CARS24, said, “Divanshu has played a pivotal role in building CARS24 Financial Services into a strong and institutionally sound business. His disciplined approach to growth, deep understanding of lending economics, and consistent execution have laid a solid foundation for scale. We are proud to elevate leaders from within, and as CBO, Divanshu will be central to shaping the next phase of growth for LOANS24.”
Before joining CARS24, Saxena served as a Project Leader at Boston Consulting Group (BCG) within the Financial Services and Industrial Goods practice. He is an alumnus of IIM Calcutta, where he graduated with a silver medal, and Shri Ram College of Commerce (SRCC), University of Delhi.
Divanshu Saxena said, “Building LOANS24 has been about creating a lending business that balances speed with discipline and growth with resilience. As CBO, my focus will be on scaling responsibly, strengthening our fundamentals, and continuing to build a financial services platform that earns long-term trust from customers and partners.”
Hyundai Motor Group Announces Executive Appointments For 2026
- By MT Bureau
- December 19, 2025
South Korean auto major Hyundai Motor Group has announced executive appointments effective from 1st January 2026. The changes focus on the transition to software-defined vehicles (SDV) and the development of manufacturing technology.
In total, 219 executives have been promoted across the Group, comprising four Presidents, 14 Executive Vice Presidents, 25 Senior Vice-Presidents and 176 Vice Presidents. Approximately 30 percent of these promotions are within R&D and technology sectors.
Manfred Harrer has been promoted to President and Head of the R&D Division. Since joining in 2024, Harrer has managed vehicle development. His new role focuses on SDV competitiveness and development projects.
Juncheul Jung is promoted to President. Jung currently manages the Manufacturing Solutions and Procurement Divisions. His remit involves the Group's Software-Defined Factory (SDF) approach and the integration of robotics into production systems.
Yeong Il Choi becomes Executive Vice President and Head of Domestic Production. Choi also takes the role of Chief Safety Officer (CSO) for production facilities in South Korea.
The company also announced revamping leadership positions in its regional business, where it has appointed Seung Kyu Yoon as President of Kia North America Operations, Bo-Ryong Lee as President and CEO of Hyundai Steel Operations, Gang Hyun Seo as Head of Corporate Planning, Affiliate Business Optimisation, Sungwon Jee as Executive Vice-President, Hyundai Brand Marketing and Yongseok Shin as Executive Vice-President of HMG Business Intelligence Institute.
Hyundai Motor Group has internalised technologies including the 'Pleos Connect' infotainment system and 'Atria AI' for autonomous driving. Appointments in engineering include Jeonghun Seo in Battery Engineering and Duckhwan Kim in Hydrogen and Fuel Cell Engineering.
Jaehoon Chang, Vice Chair, continues to oversee the direction for mobility, hydrogen energy and robotics. Within the financial sector, Chang Hyun Cho (Hyundai Card) and Si Woo Jeon (Hyundai Commercial) have been promoted to Executive Vice-President.
"The appointments are intended to strengthen organisational resilience and expand the leadership pipeline across functions. In addition, the appointments reflect the Group’s commitment to turning global uncertainties into opportunities for renewal and growth. It will continue to advance bold leadership transformation and secure strong competitiveness in the SDV era," the company said.
Maruti Suzuki India’s WagonR Surpasses 3.5 Million Units Production Milestone
- By MT Bureau
- December 18, 2025
Maruti Suzuki India has attained a production milestone of 3.5 million units for the popular hatchback the WagonR.
The model, which spans three generations, was first launched in India in December 1999 and is currently manufactured at the company's facilities in Gurgaon and Manesar, Haryana.
The WagonR joins the Alto and Swift as models within the Maruti Suzuki portfolio to reach this volume. Globally, the Suzuki WagonR was first introduced in Japan in September 1993 and is now sold in over 75 countries. In August 2025, the model reached 100 million units in cumulative global sales.
The current WagonR is built on the fifth-generation Heartect platform. Standard safety features include six airbags, Anti-lock Braking System (ABS) with Electronic Brakeforce Distribution (EBD) and Electronic Stability Program (ESP).
On the inside, it comes with a 7-inch touchscreen infotainment system. Connectivity via Apple CarPlay and Android Auto. Bluetooth and voice command functionality.
The vehicle has been the highest-selling car in India for the previous four financial years.
Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India, said, “This achievement is not just a production milestone, but reflects the enduring love and confidence that generations of customers have shown towards brand WagonR. It is rare for a vehicle to receive such acceptance even after 25 years since its launch. The WagonR kept evolving with the introduction of new technology and features over time, while retaining its original DNA. The WagonR has been highly appreciated for aspects like its iconic tall-boy design, spacious interiors and fuel efficiency, which aptly reflect our customers’ needs and expectations. We are deeply grateful for their continued support and remain committed to providing ‘Joy of Mobility’ for generations to come.”
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