Its a good decision for Toyota to Introduce Auctions in Used Cars. A senior company executive said, “Toyota’s mission is to make the Indian used-car industry more reliable and transparent to customers. With this in mind, we are launching Toyota Auction Mart in September 2015 in Bengaluru, where every used car from all brands will be inspected by Toyota-trained professionals and certified before the auction”.
Japanese Automobile Giant Toyota started auctioning used cars in 2015. This practice is followed by Toyota globally. This practice proved the remedy to make up for the missed targets by the Automobile giant in the past few years.
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Toyota executive said, “The company engineers would be rating all the cars on 203 parameters to assess its worth and price for the auction. This would be different from the current practice of dealers buying older cars and then disposing of them in an unprofessional way.”
In the fiscal year 2015, the company has sold 34,000 vehicles that are the 9% growth as compared to the last year.
The car business is much unorganized in India; here more than 80 % comes from the used cars. Maruti is the pioneer of used – car business in India. ‘TRUE VALUE’ brand was started in 2001, by it that generates more than a quarter of its new car sales – 1.1 million every year.
Toyota launched a Toyota Auction Mart in September 2015 at Bengaluru. The auction facility has been set up in Bidadi and will be functional from next month onwards. Toyota’s engineers will inspect, certified and rated all used cars on 203 parameters to assess their worth and price for the auction. The customers have a final say in the auction of their used car.
The auction business was first of its kind for the manufacturer in India, though the company has a similar business overseas. Toyota auctions cars in Japan through its own companies named Toyota Auto Auction and Chubu Auto Auction and in Taiwan, it auctions them through Hotai Auto Auction.
This new Auction Mart will be helped expand Toyota’s used car business in India, which is operated under the Toyota U-Trust brand. This business was launched in 2007 and is present in 56 markets across 19 states in our country.
Toyota’s main objective in introducing this new business was to expand its used car property as the company’s new car sales in the Indian market have been sluggish. Toyota will also have to watch out for established rivals like Maruti’s True Value brand and Mahindra First Choice.
According to Indian Car market experts, the used car business is 1.3 times larger than the 2.5 million new cars sold in the country every year. The used car business is gaining popularity and growing at a steady rate. Banks are also matching this pace of the market.
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