Toyota sets up used car auction venture for B2B

Toyota becomes first car manufacturer in India to auction used cars through its new venture, Toyota Auction Mart

Toyota has taken a step further in the growing used car market by launching its used car auction venture under the banner of Toyota Auction Mart. And by doing so it has become the first car manufacturer in India to have a used car auction setup. Toyota Auction Mart will start operations through its dedicated auction facility in Bidadi near Bangalore in Karnataka where its manufacturing plant is also based.

In Toyota Auction Mart, the company will be buying used cars from organized used car dealers in and around Bangalore. Every pre owned vehicle bought under Toyota Auction Mart will be subject to a 203 point inspection by the company. Based on Toyota’s Quality Reliability and Durability (QDR), all cars sourced by Toyota Auction Mart will be checked for quality level and condition. The Toyota Auction Mart is aimed at allowing used car businesses of new car manufacturers to off load their used car inventory quickly and focus on selling new cars via exchange programmes. The first auction is scheduled to take place on the 15^th of September, 2015 at the company’s new plant.

Commenting on the launch, Naomi Ishii, Managing Director, Toyota Kirloskar Motor, said, “India’s used car market continues to grow rapidly every year, yet remains largely unorganized.

The launch of Toyota Auction Mart signifies our efforts to develop a fair and transparent used car market with increased reliability for our customers and will contribute to the Indian society.

Toyota has been engaged in auction through affiliates for more than 45 years now and we will leverage our global experience and expertise of conducting auctions in markets across the world to ensure the highest quality. We are committed towards creating a reliable and transparent used car market which will enable faster disposal of cars at right prices and right quality cars to the buyers,” he continued.

“At Toyota, we are striving to revolutionize the used car industry by increasing the reliability of Used Car market for customers, which otherwise is considered as unreliable by many customers in India,” said N. Raja, Director & Senior Vice President, Toyota Kirloskar Motor.

“As more & more customers come forward and rely on organized market, this will help us expand the organized Used Car market. Toyota Auction Mart will also help OEM dealers to increase their new car sales by faster liquidating their used car inventory, so that they can purchase more used cars to support new car sales and provide many variety of used cars to individual used car dealers at one place. We at Toyota sincerely believe that relationship with used car customers can be strengthened with collaborative effort of entire industry and I am very confident that Toyota Auction Mart will be a strong support in this direction”, added N. Raja.