Bangalore saw the launch of the ‘Toyota Auction Mart’ recently, which made Toyota the first car maker in India to look at used car auctioning as a business model. Toyota is looking to give buyers a great user car buying experience and will look to provide this through their Bidadi facility.
Toyota will be undertaking as many as 203 point inspections for each car before putting it up for auction and will look to meet global standards in terms of QDR for all purchasers.
Cars from all brands will be sold through this facility and there will be apt documentation to meet requirements. According to the Toyota management, the used car market has great potential in India, but suffers as a result of being unorganised. This initiative will help bring this in line with the organised sector and create a transparent and reliable used car market making it easier for cars to be auctioned at the right quality and price.
Toyota Auction Mart would not just make things better for buyers, but OEM dealers will also benefit immensely from this move as this will mean more cash in their hands and a shorter inventory turnover. Therefore, they will be free to buy more cars and increase their sales as well. Toyota has begun marketing this initiative quite aggressively and if it gets the push in the right direction, it is likely to bring about some much needed stability and transparency in the industry.