Seems Toyota Kirloskar Motors is on a drive to bring in new ideas and innovation in the Indian automobile field. After announcing sale of spares online, the company has declared it plans to start auction of used cars in the country. For India this may be a new thing, but for Toyota it is just the next step as they were already auctioning used cars in few other international markets.
The company plans to auction not just Toyota cars, but cars of all make and brands. In order to fulfill this goal, the company will start an exclusive Toyota Auction Mart from next month in Bengaluru. Toyota engineers will inspect every car and fix their auction price based on 203 parameters. Only after that cars will be put up for auction.
This auction plan is Toyota’s strategy of expanding its used car business in India, which it currently does under the Toyota U-Trust Brand. It was started back in 2007 and currently has outlets in 19 Indian states. This is the first time that the company will auction cars here. Previously it was doing the same in Japan and Taiwan through the Toyota Auto Auction and Hotai Auto Auction respectively.
In this sector, the company will face stiff competition from the likes of Maruti and Mahindra who also sells used cars through the True Value and First Choice Brands respectively.