Japanese Automobile Giant Toyota is planning for the auctioning of used cars. It may be noted that this practice is followed by Toyota globally. This practice may prove the remedy to make up for the missed targets by the Automobile giant in the past few years.
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".
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 is 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.
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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