As the country’s automotive sector begins its journey of resurgence from COVID-19 impacts, more and more OEMs are trying to amplify their revenues with used car sales. And the most recent automaker to announce its entry into this market is the Indian joint venture between Toyota Motor Corporation and Kirloskar Group – Toyota Kirloskar Motor. The auto giant recently made an announcement that it is entering the used car market with its very own Toyota Used Car Outlet (TUCO) in Bangalore.
In its announcement, Toyota iterated that it would be committed to building a transparent and reliable used car market for Toyota consumers across India. TKM announced that this facility would exclusively buy and sell Toyota pre-owned vehicles. The firm has begun its pilot operations in Bangalore for the time being, but it intends to extend its venture across India in the near future.
Speaking on the onset of this new venture, Mr. Vikram Kirloskar, Vice Chairman, TKM said, “India’s used car market continues to grow rapidly every year and TUCO represents our commitment to developing a fair and transparent used car market with increased reliability for our customers and to the Indian society as a whole. Our focus will be to offer our customers with the best quality refurbished cars with convenience, transparency, and value for money. 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 to the buyers.”
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Toyota elaborated that TUCO will be a one-stop shop for all Value-Added Services associated with a Toyota-used automobile purchase, including finance, insurance, and accessories. The company added that this initiative will allow its customers to sell their Toyota vehicles with confidence, trust, and transparency. According to Toyota, buyers will be able to select from a wide range of high-quality Toyota vehicles and obtain the best rates with total transparency through TUCO.
Furthermore, Toyota noted that following due investigation of documents, all automobiles at TUCO would undergo a rigorous 203-point inspection based on worldwide Toyota standards to assess the quality level. Meanwhile, the dealership will be digitally connected so that consumers can receive clear valuations in terms of vehicle history and authenticity. Customers may assess their automobiles online by visiting the U Trust website and selecting the ‘Valuate your car’ option.
TKM will certify each vehicle following a thorough examination of documents, quality standards, vehicle history, and Toyota restoration. Only Toyota vehicles that meet all of the criteria are certified to be sold through TUCO, along with certification, an attractive warranty, and other value-added services. TKM will also provide customers with unique loan options from TFSIN, as well as specialised RTO assistance for a smooth and swift paperwork procedure.
Recently the German luxury carmaker Porsche AG also opened its very first used car programme in India. Porsche India inaugurated its first ‘Porsche Approved’ pre-owned car programme at its Kochi showroom on June 8, 2022. Currently, the VW group in India runs the VW’s Das WeltAuto and Audi Approved Plus programme and following the launch of its first showroom, the Porsche Approved programme has joined the list.
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