Toyota has readied plans to enter the used car business in India and will sell company certified cars through special auctions.
Toyota has set-up a facility to hold such auctions at Bidadi and plans to hold the first auction in September this year. All the auctions will be held under the brand name Toyota Auction Mart and the cars sold will be assessed by Toyota engineers on 203 parameters.
TKML has been facing stiff competition in the country from its Japanese and European counterparts but knows how big the Indian market is. In India, the used car market is more than the new car market and Toyota aims to eat a slice of this cake.
The used car scenario in India is segregated and individual shops usually lead the way. Mahindra entered the business under the Mahindra FirstChoice brand while Maruti leads with its Maruti TrueValue sellers across the country.