Toyota inaugurated their first auction mart at their Bidadi plant in Karnataka. They will start auctioning cars in India through this facility and the first auction will take place tomorrow. Prospective buyers and used car dealers from in and around Bangalore will be present at the event.
Though Toyota has such a business in many countries, this is the first time the manufacturer will auction used cars in India. This includes used cars of all makes from all brands that will be inspected, certified and rated by Toyota's engineers. This certification will include the analysis of 203 different parameters according to global Toyota standards. Based on this evaluation, the car's worth and price for the auction will be decided, though the customers will have a final say in the auction of their used car.
Naomi Ishii, Managing Director, Toyota Kirloskar Motor, said, “India’s used car market continues to grow rapidly every year, yet remains largely unorganised. The launch of Toyota Auction Mart signifies our efforts to develop a fair and transparent used car market with increased reliability for our customers and will contribute to the Indian society."
Toyota's auction business abroad is run through its own companies named Toyota Auto Auction and Chubu Auto Auction in Japan and Hotai Auto Auction in Taiwan. The business is doing well overseas and the carmaker will now expand this business in India for the sales of used cars. This business is similar to Maruti's True Value brand and Mahindra First Choice in our country which are established players in the used car market.