India - Toyota set to drive into used-car market this week
Many more global auto majors are seeking space in India’s used car market, dominated by Maruti’s TrueValue programme. Japanese auto major Toyota is launching its used car programme called Toyota You Trust this week. Honda’s Auto Terrace, Hyundai’s Hyundai Advantage and Ford’s Ford Assured are also focusing on the used-car business.
Auto majors not only increase their market penetration but also sell the used cars at a profit, say sources. World’s largest auto manufacturer, Toyota, is now making its foray into the used-car business through Toyota You Trust. This venture is expected to be rolled out at leading dealerships across the country this week, sources said. The company has identified four to five dealers who will invest and set up operations for used cars.
According to dealer sources, this initiative is an attempt by the car maker to encourage exchange offers among customers. “Exchange offers are the primary reason why leading auto majors enter the used-car market,” said an auto analyst. Another Japanese auto major, Honda, has formed a new team to focus on its used-car programme called Auto Terrace. While the company’s used-car programme was started in a small way, we plan to increase focus, said Jnaneswar Sen, Sr general manager, marketing, Honda Siel India. READ MORE…