Toyota announces support package for car dealerships

Toyota has announced a support package for car dealerships. The 'COVID Package' is expected to provide assistance to dealer partners to overcome the lockdown and ensure their safety and well being.

According to Toyota, the package will ensure liquidity by giving cash flow support to sustain the business during the lockdown and protect dealer partners for approximately 38-75 days based on individual dealer overheads.

The COVID Package provides immediate settlement of any dealer claims, inventory interest subsidy for vehicles in dealer stock and spare parts payment deferment among other supports.

Toyota is also working with its finance partners for a one-time reduction of inventory funding interest.