Toyota Auction Mart - used car auctions coming in September

Toyota is planning to start auctioning used cars in India. This business will be launched under the Toyota Auction Mart brand in September 2015 in Bengaluru. The company will buy used cars of all makes. These vehicles will be inspected and certified by its engineers and will be rated on 203 parameters to assess their worth and price for the auction. An auction facility has been set up at Bidadi for the same.

In Japan, Toyota auctions vehicles though its own companies - Toyota Auto Auction and Chubu Auto Auction. In Taiwan it auctions them through Hotai Auto Auction.

Toyota's used car business in India is operated under the Toyota U-Trust brand, which was launched in 2007 and covers 56 markets in 19 states. The motive behind auctioning vehicles is to expand its used-car business. Toyota's new car sales have been sluggish. The company has missed its sales targets for the larger part of its presence in India. The used car business could provide some relief to the manufacturer.

The used car market is growing at a rapid rate. Maruti's True Value brand is leading the way (click here to read report).

Source: Economic Times