Toyota Kirloskar Motor (TKM) has announced its partnership with Myles Automotive Technologies to provide car subscription services for private customers. The program will be spearheaded through the new vertical - Toyota's Mobility Service (TMS) - which will lead the automaker's mobility initiatives in India. Under the new service, Toyota plans to make its cars available to individual customers in Delhi-NCR, Mumbai, and Bengaluru. Toyota and Myles are offering its cars for a monthly price of ₹ 19,808 onwards for the Glanza, going up to ₹ 45,721 for the Innova Crysta.
Commenting on the tie-up with Myles, Naveen Soni, Senior Vice President, Sales and Service, TKM, said, "We have been experiencing good response for our subscription service since the launch in August this year. We are optimistic that the tie-up with Myles will provide the subscription service further impetus. The initial signs have been good - customers are choosing the subscription service as it offers a hassle-free experience and greater convenience. There is a higher aspiration to experience the Toyota Fortuner and Innova Crysta through subscription as well leasing. We are witnessing good traction for Glanza too from younger customers. Overall, we are happy with the customer response and we have plans to soon expand to other cities like Pune, Hyderabad and Chennai."
Speaking on the tie-up, Sakshi Vij, Founder & CEO, Myles Automotive Technologies, said, "The tie-up with TKM is an important one for us considering the increasing customer aspiration to drive a Toyota vehicle, many of which are iconic and enjoy segment leadership over the years in the Indian market. Together, we aim to cater to the rapidly rising demand for personal transportation."
Under the program, the subscription period will be available for a minimum of 12 months, which can be extended up to 18, 24, 36 or even 48 months. The annual kilometre usage is fixed under the monthly rental services through Myles. The monthly rental not only includes the vehicle cost but also the road tax, registration, insurance coverage and maintenance for the number of kilometres that the customer opts for. In addition, Myles and TKM are offering 24x7 roadside assistance with the vehicle.
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Do note that the monthly rental varies according to the vehicle chosen. The automaker is offering nearly its complete range via Myles that includes the Glanza, Yaris, Innova Crysta, Fortuner and even the newly-launched Urban Cruiser SUV. Toyota India previously announced a tie-up with its existing brand KINTO under Toyota Financial Services, ALD Automotive India and SMAS Auto Leasing to provide car subscription and leasing services to corporate and individual customers.
Car leasing has gained more momentum in urban cities in recent times as users look towards finding new and easily accessible mobility solutions. Moreover, the post COVID-19 world is expected to see reduced dependency on public transportation systems as more users look towards private vehicles for safer travel.