Toyota Offers Support Package To Help Dealers Stay Afloat During Coronavirus Lockdown

Christened the 'COVID Package' with this initiative, Toyota will be offering its dealer partners with cash flow support that will help them stay afloat during these tough period.

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With the COVID Package, Toyota aims to support dealers stay afloat during these tough period

Highlights

  • Toyota will help dealers sustain their business during the lockdown
  • Will offer cash flow support that will help them stay afloat
  • Toyota dealers immediate settlement of any claims to inventory interest

Toyota Kirloskar Motors has announced the introduction of a support and sustenance package for its dealer partners affected by the coronavirus outbreak and the nationwide lockdown. Christened the 'COVID Package' it has been designed to offer the necessary assistance to the dealer partners to overcome the lockdown phase and protect their interests. The main objective here, of course, is to ensure liquidity to well sustain the business during the lockdown, thus protecting dealer partners for approximately 38 to 75 days based on individual dealer overheads, by giving cash flow support that will help them stay afloat during these tough period.

Also Read: Toyota To Make Face Masks In U.S. To Aid Coronavirus Battle

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Announcing the COVID Package, Naveen Soni, Senior Vice President, Toyota Kirloskar Motor said, "This pandemic has financially impacted all our dealerships across India because cash inflow has become zero. While the Government has announced several relief measures including moratoriums, we have also studied the fixed cost expenses of dealerships and have come up with a relief package called the COVID package to assist in maintaining liquidity to improve cash flow. We hope to emerge stronger from this crisis, together."

Also Read: Toyota Will Extend Warranty If Needed

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Toyota's main objective here is to ensure liquidity to well sustain the business during the lockdown period

Under the COVID package, Toyota dealers will get benefits that include - immediate settlement of any dealer claims to inventory interest subsidy for vehicles in dealer stock and spare parts payment deferment amongst a host of other supports. Furthermore, Toyota is also working with finance partners to offer dealers a one-time reduction in inventory funding interest. The company says that the package has been designed after careful evaluation of individual dealerships' customised internal processes and fixed cost thus allowing them optimum utilisation of the benefits.

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Among other preventive and support measures, Toyota has already suspended production other operations at its Karnataka facilities and has assured its customers that the company can be reached through its customer care service network for any vehicle-related problems. The company has also announced that it will extend warranty dates, in case someone's warranty expires during the lockdown days.

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