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Automotive Product Finder Magazine | Toyota announces assistance package for dealers
Toyota announces assistance package for dealers
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Toyota Kirloskar Motor today announced a special support package -- Covid Package -- for its dealer partners to protect their interests amid the 21-day nationwide lockdown declared by Prime Minister Narendra Modi to contain the spread of Covid-19, the disease caused by the novel coronavirus.
The Covid Package aims at providing necessary assistance to Toyota Kirloskar Motor's dealer partners to overcome the lockdown phase. It has been designed after evaluating each dealership's customised internal processes and fixed cost.
According to the automobile manufacturer, the primary objective of the Covid Package is to ensure liquidity to "well sustain" the business during the lockdown, thus protecting dealer partners for approximately 38 to 75 days. This would be based on individual dealer overheads by giving cash flow support.
Among the support measures in the Covid Package are immediate settlement of dealer claims, inventory interest subsidy for vehicles in dealer stock and spare parts payment deferment. Also, the automobile manufacturer is working with its finance partners for a one-time reduction of inventory funding interest.
"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," said Toyota Kirloskar Motor Senior Vice President Naveen Soni.
Toyota Kirloskar Motor
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