Bangalore, 31th March 2020: In its determined endeavors to counter the repercussions brought about by COVID-19 and the nationwide lockdown that followed, Toyota Kirloskar Motor (TKM) today, announced Dealer Support Package – ‘COVID Package’ for its associates in order to support and protect their interests. This unique package will provide necessary assistance to the dealer partners to overcome the lockdown phase, ensuring their safety and wellbeing during these uncertainties.
The dealer support package called the “COVID Package” is designed after careful evaluation of individual dealerships’ customized internal processes and fixed cost thus allowing them optimum utilization of the benefits. The primary objective of the package 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 sail through these perilous times.
The COVID package ranges from immediate settlement of any dealer claims to inventory interest subsidy for vehicles in dealer stock and spare parts payment deferment amongst host of other supports. Besides, TKM is working with its finance partners for a one-time reduction of inventory funding interest at this unprecedented situation.
Expressing his views on this initiative, Mr. Naveen Soni, Senior Vice President, Toyota Kirloskar Motor said, “At Toyota, we believe that our stakeholders, dealer partners and their employees are the most important assets and their safety and wellbeing is of utmost importance to us. This pandemic has financially impacted all our dealerships across India because cash inflow has become zero. While the Government has announcement 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.”
TKM has been taking effective measures to battle the ramifications of the outbreak with the safety and security of its stakeholders as a cornerstone in its decision making. TKM wholeheartedly appreciates the measures taken by the Government and will continue to support them by implementing impactful initiatives to deal with this crisis.