Lease a Fortuner: Toyota brings out leasing and subscription service in India1 min read . Updated: 19 Aug 2020, 08:23 AM IST
Toyota will offer all its cars, including upcoming Urban Cruiser, to customers in either lease or in subscription basis.
- This will cover vehicle maintenance, insurance and roadside assistance.
- It is currently rolled out in Delhi-NCR, Mumbai & Bengaluru but will cover 10 more cities within a year.
Bucking the new trend in the Indian automotive industry, Toyota Kirloskar Motor on Tuesday announced the launch of its new mobility service under which its products would be offered on lease and subscription. While the service has been rolled out in Delhi-NCR, Mumbai and Bengaluru currently, the company plans to expand to ten more cities within a year.
The service will allow customers to select a Toyota car of their choice for a tenure of three to five years on a fixed monthly fee on lease. This fee will cover the vehicle maintenance, insurance and roadside assistance. As for the subscription-based service, customers will have the option of choosing short-term usage of 24 months to 48 months. Cars from the Toyota garage in India like Glanza, Yaris, Innova Crysta, Fortuner and even the upcoming Urban Cruiser have been included within the gambit of these services.
Toyota is confident of finding favour among customers through its mobility service because it says it would offer the convenience of ownership in a flexible set up. "The role of Toyota’s Mobility Service is aimed at providing one such solution catering to emerging mobility needs of the customers," said Naveen Soni, Senior Vice President, Sales and Service, TKM. "Both leasing and subscription are expected to grow significantly in the coming years. In time, we want to provide all possible models of mobility service by working closely with our corporate, fleet customers and subscribers to understand their needs and offer customized and futuristic solutions."
Soni believes that there is a need to increase the level of awareness in the Indian market and make customers aware that they can indeed opt for new vehicles on lease or subscription model. For instance, customers may not be aware that they can lease new vehicles as per their preferences – models, variants, maintenance packages. Further, the main advantage of corporate leasing is that it enables tax merit for corporate employees", he explained.
Across the world, such services are fast gaining popularity among customers and car makers are rising to the occasion by coming out with such initiatives. Leasing and subscription could also be the core of the electric vehicles' revolution in many parts of the world.