Toyota launches new leasing mobility service

V Rishi Kumar Hyderabad | Updated on August 19, 2020

Customers can pick cars of their choice for a tenure of three to five years on a fixed monthly fee on lease   -  Bloomberg

Offers corporate leasing, individual subscriptions in three cities; will be scaled up to 10 more cities soon

Toyota Kirloskar Motor has launched a new car leasing and subscription programme through a new vertical, Toyota’s Mobility Service (TMS) that will spearhead TKM’s future mobility initiatives in India.

To start with, Toyota’s Mobility Service will provide leasing and subscription to customers in Delhi-NCR, Bengaluru and Mumbai and gradually expand it to 10 more cities within the first year. TKM will partner with existing Brand KINTO under Toyota Financial Services, ALD Automotive India and SMAS Auto Leasing India Pvt Ltd.

Under this new initiative, customers can pick cars of their choice for a tenure of three to five years on a fixed monthly fee on lease. The monthly fee will be inclusive of vehicle maintenance, insurance and roadside assistance.

New options

For subscription, customers will have the flexibility to opt for short-term usage of 24 months to 48 months. Car leasing and subscription give the convenience of ownership with added flexibilities. It also gives the customer to choose from a variety of products that TKM offers in India, including the Glanza, Yaris, Innova Crysta, Fortuner and the soon to be launched Urban Cruiser.

Naveen Soni, Senior Vice-President, Sales and Service, TKM, said, “The automotive industry globally is experiencing a ‘once-in-a-century’ profound transformation and it is imperative that we as automobile manufacturers, transform ourselves from a traditional car company to a mobility company. The Toyota’s Mobility Service is aimed at providing one such solution catering to emerging mobility needs of the customers.”

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 customised and futuristic solutions such as Mobility-as-a-Service and connected cars.

“We would like to follow the changing customer behaviour in the country wherein customers prefer ‘using a car’ rather than ‘owning a car’ due to the prevailing circumstances. Globally too, there is a growing trend wherein leasing and subscription business has matured and is seen as the stepping-stone for the introduction of futuristic mobility solutions,” he said.

Published on August 19, 2020

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