Japan’s Premium Group to enter Philippines used car inspection business
MANILA, NNA – Japan’s Premium Group Co. will establish a used car inspection and warranty business in the Philippines, teaming up with local conglomerate GT Capital Holdings Inc..
In a public disclosure, GT Capital said the investment will be made through its automotive arm, GT Capital Auto Dealership Holdings Inc. while the business will be set up through its joint venture firm with major Japanese trading house Mitsui & Co. and GT Mobility Ventures, Inc. (GMVI).
Mitsui and GT Capital’s combined investment will be 70 percent, while Premium Group will invest 30 percent. The investment amount was not disclosed.
The joint venture firm will perform third-party inspections to clarify the condition of used vehicles and provide a warranty service.
"The used car market in the Philippines is expanding with uncertain market prices and quality information," a Mitsui spokesman told NNA Tuesday.
Premium Group, an auto loan and used-car warranty provider, also has business in Indonesia and Thailand.
GT Capital owns Toyota Motor Philippines Corp., while its automotive arm invests in auto dealerships.