Japan’s Toyota Tsusho to hold Myanmar’s first car auction
YANGON, NNA – Japan’s Toyota Tsusho Corp., the trading arm of the Toyota Group, will hold Myanmar’s first car auction later this month with local startup Rebbiz Co., aiming to build a marketplace for used car transactions.
T.T.A.S. Co., the official local dealership of Toyota Motor Corp., and the operator of CarsDB, Myanmar’s largest online automobile market, said Wednesday they will host the auction in Yangon on March 16 and 17, planning to sell more than 200 cars.
The marques include Toyota, Ford, Mitsubishi, Mazda, Chevrolet and Land Rover, with used cars accounting for 80 percent to 90 percent, they said at a press conference in Yangon.
Automobile imports to the Southeast Asian nation have grown since decades of military-junta control were replaced by civilian government rule in 2011.
The number of registered vehicles in the country is estimated at 800,000, while new vehicle sales stood at about 17,500 in 2018, according to the Automotive Association of Myanmar.
But Daiki Kato, managing director of Toyota Tsusho’s wholly owned dealership, pointed out that a vast majority of autos in the country do not go through proper inspection for resale, with cars’ history of accidents or theft concealed in order to sell them.
CarsDB posts trade information on 15,000 vehicles on its website which has over 200,000 subscribers, while the company has about 1.2 million Facebook followers.
For the upcoming auction, the Japanese trader screens all vehicles for quality.
Toyota Tsusho has conducted car auctions in China, India and Indonesia. It has established a local unit in Indonesia where it sold about 61,000 vehicles in 2018.