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Since the globe has been hit by COVID-19 pandemic a lot of things have been affected. India is currently under a lockdown due to which a lot of businesses and manufacturers are either facing issues or have shut down. In light of this, Toyota Kirloskar Motor (TKM) has announced a Dealer Support Package called 'COVID Package'.
So, what exactly is this package all about? This unique package will provide necessary assistance to dealer partners to overcome the lockdown phase, ensuring their safety and wellbeing during these uncertainties. The package is also designed after a careful evaluation of individual dealerships' customized internal processes and fixed cost thus allowing them optimum utilization of the benefits.
Moreover, the package will ensure liquidity by giving cash flow support to sustain the business during the lockdown phase and protect the dealer partners for approximately 38-75 days based on individual dealer overheads.
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."
The COVID-19 package also includes an immediate settlement of any dealer claims to inventory interest subsidy for vehicles in dealer stock and spare parts payment deferment, amongst a host of other support structures. TKM appreciates the measures taken by the Government and will continue to support them by implementing impactful initiatives to deal with the COVID-19 crises.
Mr. Soni also added, "While the Government has announced 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."
Thoughts On The Dealer Support Package
Since the lockdown phase because of COVID-19 a lot of manufacturers and businesses are trying to find alternative ways to which will be helpful in some or the other way. Toyota, with the help of the ‘COVID Package' will allow cash flow support to sustain the business during the lockdown and protect their dealer partners. This is definitely a relief for the company's dealer network.