KARACHI – Toyota Indus-Motors has refunded a staggering amount of Rs. 60 crores (Rs. 600 million) against 1300 car bookings after finding that several orders were from investors who ordered vehicles for resale to pocket profits.
The company examined the pending Provisional Booking Orders (PBO) and verified the information, customer’s identification, and other details following which it found the disparity in the orders of many buyers who had intended to sale the Toyota vehicle on ‘OWN’ (a business practice in which products are ordered and are then re-sold to original customers on profit).
Upon the audit, the company found 1,288 pending and paid listings which they accessed to be booked by investors and car dealers.
The orders were expected to be delivered before May this year, however, they stand cancelled after the decision.
“Out of 1,288 bookings, we cancelled advance bookings of 1,118 customers while 170 emerged as genuine buyers,” stated the company in a press release.
IMC Toyota has also distanced itself from some of its 3S dealers, which were involved in malicious practices.
“We continuously strive to facilitate our customers and believe that this step will help us to improve the availability of your desired Toyota vehicle and shorten the delivery period for genuine customers.” the communique added.
Furthermore, it is pertinent to mention here that IMC Toyota receives more than 5000 car orders per month, many of which are ordered by big businesses which lure customers by offering them fast delivery time, not provided by the company itself and the recent ‘harsh’ move is seen as vindication of upholding customer loyalty services by the company.