The bilyonaryo Ty family kicked off its joint venture with Japan’s number one automotive warranty provider Premium Group Co. Ltd. (PGC), marking its entry into the growing pre-owned car market.

Premium Warranty Services Philippines Inc. (PWSPI), a partnership between Ty-led GT Mobility Ventures Inc. and PGC, aims to be the premier provider of both inspection and warranty services for second hand vehicles in the country.

“In the Philippines, acquiring pre-owned vehicles is usually on an “as is, where is‟ basis, leaving buyers fending for themselves. Our goal at PWSPI is to help create a more transparent secondary car market that elevates Filipino car owners‟ experience when buying and selling pre-owned cars. We intend to deliver a much more value-driven experience for both buyers and sellers,” said Vince Socco, chairman of PWSPI and GTCAD.

In a bid to redefine the selling experience for pre-owned cars, PWSPI will conduct an extensive 188-point inspection on any used car, certifying a vehicle’s condition based on its engine, body and frame, undercarriage, interior and exterior condition, and its engine, body and frame, undercarriage, interior and exterior condition, and registration details.

Soco is upbeat on the second-hand auto market, which he said is bigger than the new car market.

“Based on conservative estimates, the scale of the used car market is estimated at more than half a million units annually. This volume is far larger than the market for new vehicles and represents a very significant demand for our services.

PWSPI will be partnering with a network of service shops across the country to ensure timely and convenient warranty repairs.

It is also introducing a proprietary app that will provide customers with a practical platform for claims and other services. Initially,PWSPI will work through select online auto portals, used car dealers and financial institutions.

PWSPI plans to eventually handle direct customer-to-customer transactions and expand its footprint throughout the Philippines.

The post Redefining pre-owned car market: Tys aim to be first-mover in providing warranty services first appeared on Bilyonaryo Business News.



Redefining pre-owned car market: Tys aim to be first-mover in providing warranty services
Source: Filipino Daily Inquirer