Good news for used car buyers!
In support of the local secondhand car industry, GT Capital Holdings Inc. has launched Premium Warranty Services Philippines Inc. (PWSPI), the country’s first-ever warranty provider for used cars.
The new service provider is a collaboration between PGC and GT Mobility Ventures Inc., a company developed through a partnership between GT Capital Auto Dealership Holdings Inc. (GTCAD) and Mitsui & Co. of Japan. And according to a disclosure sent to the Philippine Stock Exchange (PSE) on Monday (October 4), it’s already started to operate in the local market.
Chair of PWSPI and GTCAD Vince Socco said the new venture aims to fill in the lack of transparency in PH’s secondhand car market and protect Filipino buyers.
“In the Philippines, acquiring preowned 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 preowned cars. We intend to deliver a much more value-driven experience for both buyers and sellers,” Socco said.
Apart from warranty, Sotto said PWSPI will also provide on-demand service certifying the condition of a vehicle based on its engine, body frame, undercarriage, interior, and exterior condition, and registration details.
This inspection will also be used to identify eligible vehicles that can be covered by PWSPI’s warranty offering.
Customers can choose from various warranty options – comprehensive coverage across the mechanical and electrical components of their vehicles, or limited coverage for just the engine and transmission, which could be covered for either one or two years.
In its initial phase, PWSPI will be available on select online auto portals, used car dealers, and financial institutions. However, it plans to expand its operations through direct customer-to-customer transactions all over the Philippines.
Want more news like this one? Head over to Nation Builder PH Business News Section for the latest updates.
Image credit: Hareez Hussaini via Unsplash