By the staff
Handling repossessed cars has often been difficult for both banks and buyers.
Banks need to decide the right selling price, while buyers worry about whether the car is in good condition. To make the process easier, Security Bank has partnered with Toyota Auto Auction (TAA).
Instead of selling repossessed vehicles on its own, the bank will now send them to Toyota’s auction platform. This allows the cars to be sold through a more organized and transparent system.
One key benefit is Toyota’s inspection process. Each vehicle is checked using a standard evaluation, giving a clear picture of its condition and value.
For Security Bank, this helps determine prices faster and sell vehicles more quickly. For buyers, it removes much of the guesswork by providing reliable inspection reports before bidding.
Hirofumi Umeno, EVP and alliance segment head at Security Bank, said the partnership aims to make the process clear and the results fair for everyone.
Banks are experts in finance, but vehicle inspection and pricing require technical knowledge. Toyota Tsusho Philippines, through its auction business, provides that expertise by handling the evaluation and sale of vehicles.
Yoshihiro Goto, first vice president of Toyota Motor Philippines and general manager of TAA, said the company helps ensure cars are assessed by automotive professionals.
The partnership is expected to improve efficiency for the bank while giving buyers more confidence when purchasing repossessed vehicles.
