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Toyota cancels over thousand orders to crush 'own' business

03:56 PM | 2 Jan, 2018
Toyota cancels over thousand orders to crush 'own' business
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.

The writer is a member of the staff. He can be accessed on Twitter @iamnozair

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 20 May 2024

Pakistani currency rates against US Dollar and other currencies on May 20, 2024 (Monday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 20 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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