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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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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 13 April 2024 Forex Rates

Pakistani currency remains largely same against US dollar and other currencies in open market on April 13, 2024.

US Dollar rate in Pakistan

On Saturday, the US dollar was being quoted at 277.4 for buying and 280.65 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 12 April 2024

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