GT Capital Holdings Inc. is venturing into providing used car warranty service, bringing into the Philippines Japan’s number one automotive warranty provider.
GT Capital said unit Premium Warranty Services Philippines Inc. (PWSPI), which has started operations, will provide vehicle warranty for used cars in the country.
GT Capital said with pre-pandemic double digit expansion in the Philippine automotive market, PGC “saw how Filipino car buyers are seeking new solutions to their car purchasing and ownership experience, particularly in the used car segment.”
Vince Socco, PWSPI chairman, said the used car market is worth 500,000 units annually – far larger than the market for new vehicles.
PWSPI offers an on-demand service that certifies a vehicle’s condition based on its engine, body and frame, undercarriage, interior and exterior condition, and registration details.
Socco said PWSPI will initially work through select online auto portals, used car dealers and financial institutions. It plans to eventually handle direct customer-to-customer transactions and expand its footprint throughout the Philippines.
