Gasgoo.com (Shanghai October 18) - Guangqi Toyota announced the manufacturer's intent to officially develop into the used vehicle market, the Beijing News reported today. According to Executive Vice President Feng Xingya, the used vehicle venture will follow Guangqi Toyota's new car and aftermarket customer service to become the joint venture's third core business. "Guangqi Toyota also plans to establish an independent used car sales channel in three years," Mr. Feng said.

According to statistics, Guangqi Toyota has authorized 114 user vehicle dealers to date, with a 6.5 percent rate for used cars replacement, a figure high above the industry average. This leaves the joint venture with a solid foundation for the new business venture.

In order to help develop its used car system, Guangqi Toyota has set aside three years time. The joint venture plans to expand the number of authorized dealers to 150 by the end of the year. By next year, the JV hopes to authorize all of its dealers to participate in the used car program. Guangqi Toyota hopes to establish the network by 2013.