Security Bank partners with Toyota Auction to optimize sale of repossessed vehicles

Security Bank Corporation on Friday said it has partnered with Toyota Auto Auction (TAA), the auction services arm of Japanese trading company Toyota Tsusho Philippines, to optimize the sale of the bank’s repossessed vehicles.

In a news release, Security Bank said the sale of repossessed vehicle will be done through a “professional and transparent auction platform” in partnership with TAA.

The lender said its partnership with TAA is designed to improve price discovery, accelerate turnaround times, and deliver a better experience for both sellers and buyers of pre-owned vehicles.

Under the agreement, TAA will serve as one of the bank’s remarketing partners for repossessed vehicle units. 

By applying standardized inspection processes, digital data, and established auction best practices, the collaboration aims to maximize recoveries while ensuring fair, market-based pricing for buyers, according to the bank.

“At Security Bank, we are focused on doing things properly—clear processes, fair outcomes, and solutions that create real value. By combining our stable supply of repossessed units with Toyota Auto Auction’s strong valuation capabilities, we’ll help establish a fair marketplace and ease access to secondhand cars for buyers,” said Hirofumi Umeno, EVP and Alliance Segment Head at Security Bank. 

“TAA started with the goal of running fair auctions and handling ROPA remarketing, which is outside the core business of banks,” said Yoshihiro Goto, FVP Toyota Motors Philippines and GM Toyota Auto Auction.

Aside from repossessed vehicle remarketing, the bank and TAA are exploring potential to broaden collaboration over time, including opportunities that support wider engagement across the Toyota ecosystem and the bank’s corporate and commercial banking businesses. —VAL, GMA Integrated News