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E-mail Xinhua, January 21, 2025
TOKYO, Jan. 21 (Xinhua) -- Japan's Financial Services Agency plans to issue business improvement orders to Toyota Mobility Tokyo, a subsidiary of Toyota Motor Corporation, and leading used car dealer Goodspeed, local media reported Tuesday.
The move follows findings that the companies allegedly conditioned car price discounts on the purchase of specific insurance policies, according to national broadcaster NHK.
The agency found that the sales practices employed by Toyota Mobility Tokyo and Goodspeed made it difficult for customers to exercise choice in insurance purchases.
In response, the agency plans to demand both companies establish appropriate governance structures and implement measures to prevent future occurrences.
The agency has been conducting on-site inspections of car dealerships and used car companies that also serve as insurance agents, aiming to identify and address industry-wide irregularities. Enditem
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