Is it the 18th century? Because the barter system has once again made a comeback! In the past, the barter system was utilised to exchange commodities, with harvests, vegetables, and even animals serving as a form of cash. The barter system was likewise eliminated after the introduction of cash. Toyota, on the other hand, has devised a new approach of marketing their automobiles. Toyota has created a direct sales channel for its agricultural customers in Brazil. Toyota has announced that it will accept soybeans and maize in exchange for a new vehicle, such as the Hilux, SW4 (Fortuner in India), or a Corolla Cross SUV. The company has rightfully dubbed it as ‘Toyota Barter.’
“The Toyota Barter started as a pilot project in 2019, so it was the first sales channel in Brazil to accept grain to purchase a car. Now, we have the opportunity to make this facility official for agribusiness and expand Toyota’s presence and contribute in an important way to what is one of the main economic sectors of our country”, said José Luis Rincon Bruno, direct sales manager of Toyota Brazil.
How will this work?
According to Toyota, the transaction will be carried out considering the market value of the bags – unit of measure of the weight of pulses and cereals. The interested client will have to submit verifications of environmental certifications for rural production, to guarantee the commercialization of grains from sustainable plantations. The novelty begins to take effect initially in the states of Bahia, Goiás, Mato Grosso, Minas Gerais, Piauí and Tocantins. Subsequently, the brand is studying expanding its operations to more states, including Paraná, São Paulo, and Mato Grosso does Sul. Currently, the agribusiness sector accounts for 16% of Toyota Brazil’s direct sales. The introduction of this new channel is, however, expected to help it grow even further.
Toyota currently sells the Glanza hatchback, Urban Cruiser compact SUV, Yaris sedan, Innova Crysta MPV, Fortuner SUV, Camry Hybrid sedan, and Vellfire luxury MPV in India. Moving forward, Toyota is expected to introduce two new mass-market products – a mid-size sedan and an MPV. The mid-size sedan will be based on the Maruti Ciaz and is expected to be rebadged. While the MPV will be based on the popular Maruti Suzuki Ertiga. Toyota is also likely to launch the aforementioned Hilux pickup in India in the coming months.