Buying a used car can be a harrowing experience, especially if the car one buys turns out to be a money pit. But it doesn’t have to be—if the used car is covered by a special warranty designed exclusively for pre-owned cars.
Enter Premium Warranty Services Philippines, Inc. (PWSPI), which recently announced the start of its commercial operations in the country.
Aiming to be the premier provider of both inspection and warranty services for second-hand vehicles in the Philippines, PWSPI harnesses the strengths of its world-class partners to introduce a new and unmatched consumer experience to the pre-owned car market.
PWSPI is a joint venture between GT Mobility Ventures, Inc. (GTMV), itself a partnership between GT Capital Automotive Dealership Holdings, Inc. (GTCAD), Mitsui & Co, Japan, and Premium Group Co. Ltd., Japan’s number one automotive warranty provider.
PWSPI Chairman Vince S. Socco shared his thoughts about the potential of Japan’s biggest used car warranty service provider arriving in the Philippines: “Premium Warranty Services Philippines aims to radically change the purchasing and ownership experience of pre-owned car buyers—for a very wide range of car brands in the country. Through our inspection and warranty services, we empower customers by assuring them of the quality of the used vehicles they are purchasing for a worry-free car ownership. PWSPI also helps used car sellers to build a stronger relationship with their buyers and provide better value on the vehicles that they are selling.”
“The Filipino deserves–and demands–no less than the same world-class standards for pre-owned vehicle services offered in more developed countries,” Socco added.
We asked Socco a few questions about the new company.
STAR: What is the maximum age and mileage that a pre-owned car can be given a warranty?
VSS: The maximum age is 10 years and maximum mileage is 150,000 kilometers at point of purchase/application.
STAR: Are the services of PWSPI limited to officially imported/distributed models only? Can gray market models/parallel imports be extended warranty as well?
VSS: Our coverage is only for vehicles with local distribution. We cannot cover parallel imports or gray market models.
STAR: Is PWSPI exclusive to used car dealers or can individual car sellers (including home-based buy-and-sellers) avail of the warranty also?
VSS: At launch we will partner with used car retailers. At a later stage, we plan to expand to private sellers/buy-and-sell.
STAR: What are the cost implications for a used car seller on a per-vehicle basis?
VSS: A 1-year warranty costs P15,000 per car on average. Rates are lower for newer vehicles. Warranty prices start from about P5,000 for limited coverage of engine and transmission.
Premium Group Co., Ltd. is the largest automotive warranty provider in Japan with more than 1 million total warranty contracts and 23,500 partner dealers. The Tokyo, Japan-based company has 14 years of experience in the industry.
Over the years, the Premium Group has established itself as a trusted, dependable partner for the used car-buying public. It employs the highest standards of inspection covering a very extensive range of global car brands. Customers are guaranteed a stress-free experience as warranty services are provided to them with a prompt processing of claims.
Building on its success in Japan, the Premium Group expanded its presence to Thailand and Indonesia. Recognizing the strong potential of the Philippine market brought about by the advent of motorization, PWSPI believes that its entry to the Philippines is a timely one.
“Our goal at PWSPI is to create a more transparent used car marketplace in the Philippines that benefits both buyers and sellers. We welcome pre-owned car dealers to join our journey and together provide a better used car experience to all Filipinos,” added Socco.
PWSPI collaborates with some of the most reliable technology partners to make sure that its services always remain in the leading edge of the business. The company offers an extensive 188-point inspection on any used vehicle and provides a detailed report on its condition. With the help of trained technicians using world-renowned Japanese standards, buyers can find a quality used car from all the available options in the market. PWSPI provides the necessary information to remove the guesswork, minimize the risk and allow buyers to purchase with confidence. Likewise, used car dealers can benefit from the service as it gives transparency to the products they offer, resulting in strong and lasting relationships with their customers.
Premium Inspection is an on-demand service that certifies a vehicle’s health based on its engine, body and frame, undercarriage, interior and exterior condition, and registration details. Eligible vehicles identified through inspection can then be covered by PWSPI with a 1-year or 2-year warranty period.
In a marketplace that has grown accustomed to buying and selling on an “as is where is” basis, Premium Warranty transforms the way Filipinos buy used cars. Besides safeguarding customers’ investment from hidden faults, defects and sudden breakdowns, PWSPI provides repair service on more than 200 parts. Buyers can also claim warranty and have their vehicles repaired at no cost – a benefit only previously enjoyed by those who buy brand-new vehicles.
PWSPI also has a nationwide accredited repair shop network with locations in major cities, allowing owners to enjoy the drive to most parts of the country. The company’s services will be applicable to most major Japanese, American and Korean car brands at launch, with plans of expanding to European and premium brands in the near future.
