With sales financed by credit in free fall, Toyota Brazil offers farmers an accepted barter to pay with grain for the purchase of some of their cars. The program tries to solve the difficulty of access to credit for some buyers.
In an age when cryptocurrencies are proliferating, Toyota have taken a look at the past to return to one of the more traditional means of payment, the barter. At least this unusual measure is the one he has adopted through a program aimed at farmers in Brazil.
With the prevailing economic recession in the South American country, government agricultural subsidies and credit have put the brakes on. Access to credit has tightened making it difficult, and in many cases preventing, farmers from being able to buy a new vehicle. Toyota’s solution has been to accept some types of grains, specifically corn and soybeans, so that workers in the agricultural sector can access a brand vehicle.
The program, baptized as Toyota barter, was born in 2019 in an experimental way and has worked successfully, so it has now been implemented in several Brazilian states: Mato Grosso, Bahía, Goiás, Minas Gerais, Piauí and Tocantins. It could soon be expanded to Paraná, São Paulo and Mato Grosso do Sul. 16% of Toyota’s sales in this country go to the agricultural industry and with this measure they hope to increase sales in this economic sector.
The operation has some limitations. For example, the full range of the Japanese manufacturer is not offered, but those who take advantage of this procedure may purchase a Toyota Hilux pickup, and Toyota Corolla Cross and Toyota SW4 SUVs (marketed in other markets such as Toyota Fortuner).
Not all crops are accepted either, Toyota specifies that corn and soybeans are the preferred option. It should be remembered that Brazil is the world’s largest soybean exporter so that supposes a great number of potential clients that they try to attract with this program.
Full payment of the vehicle is made through the delivery of grain. A specialized external company, NovaAgri, is in charge of verifying that the crop has been grown legally and sustainably, values it and with the agreement of Toyota and the farmer, the operation is closed. Toyota is currently the only car brand in the world that accepts this peculiar form of payment Will it spread to other brands and countries?