Security Bank Corporation (PSE:SECB) has partnered with Toyota Auto Auction (TAA), the auction services business of Toyota Tsusho Philippines, to optimize the sale of the Bank’s repossessed vehicles through a professional and transparent auction platform.

The partnership is designed to improve price discovery, accelerate turnaround times, and deliver a better experience for both sellers and buyers of preowned 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.

“At Security Bank, we are focused on doing things properly—clear processes, fair outcomes, and solutions that create real value,” said Hirofumi Umeno, EVP and Alliance Segment Head, Security Bank. “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.”

“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.

Beyond repossessed vehicle remarketing, both parties see 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.