House of Investments, Inc. (HI), one of the four major banner corporations of the Yuchengco Group of Companies (YGC), has announced the closure of five of its automotive dealerships to streamline its automotive operations starting today, June 2, 2020.
In a letter to the Philippines Stock Exchange dated yesterday, June 1, 2020, HI's vice president for Finance Ma. Esperanza F. Joven disclosed that after a thorough assessment, "the Company has decided to implement business measures that will ensure over-all greater efficiency." She added that they will be implementing a redundancy program in connection with the closures.
The affected dealerships are:
- Honda Fairview
- Honda Marikina
- Honda Marcos Highway
- Honda Kalookan (under Honda Cars Kalookan, Inc.)
- Isuzu Greenhills
The Yuchengco group has retained the following dealerships in its portfolio:
- Honda Cars Quezon Avenue
- Honda Cars Manila
- Honda Cars Greenhills
- Isuzu Manila
- Isuzu Commonwealth
- Isuzu Leyte
For its part, Honda Cars Philippines, Inc. (HCPI) Spokesperson and Vice President for Sales Atty. Louie Soriano released this statement:
"In light of the closure of Honda’s four (4) dealerships in the northern part of Metro Manila namely, Honda Cars Fairview, Honda Cars Marikina, Honda Cars Marcos Highway, and Honda Cars Kalookan effective June 30, 2020, Honda Cars Philippines, Inc. (HCPI) expresses its regrets as these dealerships have been valued partners in contributing to Honda’s local operations over the past number of years.
HCPI values its customers and remains committed to ensuring customer satisfaction. HCPI reassures the public that the existing dealerships in Metro Manila as well as nearby provinces will be able to sufficiently service customers that may be impacted by the closure of these dealerships and continue to provide both sales and after-sales service for customers in these areas. In addition, mobile service facilities will also be set up in strategic locations to address basic and more immediate customers’ assistance in the aforementioned affected areas.
Notwithstanding the closure, HCPI currently stands at thirty-four (34) dealerships nationwide, including two (2) upcoming dealerships that are scheduled to be operational soon. All these dealerships will continue to offer sales and after-sales services. Customers are advised to reach out to any of the dealerships nearest them or to HCPI customer service personnel at (632) 8-857-7240 for any queries or clarifications."
Isuzu Philippines Corporation (IPC) issued the following statement:
"Isuzu Philippines Corporation (IPC) announces that its dealership, Isuzu Greenhills in San Juan City already ceased operations beginning June 2, 2020, sighting various reasons.
IPC for its part, expresses utmost appreciation to the dealership for being part of its dealer network since 2009, more importantly for providing excellent sales and after-sales service to its clients.
IPC reassures its customers that this closure will not affect its nationwide network of 44 dealers. In fact, the company is set to open more dealerships in other strategic locations and vows to continue to be “Your Responsible Partner” especially in this very challenging time."