
The Yuchengco Group of Companies (YGC) closes down 4 Honda dealerships and 1 Isuzu dealership to streamline their efficiency. All of these dealerships are located in Metro Manila and will be effective on June 2, 2020.
Due to the current circumstances and COVID-19 running about in the Philippines, YGC’s House of Investments (HI) has announced in a letter to the Philippine Stock Exchange (PSE) that it will be officially closing down these dealerships:
- Honda Cars Marikina
- Honda Cars Marcos Highway
- Honda Cars Kalookan
- Honda Cars Fairview
After conducting a careful and thorough assessment of its automotive arm, the company had decided to close these dealerships in the interest of overall efficiency. Subsequently, employees under these dealerships will enter into a redundancy program.
HI’s other dealerships in its portfolio include Honda Cars in Quezon Avenue and Manila. For the company’s Isuzu branches, there is Isuzu Manila, Commonwealth, and Leyte.
The Corona Virus has affected the industry, and growing worries of contracting the virus have led companies to reconsider their strategies moving forward. Foot traffic has significantly decreased in dealerships, and the volume of sales took a hit, and the industry is slowly recovering from all of the problems that COVID-19 has caused.
The Yuchengco Group has been operating in the Philippines with Honda and Isuzu for quite some time now, with its oldest Honda dealership, Honda Cars Quezon City, started its operations in the year 1991. Thankfully, that dealership is still with us today. Sadly, the youngest of YGC’s dealers, Honda Cars Marcos Highway, will be closing after the assessments were made.
Regarding further actions to be taken by the company, there appears to be a plan for the employees affected by these shutdowns, with a redundancy program underway.
Latest News
-
MPTC kicks off the CCLEX Drive & Dine project / News
Set to rise in 2024, the CCLEX Drive & Dine will combine the diverse flavors of the region in one convenient location.
-
Astara PH appoints industry veteran Arlan Reyes as Peugeot and JMC brand head / News
Astara Philippines appoints Arlan Reyes as the brand head for two car brands under its distributorship, JMC and Peugeot.
-
Ford Philippines caps off 2023 with a Year-End Sale for its Ranger and Territory / News
Ford has a reason for you to be jolly this Christmas. For its Year-End-Sale, the Territory and Ranger are on promo.
Popular Articles
-
Cheapest cars under P700,000 in the Philippines
Aug 25, 2023
-
First car or next car, the Ford EcoSport is a tough package to beat
Jun 18, 2021
-
Car Maintenance checklist and guide – here’s everything you need to know
Earl Lee · Jan 12, 2021
-
Most fuel efficient family cars in the Philippines
Bryan Aaron Rivera · Nov 27, 2020
-
2021 Geely Okavango — Everything you need to know
Joey Deriquito · Nov 19, 2020
-
Family cars in the Philippines with the biggest trunks
Sep 20, 2023
-
Head to head: Toyota Rush vs. Suzuki XL7
Joey Deriquito · Oct 28, 2020
-
Why oil changes are important for your car
Earl Lee · Nov 10, 2020
-
2021 Kia Stonic — What you need to know about it
Joey Deriquito · Oct 16, 2020
-
Top 7 tips for buying a used car in the Philippines
Joey Deriquito · Nov 26, 2020