The Japanese car manufacturer needs to hold on to its current sales momentum if it wants to get back on its feet, and to do that, they have to retain the aggressive consumer incentives they’ve put up, at least for this month. The Lexus division of Toyota was also reported to release a fresh new program of low interest rates and special leases.
Largely because of its consumer incentives, Toyota was able to increase sales by 24% compared to April 2009’s figures. This meant that the company sold 139,080 trucks and cars. The Lexus sales in particular rose to 29% with about 18,359 Lexus vehicles sold to the public. It was noted that the company started releasing these consumer incentives last March 2. This was shortly after 8 million of its vehicles were pegged for a recall.
The defects of the recalled vehicles included brake and acceleration problems. Aside from repairing the vehicles, Toyota was also quick on its feet when it came to redeeming their customer’s trust. Aggressive ad campaigns have already begun all over Europe. In the same light, Toyota said that it will continue giving 0% financing and cut-rate deals for popular brands to its loyal customers.
Lexus’ deal isn’t as long term, though. The Japanese car manufacturer’s exclusive division is only offering a month-long “Unprecedented Access”. This program will include special leases and impressive loyalty programs for customers who choose to trust the Lexus line. According to Lexus Division chief Bob Carter, 35% of last month’s sales were drawn from these leases. This increased the sales Toyota made for the first quarter by 24%.
Because of the positive figures that the incentive programs are giving, Carter is certain that leasing will play a very important role in Toyota’s sales strategy in the coming months. Carter also pointed out that most consumers like to change their vehicles over the year, so leasing is definitely drawing a lot of old and new customers back.
Meanwhile, Toyota Scion’s retail sales went up by 30% from April 2009.
I honestly feel you’re still safe buying a Toyota or a Lexus. They’re great, and they’ll be great in five years too.