While other automakers are reporting increased sales for the month of February, Toyota’s sales figures were a little less than stellar. Not only have Toyota’s recalls scared potential car buyers away, but other automakers are offering incentives that are specifically preying on the concerns of current Toyota drivers. In an attempt to move sales momentum in the other direction, Toyota is now offering a nationwide incentive plan with 0% financing.
February sales were down about 9 percent compared to a year ago. With thousands of sales lost due to sweeping high-profile recalls, Toyota is desperate to hold on to sales by offering 0% financing for as long 60 months on eight of the automakers’ most popular models. Customers can also opt for a low-payment lease deal on certain models as well.
Helping get the word out about Toyota’s latest incentives is a print and TV marketing campaign that features real-life Toyota customers. Unlike other automakers that offer cash incentives, reduced interest rates are preferred at Toyota since this method doesn’t tarnish resale value. But what is even more unusual about Toyota’s new incentives is that they are available nationwide. Toyota typically prefers regional incentives over national ones, but ultimately desperate times call for desperate measures. One Toyota Dealer in Boston, MA stated that the national incentives will definitely increase their sales. Meanwhile, consumers looking for pre-owned models such as a used Toyota Tacoma in Santa Fe NM are enjoying highly competitive pricing as well.
For additional details on the automaker’s new sales program, see the official press release below.
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TORRANCE, Calif., March 2, 2010 – Toyota Motor Sales, U.S.A., Inc. today announced plans to launch the company’s most far-reaching sales program in its history.
Starting today, through April 5, 2010, the national marketing program includes financing, leasing and customer loyalty offers. Highlights of the program include:
• 0% APR financing for up to 60 months on 2010 Avalon, Camry, Corolla, Highlander, Matrix, RAV4, Tundra and Yaris, for qualifying buyers.
• Low lease rates on 2010 Avalon, Camry, Corolla, Highlander, Matrix, Prius, RAV4, Tundra and Venza, for qualifying buyers. Examples include a Corolla lease for $179 a month and a Camry lease for $199 a month, although offers may vary regionally.
• Complimentary two-year premium maintenance program for customers who purchase or lease a new vehicle and provide proof of a Toyota, Lexus or Scion vehicle already registered in household, with applicable conditions.
“We launched this program to expand the focus on our customers, and thank them for their loyalty by adding value to our products,” said Bob Carter, group vice president and general manager of Toyota Division for Toyota Motor Sales, USA, Inc. “We are standing behind our customers and our vehicles. It’s a great time to buy a Toyota.”
The marketing program will be supported by a television ad campaign from Toyota’s advertising agencies Saatchi & Saatchi and Conill LA.
The March Sales Event television ads will begin airing on March 2, and will highlight the special 0% financing for 60 months offer. In addition, the ads will feature discussions with customers who recently purchased Toyota vehicles and reflect their feedback. Other commercials feature Toyota dealership associates, including salespeople, customer service representatives, technicians and others, thanking customers for their support and loyalty to Toyota.
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