Toyota May Extend Discounts Past March
DETROIT - Toyota Motor Corp. may keep aggressive discounts available for U.S. consumers beyond this month after unprecedented incentives lifted U.S. sales in early March, Reuters reported.
Toyota's U.S. sales surged 40 percent in the first 10 days of March compared with the year-earlier period in the wake of a zero-percent financing offer and other incentives, Don Esmond, senior vice president of Toyota Motor Sales U.S.A., said in an interview.
Esmond said Toyota would evaluate March sales results and reaction from dealers and consumers before deciding whether to extend the discounts, which the company called its most "far-reaching sales program in history."
Esmond said Toyota expects to regain most of its U.S. market share lost in the past two months following a damaging series of recalls that have tarnished its reputation for quality.
Toyota's U.S. market share plunged to 13.4 percent in the first two months of this year, down from 17 percent for all of 2009.
As recently as February, Toyota's incentive spending averaged $1,833 per vehicle, compared with $3,434 per vehicle on average for GM, according to industry tracking firm Edmunds.com.
Toyota, which has traditionally spurned steep discounts in order to protect resale values, is offering zero-percent financing for five years on top-selling models, including the Camry, and free maintenance for two years to win back U.S. consumers after a series of product safety problems.
More Industry

Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →