Toyota Sales Soar From Auto Incentives

By: John Lester
04/01/2010 09:22 AM ET

Toyota sales are up by 40 percent following great auto incentives in March. Some financial experts didn’t expect the sudden increase. In fact, consumer confidence is high.

“For a week or so in January, we lost a lot of momentum in the marketplace. We needed to make sure the market and our dealers understood that we were open for business,” Toyota US sales chief Jim Lentz said in a statement. “I think our loyal customers are coming back.”

The customers are coming back, and it appears that its marketing campaign worked. Consumers like deals, and these are incredible incentives that expire on April 5. The deals included zero-percent financing, low-priced leasing, and free maintenance.

Sales fell 9 percent in February. However, the 40 percent increase positions the automaker as a top competitor once again. It is a major accomplishment to come back this strong after 8 million recalls.

The latest numbers does mean greater confidence in the marketplace. It also means that loyal consumers are back, and that’s something the automaker needed. The recent surge likely outpaced the entire auto industry, according to market research firm J.D. Power and Associates.

Monthly Recall Repairs

Toyota dealers have repaired about 2 million recalled cars and trucks in the United States. Dealers are fixing about 50,000 vehicles a day by adding metal shims to the accelerators. They are also shaving down pedals to prevent them from sticking or getting trapped under floor mats.

Zero-Percent Financing Auto Incentives

Toyota offered zero-percent financing in March. It also offered low-priced leasing and free maintenance. The automaker is still trying to decide whether it will extend the incentive in April.

NASA Probes Electromagnetic Field Theory

NASA has opened an investigation into Toyota cars and vehicles. They are trying to find any glitches that could disrupt systems and software in vehicles. One theory is that electromagnetic fields are disrupting its computer system.

If electromagnetic fields are the problem, NASA engineers will find it. They are investigating Toyota’s sudden acceleration issue. A group of top people who specialize in electronics are conducting the research.

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