Despite Recall Crisis, Toyota Sales Boosted by 0% Financing

ToyotaToyota’s widest zero-percent financing incentives are paying off with the troubled car company seeing its retail market share at 16.8 percent so far this month, up 10 percent from last March’s 15.2 percent — and up 31 percent from 12.8 percent last month when its massive recall for unintended acceleration was initiated.
Toyota’s daily retail sales rate is running at about 47 percent higher than the same period last year, and about 71 percent higher than last month, according to Edmunds.com, the automotive resource site which tracks purchase intent and sales activity.
Edmunds also said that sales industry-wide are “stronger than they’ve been in nearly a year” because General Motors and Ford have responded with similar zero-percent financing offers on some models and special lease deals.
“Data from the first eight days of the month indicates that the sales pace is at a seasonally- adjusted annualized rate of about 12.5 million units — the highest level since August 2009,” said Edmunds.com Senior Analyst Ray Zhou.
Chevrolet has fared well by quickly responding to Toyota’s incentives. Its retail market share this month is 12.9 percent, up 13 percent from last March’s 11.4 percent, and up 14 percent from 11.3 percent last month, Edmunds said.
“Ford got a late start in the incentives game this month, and Honda has not responded with any offer; both companies seem to be suffering market share losses as a result,” wrote Edmunds.
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