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With Toyota Down, Let's See How the Other Makers are Kicking in February
According to the Associated Press- automakers "plowed through" February to better-than-expected sales. New incentives and a knocked-down Toyota certainly doesn't hurt...
Industry analysts' had predicted single-digit gains; however, sales rose some 13% over last February, all major automakers except for Toyota reported higher US sales. (Don't look so shocked...)
Many automakers picked from Toyota's customer base, weary despite a string of safety recalls. Toyota's market share fell to 12.8%, it's lowest level in around five years.
As published by the Associated Press on Yahoo:
To win back sales, Toyota said it will offer zero-percent financing on most models this month plus two years of free maintenance to returning customers. General Motors Co. and Chrysler LLC matched the financing deals.
Toyota's U.S. sales fell 9 percent last month, besting some analysts' predictions that its sales would fall by double digits. Meanwhile Ford, GM, Nissan, Honda, Hyundai and BMW all reported double-digit growth compared with February 2009, at the depth of the recession. The gains might have been even higher without the blizzards that paralyzed the East Coast.
Ford's sales shot up 43 percent and the automaker outsold GM for the first time since August 1998, when GM was in the midst of a strike. Ford's gains were led by cars, which rose 54 percent, with sales of the midsize Fusion, a Toyota Camry rival, more than doubling. Those results included Volvo, which Ford is preparing to sell.
Other winners included Kia Motors Corp. and Subaru. Even struggling Chrysler saw a slight increase in sales.
February was the first full month since Toyota suspended sales of eight popular models on Jan. 26. Toyota Vice President Bob Carter said Tuesday that almost all of those vehicle have been repaired and are now on sale. Toyota also has announced temporary production cuts at two U.S. plants.
Carter estimated the sales suspension cost the automaker 18,000 sales in February. Media coverage of the safety lapses also has taken a toll. Toyota officials and federal regulators appeared before House lawmakers last week and were testifying before the Senate Commerce Committee Tuesday.
Carter said Toyota saw very few of its customers defecting to other brands in February, but it did see a drop in new buyers. Meanwhile other automakers said they were seeing increased business because of Toyota's pain.
"We feel we're getting our fair share of the Toyota business," said Susan Docherty, who was head of sales and marketing at GM until Tuesday afternoon, when she was moved into solely a marketing role. GM's sales rose nearly 12 percent.
Direct competion for the Camry, Toyota's most popular car and a champion of mid-sized, mid-classed mass did comparitvely, and not surprisingly very well. The Accord sedan posted a 41% rise, while the Hyundai Sonata rose some 58% in comparison.
Domesticly speaking, GM's sales of its Buick, Chevrolet, Cadillac and GMC brands climbed some 32%. Chrysler reported its February sales rose half a percent (0.5%), its first year-over-year monthly increase since December of 2007. (Hey, I'm just noting your progress...)
But why all the boom in car sales? It's not the terrific economy or the fantastic weather, no- it's incentives. Incentives, incentives, incentives...
Most carmakers offered deals to Toyota customers in February. According to the automotive Web site Edmunds.com, incentive spending rose 11 percent from January to $2,588 per vehicle. Toyota's incentive spending rose 26 percent, to $1,833 per vehicle. That was the fourth-highest monthly incentive total for Toyota since Edmunds began tracking data in 2002. While a boon for consumers, incentives eat into automakers' profits and companies have been trying to cut back on them.
Toyota must be worried because it has generally avoided big incentives in the past, said Paul Ballew, vice president of analytics at Nationwide Mutual Insurance and a former GM economist.
"They're jumping into the deep end of the incentive pool," he said.
Coming from a General Man- well, lets just say- those guys would have you believing Mr. Toyoda himself would be at the bottom of that very same incentive pool, if they had it their way anyway...
Automakers are hoping it all adds up to the end of a long winter for the industry. Ford says it plans to increase North American production by 32 percent in the second quarter to 595,000 vehicles. GM didn't reveal its production plans.
Overall- things kicking on the up-and-up... Yeah, right. Coming from a bunch of car salesmen...
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Too bad they don't track repo stats.
My guess is they are pushing cars out the door on credit to anybody who can fog a mirror.
Quite the opposite Fritz. It is still easier to get a mortgage than a car loan. Subprime auto lending is dead in the water.
Phew... looks like we made it through the woods. I was starting to worry that we might have to end a war or take some other drastic measures that would threaten der Homeland Security.
Can't wait to see those latest unemployment stats. I'm sure the layoffs have slowed a bit, adjusted for the blizzards, of course.
+100 for wit!! LMAO.
RE The "defective" parts rendering Toyotas unsafe. Were those manufactured parts installed solely in the USA market vehicles? With Toyotas being sold all over the world, neighboring Canada included, seems suspicious (on the surface) that only the USA is having safety troubles.
Only the US is infested with rabid lawyers.
Infested? As my Grandmother used to say, "If you killed all the roaches in this house there won't be anything holding the roof up."
She also said, "Wish in one hand and shit in the other; See which one fills up first.", though I don't think that really fits this situation...
FYI the defective parts were sold in Europe as well . My wife's Toyota Yaris electronic accelerator was recalled and changed last week . In a global world , troubles are not limited to one continent ! Guido writing from Italy
dailyjobcuts.com revealing major spike in layoffs picking up.
Wife works for Toyota Financial, says credit standards not relaxed. Just 0% to qualified buyers.
lol mind those profit margins people!
I'd like to see someone make a mid-size, cheap, no-BS car with a minimum of electronic/automatic features that is safe, well built and pretty cheap. Aren't we ready for the SWATCH of cars yet?
You're talking about a 1970 Chevy Nova, one could pick up a new one for around $2500 (256 6-cylinder), they were nearly indestructible. Of course, in those days you could order a Super Sport Nova with a 396, 375 hp, or a 454, 425+ hp Big Block engine, 4 speed Rock Crusher transmission, for an extra $1200 !!
Now, 40 years later, these SS Nova's are bringing $30,000 to $50,000+ at auctions and private sales, I don't think there is a single car manufactured today that will amount to more than a pile of junk 40 years from now.
This morning it was bitter cold.
I went outside at 7 am and moved the chickens
to the smaller cage and then brought them inside.
They had been making a loud racket which I beleive
was cries for help, because it was so cold.
Later, after having my first cup of coffee I fed them
and then told them I loved them.
I then pressed my ass to the cage and farted loudly.
They looked at me funny.
I laughed.
The relationship you have with your chickens is a perfect example of how we can take back our country, stop the uncontrollable govt spending, and bring all assets down to their true market levels.
Our government can tax monetary income, but really, they can't track barter. It's always been an honor system. And now that they've shown us how honorable they can be with handing out our money to reward bad business decisions, I think we can return the favor by reporting as little income as possible, and going back bigtime to the barter system.
The chickens give you eggs and laughter. You give them love, food and a place to live -- even bringing them inside when it's too cold. IRS would say that you should report the value of the eggs and they should report the value of the free rent and food, so that both should be taxed.
You and your chickens should all join arms/wings, stand in a line, and fart in the general direction of Washington, DC. God bless you all, you have been our inspiration this chilly morning.
All Car Companies should have came forward with a full disclosures of what car were dangerous. Instead of waiting for a huge media blitz and tons of public pressure. I never seen so many car companies GM - FORD - TOYOTA - HYUNDAI having recalls all at the same time. I had no idea my car was affected until I looked on http://www.carpedalrecall.com and found I had a bad Anti Lock control unit on my 2008 Pontiac G8 , my co workers Ford Truck had a recall also. So be careful
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