Car Sales for Toyota may have risen 34 percent, according to the average of five analysts while car sales for General Motors rose only approximately 7%. Toyota extended the no-interest loans and discount leases it offered at car dealerships through April.
The yearly rate of domestic car sales in April may be less than the 11.7 million seasonally adjusted annualized pace in March, when Toyota first offered its biggest car dealerships incentives to counter global recalls, spurring competitors to add discounts.
Toyota began offering incentives on March 2 such as subsidized leases after worldwide recalls of more than 8 million vehicles to fix defects linked to unintended acceleration and to adjust brakes. The company probably spent an average $2,416 on incentives on each vehicle last month, according to TrueCar.com.
One Car Dealership Owner who has a Toyota and a Buick, GMC and Cadillac dealership in Iowa, said Toyota sales were up 30 percent at his Toyota store and sales increased about 20 percent among his GM brands.
“Sales were really pretty good, but not quite as good as March,” the owner said, adding that sales may keep gaining this year. “We’re seeing a lot more car dealership showroom traffic and a lot more Internet activity.