By Chris Haak
With apologies to Spinal Tap, Toyota is actually cranking it up to one – as in one billion. According to a report published today in the Wall Street Journal, Toyota is preparing a costly, $1 billion USD marketing push in an effort to drive US sales upward in the fourth quarter. The $1 billion spend represents a substantial 30-40% increase over what is typically spent in the fourth quarter.
The push will be multifaceted, with some of the money going to subsidized leases and interest rates on loans, some to cash incentives, and some to help dealers with local advertising. The company also plans to ramp up its production in advance of the marketing blitz. In the company spokesman’s words, Toyota plans to “play offense” because you can’t “play defense forever.” Continue Reading →