Toyota and Lexus sellers are banking on pent-up demand and higher new automobile availability to help an enchancment in new-vehicle gross sales in 2023, regardless of greater rates of interest and different worries concerning the U.S. financial system.
“At the least for us, the demand continues to be there,” Seller Steve Gates, 2023 chairman of the Toyota Nationwide Seller Council, tells Wards.
In a separate briefing to announce 2022 outcomes, Toyota Motor North America executives supply related sentiments concerning the U.S. market usually, whereas avoiding a exact forecast for U.S. Toyota and Lexus gross sales in 2023.
Jack Hollis (pictured, left), Toyota’s government vice chairman of gross sales, predicts U.S. light-vehicle gross sales of round 15 million in 2023. “The 2023 uptick isn’t as excessive as we’d like it to be, however an uptick,” he says.
U.S. light-vehicle gross sales for 2022 are round 13.7 million, down 8.2% vs. 2021, in line with the Nationwide Vehicle Sellers Assn.
“Demand continues to be larger than our provide,” Hollis says. “What’s totally different now could be extra stability,” which means a “sluggish however regular” improve in stock. “That alone will get us near the 15 million mark this 12 months,” for the entire business, he provides.
Toyota Motor North America reviews 2022 U.S. light-vehicle gross sales of two,108,458 for Toyota and Lexus mixed, down 9.6% vs. 2021, despite the fact that its December gross sales are up 3.5%, primarily as a consequence of higher availability.
Gates says that because the pandemic, his Toyota and Lexus stock has been zero or near it on the finish of most months. “It’s grow to be form of a degree of pleasure,” he says.
Gates owns Gates Auto Household, Richmond, Ky. The group has 11 new-car shops in Kentucky, Tennessee and Indiana, together with three Toyota dealerships and a Lexus retailer, plus Audi, Chevrolet-Buick-GMC, Ford-Lincoln, Honda, Hyundai, Kia and Nissan dealerships.
He says Toyota South, a dealership in Richmond, Ky., completed 2022 with simply seven new autos in inventory — and all however “a pair” of these have been pre-sold. Earlier than the pandemic, that may in all probability have been a minimum of 100 autos, with a lot fewer pre-sold, he says.
“We’ve sufficient orders, in all probability, we may function for half a 12 months, simply taking good care of the ordered autos we have already got,” he says.