Toyota to Offer Rebates on Lexus Models to Boost Sales
At a gathering of Lexus dealers from across the country this week in Las Vegas, Toyota executives said the company is prepared to boost incentives in the next few weeks to spur sales, The Wall Street Journal reported, citing people briefed by Toyota.
The dealer meeting is the first such gathering in two years, the Journal noted.
Lexus, which held a decade-long sales lead in the U.S. luxury market prior to Toyota's recent round of safety recalls, has fallen behind rival Mercedes-Benz, a unit of Daimler (DDAIF). Sales figures released last week showed Lexus sold 162,438 vehicles in the U.S., just behind 165,362 for Mercedes.
Lexus sales have increased just 8.7% so far this year, while the overall market has grown 10.3% and Mercedes sales have jumped 21.3%, the Journal reported.