Toyota Recall Helps Ford Sales Surge 25% in January
Ford's increasing market share likely came at the expense of Toyota, mired in two massive recalls involving as many as 8 million cars for problems with unintended acceleration. The Tokyo-based company will report January sales on Tuesday and is expected to show that sales were affected by management's decision to halt sales of Camry, Corolla, and six other popular models until a fix for "sticky" accelerators could be readied. Toyota said Monday that it's sending parts to dealers this week to fix the problem.
Lately, Ford has had a knack for doing things right, and Toyota for doing them wrong. Ford said resale value among its Ford, Lincoln, and Mercury brands rose more than $1,300 a vehicle in the last year, closing the gap on Japanese rivals, which also include Honda Motor (HMC) and Nissan Motors.
Sales of fleet vehicles doubled in January, Ford said, as fleet owners gave Ford vehicles "more consideration" because of its improving resale values. Shares of Ford were up about 3% following the announcement.