Toyota betting $1 billion on recovery
The horses for the regular edition of the MBJ are in the barn for the most part, but there’s some news to pass along before we turn our focus completely to tonight’s Georgia Tech-Miami game. (Magnolia Marketplace has never been a fan of ACC football, or the ACC in general, but that Georgia Tech spread option offense is fun to watch.)
Down to business:
The annual Toyotathon sales drive will have a little extra punch when it starts in November.
Toyota is spending $1 billion on a marketing drive designed to boost U.S. sales in the fourth quarter, which has traditionally been a strong period for all automakers. A company spokesman says that is a new record for ad spending in one quarter.
The spokesman goes on to say that Toyota is confident that the automotive sales market, which has been decimated during what is now being called “The Great Recession”, is on the brink of making a comeback.
It’s impossible to tell if Toyota’s gamble will pay off. But think back to last September, when the first wave of fear was strangling the economy, and a lot of folks were terrified that the U.S. was in a nosedive toward a depression. A lot of that fear is gone, and folks will argue until their last breath the reasons behind it, but the reality is this time last year Toyota would have not even considered spending such a huge sum of money on advertising and marketing in one quarter. Now they are.
And now let’s hope that everybody buys a Prius so we can get that plant in Blue Springs humming.