Toyota Execs On Hand For Ribbon CuttingTuesday afternoon's ribbon cutting ceremony at the new Toyota of Warsaw was a veritable who's who of top Toyota executives.
Yoshi Inaba, president and CEO of Toyota North America, was on hand.
As was James Lentz, president and COO of Toyota Motor Sales who along with Donald V. Esmond, senior vice president of automotive operations, were made available to answer questions before the ribbon cutting.Lentz said Toyota of Warsaw co-owner Dave Illingworth - along with John and Dan Rice - bring a lot of experience to the table.
Illingworth spent nearly 30 years in different executive positions at Toyota and, according to Lentz, was behind the start of the Lexus brand in the United States.
Lentz said that he believes the automobile market has bottomed out and that a resurgence is ahead.
"We have forecast (new car sales) to be at about 10 million this year," said Lentz.
At its height, the automobile industry sold 17.4 million vehicles in 2007.
"Our business has always been cyclical," said Esmond. "Our business will rebound."
Lentz said that at its worst, the market dipped 42 percent.
Lentz said he believes the Cash for Clunkers program, a government-backed program that provides up $4,500 in trade-in value for any used car that is less than 25 years old and gets less than 18 miles per gallon, will boost sales.
The trade-in must be used for a more fuel-efficent vehicle.
Lentz said the recovery will take place on a slighter curve than those in the past.
"Typically there are 270 million vehicles on the road in the US," said Lentz. "That number is dropping."
But Lentz remains confident.
"We think the industry will bounce back," he said.
When asked how Toyota felt about the US government getting involved in the American car industry, Lentz said stronger companies like GM and Chrysler are good for Toyota.
"I think it's something that had to be done at the time," said Lentz of the goverment's bailout.
The Toyota executives were on hand for one of a series of events for Warsaw's newest car dealership.
It's the first new Toyota dealership in the Chicago region in four years.
As part of the festivities, NASCAR drivers Kyle Busch and Michael Waltrip will be on hand today from 5 to 7 p.m. to sign autographs.
