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Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.

Satisfaction with dealer service rises, Lexus and GMC are tops

During the economic downturn, many car dealerships counteracted their slowing income by focusing on things that would set them apart from competition - things like the quality of customer service they provide. When the economy picked up and more sales and service followed, many also first invested those funds back into the business, improving their dealership facilities and service centers.
It looks like those investments are paying off, as J.D. Power and Associates' latest Customer Service Index Study shows that overall consumer satisfaction with dealer service has increased to 797 (on a 1,000-point scale), up from 787 in 2012 and 29 points higher than the score in 2011. The study also finds that people are more satisfied with the service they get at dealerships compared to independent service providers, despite the much higher average out-of-pocket cost per visit ($118 vs. $44).
Note, however, that this study only looks at how people are treated by a dealer's service department during the first three years of ownership (the survey is based on responses from 91,000 owners and lessees of 2008 to 2012 model year vehicles), so we're talking about the experience had when bringing a car in for repair or maintenance work, most likely under warranty. In fact, maintenance work is increasing in share and accounted for 77 percent of service visits (up from 72 percent in 2012 and 63 percent in 2011). This helps explain why customer satisfaction has also risen, since a properly maintained car is one that's less likely to require a dealer visit for an unexpected repair.

2021 Lexus NX 300 and NX 300h stick to the formula

After placing the limited-run NX 300h F Sport Black Line Special Edition at the top of the range, Lexus has announced few changes for the rest of the NX lineup going into 2021. For its sixth year on the market, on the exterior of the compact luxury crossover, Blue Vortex Metallic slips off the color wheel, replaced by Nori Green Pearl. The deep forest hue dazzled recently on the 2020 Lexus LC 500 Inspiration Series. Less visible to outsiders, NX models get low-profile windshield wiper blades, and power-folding, auto-dimming, reverse-tilt mirrors. Revisions to the standard interior have been confined to a revised horn pad, and a slightly different red zone on the tachometer, but Lexus didn't clarify what that last point means. Among the feature set, every NX will include blind spot monitor with rear cross traffic alert in the driver safety technology that's grouped under the Lexus Safety System+ 2.0 banner. Turning to the options sheet, ordering the Navigation package will include the HomeLink garage door opening system, and the Mark Levinson audio system comes with an updated amplifier.   After that, what we're already familiar with from the NX lineup carries on. That means three trims, the NX 300, NX 300 F Sport, and NX 300h, plus the NX 300h F Sport Black Line until they're all sold. Engine choices are a 2.0-liter four-cylinder with 235 horsepower and 258 pound-feet of torque on the non-hybrid models, and a 2.5-liter Atkinson cycle four-cylinder engine in the NX 300h that works with three electric motors to produce a total combined output of 194 horsepower. The non-hybrid NX trims get a six-speed transmission, the hybrid employs a CVT. Related Video: