Toyota executive Jim Lentz comments on the closure of Scion.
TranscriptJIM LENTZ: Hi, I'm Jim Lentz, and I've been with Toyota for 34 years. When I'm asked, what was the most exciting job you've ever had? My answer is simple-- it was starting Scion.
I was the first Scion Vice President, and my team had the opportunity to establish and launch the new brand. And it was a huge challenge! But we got to write the playbook on how to develop unique products, create a different buying experience, and use unconventional marketing methods to reach young customers who might not be interested in buying a Toyota.
And Scion has been successful in that role, but now customers have changed, and we need to change with them. So Scion's transitioning back to the Toyota brand. It's not a step backwards for Scion-- it's a leap forward for Toyota.
Scion's allowed us to fast-track ideas that would have been challenging to test through the Toyota network. Our goal was to make Toyota, and our dealers, stronger by learning how to better attract and engage young customers. And I'm very proud, because that's exactly what we've accomplished.
Since 2003, Scion has sold more than a million cars. 70% of those customers were new to Toyota, and 50% under the age of 35. But now, young customers have a different mindset. They appreciate the Toyota brand's traditional attributes of quality, durability, and reliability, but they also recognize that Toyota is bringing out more fun-to-drive cars with the distinctive styling that they're looking for.
So now is the ideal time to use the valuable lessons from Scion to make Toyota, and our dealers, even better at engaging with younger customers. Scion's been a strong investment for our company, our dealers, team members, and our customers, and I thank you for being part of this incredible experience.
And while this is a very difficult decision for me, personally, it's the right decision at the right time. We're committed to making this a smooth transition, and if customers have any questions, please feel free to contact us. Thank you very much.
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