Fed Official Says He Misspoke when Advising Toyota Owners to Stop Driving
WASHINGTON - Transportation Secretary Ray LaHood says he misspoke when he told the owners of more than 2 million recalled vehicles to stop driving and bring them to a dealer -- a comment that sparked fears among owners and drove down Toyota's stock, reported The Detroit News.
"My advice is if anybody owns one of these vehicles, stop driving it, and take it to a Toyota dealer," LaHood said today at a House hearing.
This afternoon, LaHood said he directed that statement to drivers who have experienced problems with sticky pedals -- a condition that Toyota says is extremely rare.
"If you are in doubt, take it to a dealer," LaHood said. "What I said in (the House hearing) was obviously a misstatement."
Toyota's U.S. sales arm issued a statement saying the company appreciated LaHood's "clarification of his remarks today about Toyota's recall" for sticking accelerator pedals.
The White House defended LaHood and denied that the U.S. government's ownership stake in General Motors Co. had a role in the government's hard line with Toyota.
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →