Amidst many changes, the Infiniti luxury vehicle brand celebrated its 30th anniversary last year. Now headquartered in Hong Kong, Nissan's luxury arm sells cars and SUVs in 50 markets around the world. Its vehicles are assembled in a wide-ranging group of manufacturing facilities in the United States, Japan, United Kingdom, Mexico, and China. Infiniti is highly regarded for its customer service including a top-five finish among luxury brands in the most recent JD Power Customer Service Index Study. But what began as a promising year for Infiniti suddenly unraveled as the coronavirus and fear of contracting COVID-19 sent showroom traffic tumbling. In reaction, Infiniti has announced new initiatives for coronavirus financial relief and new-car incentives.
As with virtually all brands, Infiniti's sales were down for the first quarter of 2020, off 25% from the 2019 sales total. But Infiniti continues to work closely with its retail dealers to support their businesses while at the same time taking needed steps to prevent the spread of COVID-19. Currently, Infiniti reports that most of its dealers remain open for business in some form, using state and local guidance regarding curfews, staffing levels and operational hours.
Here is a recap of the coronavirus financial relief and new car incentives Infiniti has put into action to deal with the crisis.
Infiniti, in conjunction with its financial services arm, Infiniti Financial Services (IFS), is offering individual assistance to existing customers who believe they might have difficulty in making their monthly car loan or lease payments as the result of the coronavirus or a related job loss. Infiniti customer service teams will offer payment extensions allowing current retail and lease customers to defer their payments based upon their current situations.
Retail buyers and lessees who are affected by the coronavirus and need to discuss payment arrangements or require assistance regarding their IFS accounts are encouraged to visit infinitifinance.com. Answers to frequently asked and trending questions are available at https://www.infinitifinance.com/ifs/help.
Owners and lessees of Infiniti vehicles who may need financial support and did not finance their vehicle or obtain their lease through Infiniti Financial Services should make direct contact with their lender or leasing company. Many can assist with various forms of payment relief, and discussing the situation with them is valuable in understanding the options available.
With many new-car showrooms currently shuttered to limit the spread of the virus, many consumers who would otherwise be in the market for a luxury vehicle have hesitated to make the financial commitment. To deal with that hesitation Infiniti is offering lengthy payment deferrals to those who purchase their vehicles in the next few weeks.
Infiniti Financial Services is offering qualified new-car buyers 90 days of deferred payments and 0% APR financing for up to 72 months on every model in its lineup. Purchases must be made from dealer stock by June 30. Additional offers can be found at Infinitiusa.com.
Many Infiniti stores remain open and have instituted a pick-up and delivery program for new and used vehicles, service appointments and parts fulfillment. A large number of Infiniti dealers have instituted an hourly shift program that allows employees to support their families at home in localities where schools are closed. The arrangement also helps keep the number of people at the dealerships to a minimum.
Infiniti Americas headquarters and regional offices in the United States, Canada, Mexico, and Latin America have implemented a virtual workplace for all non-business essential positions, meaning most employees are working at home. In response to the COVID-19 crisis and expected demand, Infiniti has temporarily suspended production at the bulk of its manufacturing facilities.
The Infiniti QX60 crossover is produced in Smyrna, Tenn., while the QX50 crossover is produced in Mexico. Other Infiniti vehicles for sale in the U.S. are built in Japan. The suspension of production at the Smyrna plant idles approximately 7,250 workers and the suspension of operations at the Decherd, Tenn., powertrain assembly plant has affected about 1,700 workers. Areas deemed business-essential will operate with enhanced safety measures.
From this point through the next several months, weaker economic activity, limited consumer movement, and lower vehicle production will affect all carmakers in the U.S. market, including Infiniti. While it is impossible to tell how deep the trough will be, sales for 2020 are certain to be down substantially versus last year. The Infiniti spokesperson we reached was unable to provide guidance on how he expects it will affect the brand's results for 2020.
For the balance of the year, auto sales will be depressed by fear of the disease and the overall economic hardship caused by the strong and swift action taken to combat it by federal, state and local officials. As the country emerges from the epidemic, vehicle production lost when factories were forced to close could also hurt sales. As this is written JD Power's most recent 2020 outlook for total vehicle sales is 12.1 to 14.8 million units.
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