Toyota Motor Credit Breaks Ground For Cedar Rapids Financial Services Center
3 November 1997
Toyota Motor Credit Breaks Ground For Cedar Rapids Financial Services Center
CEDAR RAPIDS, Iowa, Nov. 3 -- Toyota Motor Credit Corporation
(TMCC) broke ground here today for a three-story, 110,000-square-foot
Financial Services Center, which will employ 400 associates and generate $14
million in salaries and benefits when it opens in early 1999.
Located on 7.9 acres at 5005 North River Blvd., N.E., the new facility
will provide world-class service to TMCC and Toyota Motor Insurance Services
(TMIS) customers. Developed by PFL Life Insurance Company, a division of
Aegon USA, the building was designed by Brost Architects and Planners, Cedar
Rapids. Construction for the project has been awarded to the Cedar Rapids
firm of Rinderknecht Associates, Inc.
"It's very exciting to see Toyota begin construction on this new
facility," said Cedar Rapids Mayor Lee Clancey. "To have such a highly
regarded company decide to expand in Cedar Rapids speaks well for our
community," she added.
Toyota has operated a Financial Services Center in the Cedar Rapids area
since 1991. Currently located on River Ridge Drive, the center's present work
force of 200 provides customer assistance for automotive financing, leasing
and insurance-related products.
Beginning this week, 50 Toyota associates will move from the River Ridge
facility to a 30,000-square-foot facility on Armar Drive, which is being
leased on an interim basis from Aegon. The River Ridge and Armar work forces
will be consolidated at the new North River Boulevard facility in early 1999.
Yoshi Ishizaka, president and CEO of Toyota Motor Sales, U.S.A., Inc.,
(TMS) marked the ground-breaking ceremony by thanking the Cedar Rapids
community for its strong support and guidance over the last six years.
"We've come a very long way," he said, "thanks to all of you, to our
friends in government, at the Chamber of Commerce and Priority One, to our
partners at Aegon and on the construction team and finally to all of our
associates here in Cedar Rapids."
George Borst, senior vice president and general manager of TMCC and TMIS,
said Toyota chose Cedar Rapids for its favorable economic climate and
outstanding work force.
"So rather than ask, why Cedar Rapids, the question internally became,
where else but Cedar Rapids," he said.
Ishizaka said the key to Toyota's future lies in becoming a true customer-
first organization.
"We must get even closer to our customers," he said. "We have to do more
to anticipate their needs, to respond with solutions promptly and treat our
customers right the first time and every time."
Borst added that the new Toyota Financial Services Center will serve as
the cornerstone of TMCC's and TMIS's commitment to customer satisfaction by
providing world-class service.
"By centrally locating in Cedar Rapids, we're confident we can more
effectively communicate with our customers and branch offices across the
country," he said.
Since moving to Cedar Rapids in 1991, Toyota has supported a number of
local charities and community activities. In addition to providing assistance
to the Kirkwood Community College Automotive Training Program and the Indian
Creek Nature Center, the company recently made a donation to the planned
public ice skating rink in Cedar Rapids.
TMCC, a wholly owned subsidiary of TMS, headquartered in Torrance, Calif.,
provides retail leasing, retail and wholesale financing and certain other
financial services to the 1,450 authorized Toyota, Lexus and Toyota Industrial
Equipment dealers in the U.S.
The company, with a network of 33 branch offices nationwide, has assets of
nearly $20 billion and is one of the 10 largest finance companies in America.
Toyota has 20 Toyota, Lexus and Toyota Industrial Equipment dealers in
Iowa, including two in the Cedar Rapids area. The dealers have invested more
than $60 million in their facilities and employ more than 700 people with an
annual combined payroll of $21 million. In recent months, the dealers have
spent nearly $12 million on building new facilities and improving existing
operations.
SOURCE Toyota Motor Credit Corporation