Toyota Financial Services and Lexus Financial Services launched a key replacement product last week. The rollout is the captives' latest step in providing a fuller customer experience, executives said.
For now, Toyota Financial and Lexus Financial will sell the product with a tire and wheel package. By year end, the captives plan to sell it as a stand-alone product. "We wanted to ensure we got it out there very quickly," Karen Ideno, vice president of product and marketing, told Automotive News. "And also ensure that we move it out and we learn from it."
Customer and dealer demand was the main impetus to launch a key replacement product, she said. "Today's vehicle technology is great for consumers," she said in a statement. "Unfortunately, this sometimes comes with a high cost to replace. We know key replacement can be stressful for our customers, and we're happy to now offer a solution."
Industrywide, parts and labor for key replacement average $400 to $800, she said. The key replacement product covers lost, damaged or stolen keys, includes lockout assistance if keys are lost, damaged or stolen and offers towing assistance, taxi, rental vehicle or public transportation reimbursement and a replacement benefit for additional, nonprogrammable keys.