LOS ANGELES—Toyota Financial Services has announced plans to move its corporate headquarters from Torrance, CA, to Plano, TX, beginning in 2017. The move, which includes, manufacturing divisions along with sales and marketing, will join together the headquarters of Toyota Motor Sales, Toyota Motor Engineering & Manufacturing North America and Toyota Motor North America in one location.
The current Torrance headquarters houses 4,000 employees, who will all be offered relocation packages as part of the move. The move will also not affect Toyota’s leadership structure. All regional offices, however, will remain in their current locations, which will maintain Toyota’s strong presence in the state. Showing a commitment to maintaining that presence, Toyota also announced plans to donate an additional $10 million to local organizations, above the company’s regular donations.
“Toyota Financial Services exists to support the sales of Toyota, Lexus and Scion vehicles,” explains Mike Groff, TFS president and CEO, about the move. “We would not have been the number one auto finance company by volume last year had it not been for the partnership with Toyota Motor Sales. So for us, when TMS, TEMA and TMA decided to bring their sales, manufacturing and corporate functions together in a new, shared campus, our ‘Partner of Choice’ strategy dictated that we join them. Both to support them, and to benefit from co-locating with them.”
Over the next two years, Toyota will build a state-of-the-art facility in Plano. The development will break ground in the fall of this year. Once the building is complete, Toyota will begin relocating employees. According to industry sources, Meredith O’Connor and Michael Sessa of JLL handled the search for Toyota.