There are two different types of speed sensors in the 2001 Lexus IS300. The first is a transmission speed sensor which monitors the input and output shaft speeds. The speed of the shafts will determine when the transmission shifts. When a transmission speed sensor goes bad, the performance of the transmission will be noticeably different. The other type of speed sensor is in the wheels, known as wheel speed sensors. These sensors work with the ABS system and they monitor how fast each wheel is spinning. If one's wheel were to spin faster or slower than the others it means that the car is losing traction. If the wheel speed sensor goes bad the ABS light will illuminate on the instrument cluster.
The 2001 lexus is300 speed sensor is located on the transmission.
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