Kbb.com: Brand Consideration, Loyalty for Korean, Domestic Auto Brands Increase
Non-Toyota Owners Become More Loyal to their Current Brands while Toyota Owners' Loyalty, Consideration Declines
IRVINE, Calif., Feb. 17 /PRNewswire/ -- According to the latest Kelley Blue Book www.kbb.com Market Intelligence data, in the wake of the Toyota recall crisis, brand loyalty has significantly increased for Korean and domestic automakers such as Kia, Hyundai, Chevrolet and Ford. While non-Toyota owners are becoming more loyal to their current brands, Toyota brand consideration and loyalty have declined.
When comparing current kbb.com data to Q4 2009, Korean import automakers have seen the greatest recent increase in loyalty and consideration, with Kia and Hyundai owners looking at new models within their respective brands increasing by 17.1 and 10.5 percentage points to 56.1 and 56.5 percent respectively.
In the same timeframe, domestic U.S. automakers Chevrolet and Ford also have seen an increase in loyalty, with Chevrolet and Ford owners looking at new models within their respective brands increasing by 6.5 and 4.6 percentage points to 52.5 and 48.9 percent respectively.
"The latest Kelley Blue Book Market Intelligence data from kbb.com suggests great news for Korean and domestic American automakers which are now seeing the initial signs of more repeat customers and increased brand loyalty," said James Bell, executive market analyst for Kelley Blue Book's kbb.com. "Current owners of vehicles from the likes of Kia, Hyundai, Ford and Chevrolet are likely impressed with the latest round of new models they see debuting from these manufacturers, and this indication toward increased loyalty should translate well to the bottom line of these manufacturers in the near future."
Meanwhile, loyalty among Toyota owners and brand consideration for new Toyotas among owners of other brands, have declined. A fewer percentage of Toyota owners are looking at new Toyotas, down 6.5 percentage points to 51 percent. Additionally, owners of other brands are less likely to consider new Toyotas, down five-to-eight percentage points in the current period when compared to Q4 2009.
Among Toyota owners, Kelley Blue Book Market Intelligence is seeing interest shift toward Ford, Hyundai and Kia. At the same time, Toyota owners are less likely to consider other Japanese automakers, including Honda and Nissan.
"This finding is the most interesting of all," said Jack R. Nerad, executive editorial director, Kelley Blue Book and kbb.com. "One might have guessed Toyota owners would switch their allegiance to other Japanese brands, but instead they seem to be turning away from Japanese brands as a category. It's just another indication of the far-reaching effects of these recall-related issues."
This Kelley Blue Book Market Intelligence data analysis examined site traffic to used-car trade-in pages and new-car pricing report pages on Kelley Blue Book's kbb.com, and compared loyalty and consideration data from Q4 2009 to January 27 – February 10, 2010.
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Since 1926, Kelley Blue Book, The Trusted Resource®, has provided vehicle buyers and sellers with the new and used vehicle information they need to accomplish their goals with confidence. The company's top-rated Web site, www.kbb.com, provides the most up-to-date pricing and values, including the New Car Blue Book® Value, which reveals what people actually are paying for new cars. The company also reports vehicle pricing and values via products and services, including software products and the famous Blue Book® Official Guide. According to the C.A. Walker Research Solutions, Inc. - 2009 Spring Automotive Web Site Usefulness Study, kbb.com is the most useful automotive information Web site among new and used vehicle shoppers, and half of online vehicle shoppers visit kbb.com. Kelley Blue Book's kbb.com also is a W3 Gold Award winner, sanctioned by the International Academy of Visual Arts. Kbb.com is a leading provider of new car prices, used car Blue Book Values, car reviews, new cars for sale, used cars for sale, and car dealer locations.
SOURCE Kelley Blue Book
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