Kelley Blue Book's kbb.com® Releases 'Toyota: One Year Later' Special Report
Toyota Values Perform In Line with Competitors; Company Fails to Sway Many New-Car Shoppers
IRVINE, Calif., Jan. 18, 2011 /PRNewswire/ -- Kelley Blue Book www.kbb.com, the leading provider of new car and used car information, today announces the release of its special report Toyota: One Year Later, providing an in-depth look at Toyota one year after its major recall crisis began in January 2010. The comprehensive report from Kelley Blue Book's kbb.com includes a detailed look at Toyota's new- and used-car values over the past year; up-to-date shopper data providing consumer opinions, vehicle consideration and safety perceptions of Toyota since the recall crisis began; expert industry analysis from kbb.com's executive market analysts; and more.
Despite Toyota's recall woes of 2010, the brand's used-car values held strong throughout the year. Among the best-performing used Toyotas were 2007-2009 model-years Camry, RAV4, Highlander, Sienna and Yaris, primarily due to their offering of solid fuel economy in an affordable package. Meanwhile, used vehicles from Toyota's luxury sister brand Lexus underperformed the market throughout 2010 along with all luxury brands, primarily due to the economic concerns of used-car shoppers.
Toyota's 2010 new-car sales were flat while the industry improved, and the company relied upon heavy incentive spending to spur new-car demand. While Toyota launched aggressive incentives in March 2010 during the midst of the recall crisis, overall the company's incentive spending for 2010 was in line with its competitors. However, despite relatively flat sales for the year, Toyota's loss of new-car market share in 2010 was very pronounced, as consumers seemed hesitant to purchase new Toyota vehicles.
With regard to new-car residual values, Kelley Blue Book analysts predict that any long-term negative affects to Toyota's residuals will not be due to recall stigma, but rather because of other factors in the marketplace affecting Toyota's residual values, such as softening in the fuel-efficient vehicle segments, aging fleet designs and the aforementioned spurts of heavy incentives spending throughout 2010. Even with all of its recall troubles, Toyota managed to maintain its second-place brand residual standing behind top brand Subaru for 2011.
While Kelley Blue Book's valuation analysis shows that Toyota fared well overall during the past year considering all that the brand endured, data from Kelley Blue Book Market Intelligence reveals that the Toyota recall crisis of 2010 heavily impacted the opinions, considerations and perceptions of new-car shoppers. Nearly three-quarters of surveyed shoppers were aware of Toyota's 2010 recall problems, and more than half of respondents said they believe that Toyota's brand reputation has been tarnished by the recalls. However, 40 percent indicated they believe Toyota has adequately resolved its problems related to the recalls.
Toyota's overall purchase consideration was depressed throughout 2010, with data from the latest quarter (Q4 2010) showing purchase consideration at an all-time low in the last four years. In addition, consumer perception of Toyota safety ratings also experienced an all-time low throughout 2010, and it continues to remain significantly lower than previous years.
As for Toyota's new-car traffic on Kelley Blue Book's kbb.com, which can be a leading indicator of new-car sales patterns, the brand's overall traffic is down six percent in the last year. However, specific model performance remains mixed, with the Corolla, Camry and RAV4 experiencing declines in traffic on kbb.com over the past year, while the Sienna, Prius, Highlander and Tacoma experienced increased traffic on kbb.com throughout 2010.
Kelley Blue Book's Full 'Toyota: One Year Later' Special Report
Includes charts, data and analysis providing an in-depth look at the following:
- Brand and model-specific analysis of Toyota and Lexus' used-car values
- Detailed examination of Toyota's new-car sales, incentive spending and market share
- Changes in market share relative to Toyota's primary competitors
- Residual value forecast for Toyota
- Survey data providing car shoppers' opinions of Toyota since the recall began
- Brand and segment-specific Toyota consideration data from new-car shoppers
- Brand and segment-specific Toyota safety perception data from new-car shoppers
- Brand and model-specific Toyota new-car traffic data from kbb.com
- Expert industry analysis from Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book's kbb.com
- Expert industry analysis from James Bell, executive market analyst for Kelley Blue Book's kbb.com
For more information and news from Kelley Blue Book's kbb.com, visit www.kbb.com/media, follow us on Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), or like our page on Facebook at www.facebook.com/kbb.
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the only vehicle valuation and information source trusted and relied upon by both consumers and the industry. Each week the company provides the most market-reflective values in the industry on its top-rated website www.kbb.com, including its famous Blue Book® Trade-In and Retail Values and Fair Purchase Price, which reports what others are paying for new cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies as well as governmental agencies. Kbb.com is a leading provider of new car prices, used car values, car reviews, new cars for sale, used cars for sale, and car dealer locations. Kelley Blue Book Co. Inc. is a wholly owned subsidiary of AutoTrader.com.
SOURCE Kelley Blue Book
Director, Public Relations
|For general or customer service inquiries,
please call 1-800-258-3266.