Report: Toyota regains brand loyalty

2010 Toyota 4Runner

ToMoCo claims that it has regained its customer loyalty after the recall crisis, saying that its conquest ratios are back to where they were previously. Typically, 55% of Toyota”s sales have been from consumers captured from competing brands, but in July, 57% of sales were from newcomers.

Bob Carter, Toyota Division GM, said that he expect Toyota”s overall share to grow 2 percentage points as a result of this.

“July was the first month where we went back to normal trade-in cycle,” he said. “Again we were the leader in retail sales, with retail sales up 17 percent from June. Camry once again is the top-selling car for the year.”

It is expected that a good part of that new business is from bargain hunters, and that is expected to continue throughout the summer. Toyota has scaled back its incentive spending since Q2, but it is still $450 per unit higher than last year. Toyota”s sales have increased 8% year-to-date as they have moved 1.02 million units. The overall industry has jumped 15%.

-By: Stephen Calogera

Source: Automotive News

Chris Chin

Chris Chin is the Editor-In-Chief of egmCarTech and is a regular contributor to Automobile Magazine.

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