Study: Consumer Perception of Luxury and Full Line Cars Improves
As economic recovery continues on a strong path in the U.S., findings from the 2013 Harris Poll EquiTrend study show that consumers’ perceptions of automotive brands continue to improve.
In fact, the study — which assesed 30 brands this year — found that both the luxury and full-line auto categories improved, perhaps a sign of the economy bouncing back as dealers begin to experience pent-up demand for luxury brands.
And customers may already be pounding the lots for these luxury vehicles, as highline units have been difficult to find this season.
Based on recent AutoTrader.com vehicle scarcity data sent to Auto Remarketing, luxury models might be the most difficult crop of certified pre-owned-worthy units to find for your lot.
Seven of the top 10 spots on AutoTrader’s national CPO scarcity list from February were luxury models. In March, eight of the top 10 were luxury models.
For more on this trend, see the Auto Remarketing story here.
The 2013 Harris Poll EquiTrend Brand Equity Index focused on three key factors: familiarity, quality and purchase consideration, the company explained.
Breaking down the results, Mercedes-Benz is the Luxury Automotive Brand of the Year for the third year running, followed by BMW in the No. 2 spot.
Overall, the studied showed that luxury automotive brands saw their scores rise this year.
Commenting on the results, Mike Chadsey, vice president, solutions consultant at Harris Interactive, said, "After hitting the brakes on spending during the height of the recession, consumers have re-entered the automotive market in 2013 with a pent up demand for luxury brands.
"Brand equity for almost half of the luxury automotive brands measured is at all-time study highs," he added.
In addition, Lexus, Acura, Infiniti and Porsche all ranked above average in the luxury category.
"This is a clear indicator that while consumers may postpone purchases, the perceived value of high quality luxury autos actually increased, as demand did not go away and other luxury models closed the gap on Mercedes-Benz," Chadsey said.
On the other hand, vehicles from Cadillac, Jaguar, Land Rover, Lincoln, Tesla and Volvo, ranked below category average.
Full-Line Auto Brands
For full-line auto brands, this category also saw significant gains.
This year, Toyota takes the title for 2013 Full Line Automotive Brand of the Year for the first time since 2010.
But it has been a tight race.
"Over the last nine years, Toyota, Honda, Chevrolet and Ford have all fought for the top spot, and each has claimed it at least once," said Chadsey.
"Toyota's strategy of listening to its owners, fast response, accountability and transparency in communication is a textbook case of brand management. This, coupled with strong demand for quality, value and fuel economy, finds Toyota aligned strongly with consumer desires," he continued.
Interestingly, out of the 16 full-line automotive brands measured, only five rank above the category average: Toyota, Honda, Chevrolet, Ford and Nissan, respectively.
Vehicles from the following brands in the study ranked below category average: Buick, Chrysler, Dodge, Fiat, Hyundai, Kia, Mazda, MINI Cooper, Mitsubishi, Subaru and Volkswagen.
Lastly, offering the methodology for the study, the company explained a sample of 38,814 U.S. consumers ages 15 and over were surveyed online by Harris Interactive from January 11 through February 8 of this yar, and the survey took an average of 35 minutes to complete.
Sarah Rubenoff can be reached at srubenoff@autoremarketing.com. Continue the conversation with Auto Remarketing Canada on LinkedIn and Twitter.