Redesigns, Superior Resale Value Trigger Lexus Shopper Loyalty from KBB.com Visitors
Thanks in part to what analysts called a series of popular vehicle redesigns across its lineup, Lexus shopper loyalty in the fourth quarter increased 9.2 percentage points year-over-year within Kelley Blue Book’s new-model audience.
The gain pushed Lexus to come in just behind Toyota, which has held the No. 1 spot for shopper for five consecutive quarters.
For Q4 of 2012, Lexus ranked highest among all luxury brands in terms of shopper loyalty on KBB.com. Overall, Lexus sits in the No. 2 position, just behind its non-luxury counterpart Toyota in the No. 1 position.
In addition, Lexus has a lead of more than 10 percentage points over the second-highest luxury brand Audi, which currently is No. 9 on the list.
One year ago, there were only 2 percentage points separating the two brands, prompting analysts to point out interest in Lexus has significantly increased among new-vehicle shoppers on KBB.com in the last year.
The top brands for Q4 2012 included:
—Toyota: 52.3 percent
—Lexus: 52.0 percent
—Honda: 50.3 percent
—Hyundai: 50.0 percent
—Ford: 49.7 percent
—Subaru: 47.8 percent
—Kia: 45.8 percent
—Chevrolet: 43.9 percent
—Audi: 41.8 percent
—Nissan: 41.0 percent
KBB.com defines shopper loyalty as new-vehicles shoppers reconsidering their current vehicle brand for their next purchase.
“Lexus recently redesigned its GS, ES, RX and LS, and each model has played a part in driving increased interest to the brand among KBB.com new-car shoppers, while also influencing current owners to again consider the manufacturer for their next purchase,” said Akshay Anand, market intelligence Web analyst for Kelley Blue Book.
“Lexus has moved in a bold new direction with its vehicle styling, even creating a signature feature with its unique ‘spindle grille,’ while also catering to financial-minded shoppers by winning the prestigious title of Best Resale Value: Luxury Brand in Kelley Blue Book’s 2013 Best Resale Value Awards,” Anand continued.
Holding the No. 1 spot for five consecutive quarters, Toyota maintained its stride as the shopper loyalty leader during Q4, followed closely by Honda in the No. 3 spot with a 3 percentage point gain year-over-year.
KBB indicated Honda’s success can be attributed to its popular redesigned CR-V and Accord, as well as the refreshed Civic. The Accord has been the most-shopped vehicle on KBB.com since its redesign for the 2013 model-year, while the CR-V was the most-shopped new vehicle on all of KBB.com in 2012. The Civic also has been among the top five most-researched vehicles since its recent refresh.
While Hyundai and Kia have garnered tremendous success during the past few years, analysts said these brands have dropped in shopper loyalty among KBB.com’s new-model audience.
Hyundai was the No. 1 brand in terms of shopper loyalty on KBB.com in Q2 and Q3 of 2011, and held the No. 2 position from the fourth quarter of 2011 through the third quarter of last year.
Hyundai continued its slow fall to No. 4 in Q4 of last year while Kia dropped from its No. 3 spot between Q4 of 2011 and Q2 of 2012 to the No. 7 position in the fourth quarter.
“Hyundai and Kia's declines in shopper loyalty can be attributed to the lack of redesigns or refreshes in the last year from both Korean companies for their staple vehicles,” Anand said. “The Hyundai Elantra, Hyundai Sonata and Kia Optima were redesigned to rave reviews a couple of years ago, but with many all-new redesigns coming from competitors in the last year, current Hyundai and Kia owners are looking to other brands as an alternative.”
Kelley Blue Book Market Intelligence examines shopper loyalty while consumers are still in the shopping phase. For this analysis, shopper loyalty is defined as owners of the brand who are currently shopping the same brand for their next new vehicle. This includes data from consumers who view a trade-in page or private party page, in addition to a new-vehicle page on Kelley Blue Book’s KBB.com.
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