Cars.com, CNW Discuss March Impact of Toyota Incentives
CHICAGO and BANDON, Ore. — The Cars.com Consumer Search Index demonstrated again that aggressive incentives given by Toyota in March paid off for the automaker.
Meanwhile, CNW Research evaluated how much other manufacturers would have to give in order to capture the same incentive effect Toyota has enjoyed recently.
Cars.com officials indicated that all but one of the Top 10 vehicles listed as their March Movers were Toyota vehicles. All told, the site determined that March consumer contacts to dealers about Toyota models grew by more than 86 percent over February.
Fueling the growth were several of Toyota's mainstays, including the RAV4, Highlander, Corolla and Camry.
The only unit not made by Toyota that enjoyed strong growth in Cars.com's report was the Hyundai Sonata.
"Toyota's unusual incentives seem to be working, even with the recall news," stated Cars.com editor in chief Patrick Olsen.
"It's interesting to note that the Hyundai Sonata is the only non-Toyota car on the list. Especially in the wake of its marketing campaign, the Sonata continues to gain traction with consumers on Cars.com," Olsen added.
Among the vehicles that lost the most consumer traction in the site's index were the Acura MDX, Chevrolet Suburban and GMC Yukon.
Cars.com Consumer Search Index March 2010 |
Top Percentage Increases in Consumer Contacts to Dealers |
Vehicle | Percentage Increase |
Toyota RAV 4 | 219.26 |
Toyota Highlander | 180.86 |
Toyota Corolla | 135.68 |
Toyota Camry | 122.35 |
Toyota Tundra | 93.76 |
Hyundai Sonata | 76.92 |
Toyota Sequoia | 76.56 |
Toyota Prius | 70.52 |
Toyota Tacoma | 59.08 |
Toyota Sienna | 58.18 |
Top Percentage Increases in Consumer Contacts to Dealers |
Vehicle | Percentage Decrease |
Acura MDX | 28.52 |
Chevrolet Suburban | 23.93 |
GMC Yukon | 23.48 |
Lexus RX 350 | 21.63 |
Ford Fusion Hybrid | 18.00 |
Buick Enclave | 10.46 |
Cadillac SRX | 9.82 |
Nissan Frontier | 9.19 |
Audi A4 | 9.05 |
Kia Sorento | 8.28 |
Toyota's Incentive Effect on Other Nameplates
The generous incentives offered by Toyota recently have forced many other automakers to follow suit. A recently analysis produced by CNW Research calculated how much other OEMs would have to hand out in incentives for every $500 doled out by Toyota and have the same impact.
For the first quarter of this year, CNW determined only Honda could offer less and get the same return. The firm determined the incentive amount for Honda would have to be $425.
The other four automakers included in the analysis — Ford, General Motors, Chrysler and Nissan — would need to give more. And in the case of one domestic brand, the difference is significantly higher.
Nissan's incentive package would have to total $800. Next on CNW's chart was Ford at an incentive level of $950.
CNW believes GM would have to more than triple Toyota's incentive offer, giving out a total of $1,750.
And for Chrysler to have the same effect as a Toyota's $500 incentive, CNW thinks it would have to put together a $3,100 package.