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Hyundai takes top spot on Kelley Blue Book list
Brand ranks No. 1 among car shoppers in recent survey.
By Tamirra StewartPublished: March 16, 2010 01:31 PM
Toyota and Honda took a backseat to Hyundai as car shoppers drove the Korean automaker’s brand loyalty to No. 1 in February, according to a new report from Irvine-based Kelley Blue Book.
The number of Hyundai owners looking at new models within the brand increased to 56.3 percent in the period. The gain moves the brand up from its third place ranking in the fourth quarter of 2009, notes the report.
Fountain Valley-based Hyundai replaces former leader Toyota, which falls to third place, while Honda remains in second. Fewer Toyota owners looked at new models in the period, down 4.4 percentage points to 53.3 percent. Meanwhile, Honda owners looking within the brand increased slightly to 55.8 percent.
Also, the Hyundai Sonata recently broke into Kelley Blue Book's list of the Top 10 Most-Researched New Cars for the first time, joining incumbents Honda and Toyota.
“Hyundai is clearly benefiting from ‘a perfect storm,’” says James Bell, executive market analyst for Kelley Blue Book’s kbb.com, “(This is) a result of introducing passionate new products like the 2011 Sonata and 2010 Tucson, while Honda’s mainstream vehicles like the CR-V and Accord are a bit stale in the marketplace and Toyota is experiencing a huge consumer perception crisis.”
Hyundai also outperformed the overall car segment average by a healthy margin. The car company’s values increased 2 percent month-over-month.
“To sustain this momentum, Hyundai should continue to promote its attractive new vehicle lineup, solid warranty offer and strong price points to new car shoppers,” finishes Bell.
The Kelley Blue Book Market Intelligence report examined site traffic on its Web site, kbb.com, and compared data from the fourth quarter to Feb. 1-28.
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The number of Hyundai owners looking at new models within the brand increased to 56.3 percent in the period. The gain moves the brand up from its third place ranking in the fourth quarter of 2009, notes the report. Fountain Valley-based Hyundai replaces former leader Toyota, which falls to third place, while Honda remains in second. Fewer Toyota owners looked at new models in the period, down 4.4 percentage points to 53.3 percent. Meanwhile, Honda owners looking within the brand increased slightly to 55.8 percent. Also, the Hyundai Sonata recently broke into Kelley Blue Book's list of the Top 10 Most-Researched New Cars for the first time, joining incumbents Honda and Toyota. “Hyundai is clearly benefiting from ‘a perfect storm,’” says James Bell, executive market analyst for Kelley Blue Book’s kbb.com, “(This is) a result of introducing passionate new products like the 2011 Sonata and 2010 Tucson, while Honda’s mainstream vehicles like the CR-V and Accord are a bit stale in the marketplace and Toyota is experiencing a huge consumer perception crisis.” Hyundai also outperformed the overall car segment average by a healthy margin. The car company’s values increased 2 percent month-over-month. “To sustain this momentum, Hyundai should continue to promote its attractive new vehicle lineup, solid warranty offer and strong price points to new car shoppers,” finishes Bell. The Kelley Blue Book Market Intelligence report examined site traffic on its Web site, kbb.com, and compared data from the fourth quarter to Feb. 1-28. Related headlines Orange County Transportation Authority names new deputy CEO Breaking: O.C. district attorney sues Toyota Iteris inks $1.1 million traffic-system management deal |
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