Toyota Buyer Interest Spikes on Sales Event
Car buyers apparently agree. According to Edmunds.com, there's been a nearly 40 percent spike in purchase intent since the sales event was announced.
In January, Toyota's purchase intent averaged just over 13 percent before plummeting to 9.7 percent following the recall announcements, Edmunds.com reports.
But on Monday, the carmaker's purchase intent rose to 13 percent and the following day, when the sales event was announced, it soared to 18 percent - a 14-month high, Edmunds.com said.
Incentives announced by Chrysler and General Motors, by comparison, fell flat. Edmunds.com reports that Chrysler purchase intent actually went down from 3.3 percent to 2.9 percent while GM purchase intent edged up from 12.6 percent to 12.7 percent.
"The Toyota recall saga allowed other automakers to snag some market share, and now Toyota wants it back," said George Kang, Senior Analyst at Edmunds.com. "Despite their ongoing challenges, the company still has plenty of brand strength and consumer confidence."
According to the online automotive resource, "'purchase intent' measures actual buyer interest reflected by pricing research, vehicle configuration and other focused steps. Purchase intent has a strong correlation to sales."