2010 CorollaToyota’s announcement of zero-percent financing and special lease deals in early March have generated a near-40% jump in “purchase intent” by visitors to Edmunds.com.
“Purchase intent" measures actual buyer interest reflected by pricing research, vehicle configuration and other focused steps, and has a strong correlation to sales, Edmunds noted.
“The Toyota recall saga allowed other automakers to snag some market share, and now Toyota wants it back,” said an Edmund’s senior analyst, George Kang. “Despite their ongoing challenges, the company still has plenty of brand strength and consumer confidence.”
In January, Toyota’s purchase intent averaged a bit more than13%, Edmunds noted, but fell to less than 10% percent as a result of the recall announcements. By March 1 Toyota purchase intent had recovered to 13%. A day later, following the incentive program announcement, Toyota purchase intent jumped to 18%, a 14-month high.
Later announcements of zero-percent financing by Chrysler and GM didn’t have the same effect. In fact, Chrysler purchase intent decreased from 3.3% to 2.9%, and GM purchase intent rose just 0.1%, Edmunds added.
“Because of the Toyota recall, people have been closely watching the company’s moves, and many were ready to take action upon hearing the announcement of this highly anticipated incentives program,” noted Edmunds.com senior analyst David Tompkins.