Japanese car maker Toyota is now facing a tough challenge of keeping his brand value and reliability intact following its huge recall over the sudden pedal acceleration problem. According to a recent survey conducted by Consumer Reports, only 57 percent of Toyota’s existing customers think that they would prefer Toyota if they buy a new model. It is down from its previous loyalty mark of 70%. So, it is clearly visible that Toyota’s consumer loyalty has been decreased significantly since December 2009.
Toyota was once well-known for its reliability and safety, but the recall and the subsequent legal proceedings caused heavy damage on its brand value. Rival car makers like Honda and Ford are capitalizing on Toyota’s condition as the survey showed many car enthusiasts now prefer Honda and Ford to buy their next car.
Honda is ranked no. 1 in terms of consumer loyalty as 68% of its current owners would buy another car from it. Among the Ford car owners, 61% are interested to buy a new one from Ford. It is a 10% increase in Ford’s consumer loyalty.
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