Hyundai is flying high and is in the best possible position to reap the benefits of a severely injured Toyota. Researchers are saying that the South Korean brand is growing in consumer awareness and acceptance across the United States – but there is more to it than just the fact that Toyota, Hyundai’s Japanese rival, has been marred recently by recalls.
“Hyundai is benefiting from a perfect storm,” said James Bell, a leading market analyst for Kelly Blue Book. “It’s a result of introducing new products like the Sonata and Tucson, while Honda’s mainstream vehicles, like the CR-V and Accord, are a bit stale, and Toyota is experiencing a huge consumer perception crisis.”
According to Kelly Blue Book, Hyundai has already surpassed both Honda and Toyota in the month of February to become the number one brand in customer loyalty. Hyundai’s redesigned mid-sized Sonata model, which went on sale in February, broke through its top 10 list of most-researched vehicles for the first time.
Last month, the redesigned Tucson moved up from No. 83 to the No. 1 most considered vehicle out of the 454 models that were listed on Edmunds.com. The Hyundai Sonata moved from the No. 33 spot to No. 4.
Another category giving Hyundai high marks is ‘loyalty’. Hyundai was No. 1 in that category, according to Kelly Blue Book. Toyota fell from No. 1 to No. 3. Hyundai dealers haven’t been backing down from Toyota’s aggressive deals. Instead, Hyundai is offering a $199, 36-month lease for the all-new 2011 Sonata, and a $239 36-month lease for the Tucson.
