TrueCar: Toyota Incentives Lead to Strong Market Share Gains
SANTA MONICA, Calif. — The "aggressive" incentives that Toyota rolled out this month seem to be paying off, according to TrueCar. In fact, the company discovered that the automaker's month-over-month growth in market share is the largest among major brands as of mid-March.
More specifically, after posting market share of only 11.2 percent in February in the wake of its recalls, Toyota has commanded 14.1 percent of the market through March 14. This marks a 27.9-percent monthly upswing and a 6.4-percent year-over-year gain.
"Toyota's aggressive incentive programs in March appear to have accomplished what they were designed to do: bring consumers back into Toyota showroom," TrueCar officials noted. "Toyota experienced the biggest monthly market share gain of any major brand so far in March."
Also enjoying a strong month-over-month rise is Hyundai, whose market share of 5.5 percent is an improvement of 26.9 percent from an "average" February share of 4.4 percent.
Hyundai's monthly hike ranks No. 2 among major brands, behind Toyota.
Continuing on, Honda's market share, which is at 8.3 percent as of March 14, has shown a 10.4-percent dip from the year-ago period and a 9.4-percent decrease from the February, something TrueCar called surprising.
"Toyota incentives are the only likely cause for this drop," officials explained.
Meanwhile, Ford has commanded market share of 17.4 percent so far this month and it has shown the heaviest improvement from a year ago (up 36.7 percent).
"Ford will be the number one automaker in the U.S. for the second month in a row if the current trends hold up for the rest of the month," analysts stated.
Looking at some other brands, Chevrolet's market share reached 12.8 percent, Kia's is at 3.4 percent and Nissan commanded 7.4 percent, according to TrueCar.