An article in today’s New York Times asserts that, back in the 1980’s, four out of five new car buyers would stick with the name plate of their trade in. If you traded in a Chevrolet, you bought a Chevrolet. If you owned a Toyota, chances are, your next car would be a Toyota.
So far in 2009, only one in five car buyers choose to stick with the brand of their previous vehicle, according to the story.
Implications: This story suggests that a customer will not buy from you today simply because they bought from you yesterday. For some, that lack of loyalty will be a crisis. For others, it will represent an opportunity to meet and serve new people, and expand market share.
Mike Anderson
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