20 September 2013
TOYOTA ACCESS ATTRACTS OVER 10,000 CUSTOMERS IN FIRST 10 MONTHS
Toyota Financial Services (TFS) says its recently launched finance innovation, Toyota Access, has gained more than 10,000 customers in ten months - beating initial sales projections.
Analysis of customer data since the launch of the novel ownership product - which guarantees the future value of the vehicle - reveals that it is attracting conquest customers from other car brands to Toyota showrooms.
Some Toyota Dealers are reporting that more than 50 per cent of their finance customers are choosing Toyota Access.
Divisional Manager National Sales at Toyota Motor Corporation Australia, Scott Thompson, said the Guaranteed Future Value concept at the heart of Toyota Access is paying dividends for dealers and consumers alike.
"Our research shows that among customers also considering other motor vehicle brands, almost 60 per cent rated Toyota Access as a big influence over their purchase decision," Mr Thompson said.
"This product is attracting new customers to the Toyota brand by allowing them to buy a car they might not have otherwise been able to afford."
General Manager Strategic Planning and Marketing at TFS, George Cornwell, said Toyota Access was winning customers by meeting consumer demand for a low deposit, low repayment loan with the certainty of a Guaranteed Future Value.
Toyota Access works by deducting a customer's deposit from the amount to be financed and deferring to the end of the contract an amount equivalent to the Guaranteed Future Value*.
The maximum term is four years (48 months) and the contract is subject to fair wear and tear guidelines and agreed kilometres being met.
At the end of the contract period, owners can upgrade to a new Toyota, or simply pocket the difference if the market value of their Toyota is higher than the Guaranteed Future Value.
Alternatively, they can pay or refinance the Guaranteed Future Value and keep their car, or hand back the car to their dealer and walk away with no more to pay^.
Mr Cornwell said the various choices available at the end of the agreement are the main reason customers are giving for buying a vehicle through Toyota Access.
"The ability to trade-in, upgrade or sell while having financial peace of mind is proving very compelling for consumers.
"They also really like the ease of the finance process - the way Toyota Access provides a one-stop-shop purchase solution where everything can be done for them on the day."
Toyota Access is also generating excellent Customer Satisfaction Index (CSI) scores for Dealers.
"An overwhelming proportion of the customers surveyed said that Toyota Access was a great idea and they would recommend it to family and friends," Mr Cornwell said.
Toyota Finance National Lifecycle Manager Sion Jones said Toyota Access appeals especially to owners who want the flexibility to update their Toyota to suit their changing circumstances, such as when their family grows.
"Toyota Access is flexible enough to take into account all current lifestyles and allows customers to keep themselves up to date with the latest safety, fuel economy and infotainment technology available from Toyota," Mr Jones said.
He said the product is giving dealers a genuine reason to contact their customers and bring them back to the dealership to buy another car after a shorter than average ownership cycle.
"Toyota Access has the added potential benefit of providing Toyota dealerships with a stock of one-owner, full service history vehicles for their used car yards," he said.
*Terms and Conditions, fees and charges apply. Toyota Access GFV products are available to approved customers of Toyota Finance a division of Toyota Finance Australia Limited ABN 48 002 435 181, Australian Credit Licence 392536.
^ Subject to fair wear and tear conditions and agreed kilometres being met.
For more information, please contact:
Corporate Communications Manager
Toyota Finance Australia Limited
Tel: (02) 94300427
General Manager Strategic Planning and Marketing at Toyota Financial Services, George Cornwell, said that many of the 10,000 customers using Toyota Access vehicle financing were attracted to its low deposit and repayments, and the certainty of a Guaranteed Future Value.