Holman is 100, Toyota Doubles Down, and Loyal Gen Z

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

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Let’s kick off the last week of the month with guest host Daniel Govaer as we celebrate Holman’s century of automotive excellence, explore Toyota’s bold hybrid-only strategy as EV demand shifts, and dive into surprising brand loyalty trends among Gen Z.

Show Notes with links:

• Holman marks a century of automotive innovation and growth, celebrating its 100th anniversary on August 23rd. From a single Ford dealership founded by Steward C Holman in 1924 in New Jersey, Holman has evolved into one of the largest family-owned automotive services organizations worldwide.
  • The company now operates over 59 dealerships across nine U.S. states and employs over 9,000 people globally, with a presence in the United Kingdom, Canada, Germany, and Mexico.
  • They have expanded into various automotive services, including fleet management, commercial vehicle equipment manufacturing and powertrain distribution.
  • Mindy Holman, Chair of the Board, emphasizes the company's commitment to its employees and customers. “As I reflect on this milestone, I’m incredibly grateful to our people... I know dad and granddad would be equally proud,”

• Toyota is doubling down on hybrids, with plans to potentially convert most of its Toyota and Lexus lineup to hybrid-only models. This bold move challenges the industry's push toward full electrification.
  • Toyota may phase out gasoline-only models in the US, starting with the Camry and RAV4.
  • The company aims for 50% of its U.S. sales to be hybrids by next year.
  • Hybrids offer Toyota an edge in meeting strict U.S. emissions regulations.
  • Toyota’s hybrid sales surged 66% through June 2023, far outpacing its EV sales.
  • Chairman Akio Toyoda has emphasized a "multi-pathway" strategy, including hybrids, EVs, and hydrogen.
  • "Going forward, we plan to evaluate, carline by carline, whether going all-hybrid makes sense," said David Christ, Head of Sales and Marketing for Toyota in North America.
    
• Despite common perceptions, Gen Z is proving to be highly loyal to brands. A recent survey by Medallia Market Research reveals that 61% of Gen Z shoppers consider themselves “forever customers,” outpacing Millennials (57%) and Boomers (43%).
  • Most customers find loyalty after a positive interaction with the brand.
  • Price is the top factor for respondents becoming "forever customers," followed by product quality.
  • However, the majority of customers refuse to shop at a retailer after a bad experience.
  • “We’re witnessing a shift in brand loyalty dynamics, particularly among younger consumers,” says Medallia.

Hosts: Paul J Daly and Kyle Mountsier
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