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How Toyota’s Recall Can Affect You a Consumer
An article on how a recall can affect different consumers in different ways.
The car makers and car dealerships have been hit hard again. Toyota a well known company, with a stream of followers, is the latest car company to get hit. That is what the headlines are saying. Toyota is recalling almost 2.3 million cars from eight different lines. They are stopping production from six different plants. What does this mean to you and me? Well a lot. As consumers we need to be alert on how this can impact us. Lets talk about what this recall can mean to a lot of people.
Plant Employees
Mutual Fund/Stock Holders-
Car Owners
Small Mom & Pop Dealerships
Honda/Subaru/Nissan/Ford Sales Employees
Often times, we hear in the media about the struggles that a corporation is going through. Keep in mind that with every recall, stock price, job loss or concern, affects you the consumer right at your back door.
- Sure as a consumer, you might think that a sales employee from a competitor car maker is going to make $$$ money selling their vehicles right now. Well your absolutely wrong. Any corporation whose competitor is struggling with a major problem. Is concerned with their own shop. All car makers are affected by this recall. They now struggle with the average consumer pulling back from purchases . Traffic may not flow into these dealerships as one would think, again time will tell.- The small and pop dealers who have inventory in their lots. The economy has hit those guys really hard. For one, people were not buying, and credit was tough enough. What will happen to those businesses who won’t be able to move inventory because of this recall. It can be a positive or negative thing for them. For one, most of these dealerships hold trade -in cars. Their cars may not be part of the recall. They could be considered classic and reputable. But at the same token, consumer doubts can cause those classics to sit and rot in their lot. - Car Owners whose vehicle is being recalled, what does that do to you. Are you now a consumer who is afraid of driving a Toyota anything? Or if you’re an existing owner, do you think your car has lost value in the name. Time will tell if consumers and owners, can get passed this recall. People take pride in owning a vehicle, and Toyota needs to focus on how they are going to deal with the disappointment in some of their followers. This may affect any Toyota owner when trading their vehicles, not for the value but for the hassle one may receive from another dealership.If Toyota’s stock is in a mutual fund, or part of someone’s retirement, it can affect the value of those funds. Just know this company has been around for a long time. How they handle this recall is going to determine, how their financial picture will end this year and the following years. Mutual Fund Managers, and Stock holders will be looking at their holdings and following this company very closely. Buying and selling this companies stock, and stability will be determined on the damage to Toyota’s good name. The trust in consumer will be reflected on the market.- If Toyota is stopping production in six different plants because of this recall. All those employees in the assembly line will be out of work and may be not making the kind of money they were making before. Typically, factories, assembly lines and production companies pay their employees by the pieces. The more they produce the more they get paid. One does not need to know Toyota’s pay structure or incentives, but for sure this recall will affect those individuals income until production gets back on track. Lost jobs, lost wages impacting a regions that is already hard hit due to the economy.
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January 28, 2010
Good post.
Thanks to share this one.
January 28, 2010
I’m lucky I do not own one.
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January 28, 2010
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January 28, 2010
The multitude of Toyota recalls are doing a great deal of damage to their premium brand. more than 2 million autos in the US to correct sticking gas pedals. 4.2 million motorcars in the United States to correct pedals getting lodged under floor mats. 690,000 automobiles in China as a result of imperfect electrical window switches. Toyota managers on TV to apologise for recall and still the media highlight problems as the company gets more fidgety. I wonder how much brand value this has cost them.
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