"Scion's target buyer is information rich, time poor and highly technology savvy," Farley said. "Scion will cater to this influential generation with unique products, a distinctive dealership environment and a revolutionized sales process, all complemented by an astonishing sticker price (ranging from USD$12,480 for the base xA to USD$14,480 for the xB with automatic transmission)."
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| Toyota hope the Scion brand can go head to head for the youth market against Hyundai and Kia. (Photo: Toyota) |
Basically, the reason behind Scion is that Toyota has been concerned that the children of Toyota's Baby Boomer customers, who are just coming of age to purchase their first new cars, will regard their parents Japanese automaker as stodgy and will be seeking other products. Korean competitor Hyundai, along with Kia, has been successfully targeting the entry level of the American market.
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| The upcoming generation, has received intense focus by all the automakers because it is the largest wave of potential new car buyers since the boomers after World War II. (Photo: Toyota) |
The Korean automakers' progress resembles the way Toyota, Honda and Nissan became successful in the U.S., but they have been growing at a more rapid clip than the Japanese Big Three initially did.
The upcoming generation, currently called "Gen Y" or "millennials" by some demographers, has received intense focus by all the automakers because it is the largest wave of potential new car buyers since the boomers after World War II. The general consensus by many demographers is that Gen Y has many diverse groups--they can't be easily pigeonholed like the boomers or Gen Xers--and its members have very little brand loyalty.