Recession left great craters in America’s economic landscape, and also the auto industry fared no better. Auto bailout monies may have been a life preserver for probably the most dysfunctional automakers, however the aftereffects of accepting the cash without doubt damaged the reputation of the neediest corporations. Not accepting Troubled Asset Relief Program (TARP) funds was a gamble for Ford Motors, but in hindsight it has paid good dividends. Automotive News reports that it had been this fateful decision by the classic American automaker that helped catapult them to new highs, including Advertising Age’s “Marketer of the Year” award. Source of article – Ford is named 2010 Marketer of the Year by Advertising Ag by Car Deal Expert.
We see Ford in trouble too
When dark economic times came to the automotive industry, Ford had been as deep within the hole as numerous of its competitors. $14.6 billion had been lost in 2008 by the business. The rest of the Detroit auto row got into temptation although “the brand that Henry built, stayed away. The business refused to get Troubled Asset Relief Program funds “worth more than $1 billion of coverage and customer interest.” Automotive News accounts Ford marketing chief Jim Farley saying this. “If I had to go out and advertise, it would be that kind of bill in paid media. It’s a once-in-a-lifetime thing.”
Just ‘$1 billion in free goodwill’
Ford Motors didn’t take the TARP funds which helped its public image. Of course, the 2010 Marketer of the Year award did not go to the company from Marketing Age due to this. Ford is the number two automaker in the U.S. now. Ford’s 17 percent share of the automobile and light truck sector through September places the company only behind General Motors in sales, but Ford’s reputation is light years ahead. America has loved the crackling marketing campaigns that have been coming to them since the Great Depression ended. U.S. yearly sales increased 19 percent through Sept, nearly double the industry-wide increase of 10 percent, writes Automotive News. Ford’s $4.7 profit over the first half of 2010 is the largest boost over such a period since 1998.
Information from
Automotive News
autonews.com/apps/pbcs.dll/article?AID=/20101018/RETAIL03/101019866/1018
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