KIA MOTORS NAMED BEST TOTAL COST OF OWNERSHIP BRAND BY KELLEY BLUE BOOK’S KBB.COM
2012 Kia Soul Recognized for Lowest Cost of Ownership in Non-Luxury Compact Car Category
IRVINE, Calif., February 8, 2012 – Leading online automotive resource Kelley Blue Book’s kbb.com reported today the top automotive manufacturers with the lowest average total cost of ownership for the initial five-year ownership period, with Kia Motors America (KMA) earning the award in the non-luxury brand category and the 2012 Soul urban passenger vehicle taking top honors in the non-luxury compact car category. Calculating depreciation, expected fuel costs, insurance, maintenance and repair costs, state fees and more, Kia’s average Total Cost of Ownership over a five-year ownership period came in below $40,000 and the 2012 Soul was under $32,000.
“Kia has evolved dramatically as a company in the past three years and developed one of the youngest and most acclaimed vehicle lineups in the industry, offering unmatched levels of style, performance and technology, said Michael Sprague, vice president, marketing communications, KMA. “The award from Kelley Blue Book is further validation of the maturation of the Kia brand and our unique ability to exceed consumer expectations while maintaining our reputation for tremendous value.”
Based on Kelley Blue Book Total Cost of Ownership data for the initial five-year ownership period, the 2012 awards recognize current model-year vehicles and brands (in both the luxury and non-luxury categories) with the lowest projected ownership costs. According to Kelley Blue Book, depreciation plays the largest role in Total Cost of Ownership, followed by the cost of fuel during the initial five-year ownership period. The company calculates total ownership costs for new vehicles by applying a valuation methodology along with critical financial data from third-party providers.
“As the non-luxury brand winner, Kia tops all manufacturers for low average total ownership costs,” said Juan Flores, director of vehicle valuation for Kelley Blue Book. “With a number of successful redesigns, greatly improved quality, superior fuel economy and competitively priced models, Kia sets itself apart. Some of the key models contributing to Kia’s success are the Soul, Optima and Sportage.”
Kelley Blue Book’s goal for providing the Total Cost of Ownership for vehicles is so consumers can better understand the overall financial implications associated with vehicle ownership through the initial five-year ownership period. Kelley Blue Book’s Total Cost of Ownership features easy-to-understand charts and graphs on kbb.com to help car shoppers make informed purchase decisions by breaking down the typical ownership costs for a particular vehicle. For more information, visit Kelley Blue Book’s www.kbb.com.
Kia’s Unprecedented Growth
Kia Motors is the one of the world’s fastest moving global automotive brands; from 2009-2011 Kia launched more new vehicles in the U.S. than any other automaker, and under the guidance of chief design officer Peter Schreyer earned a reputation as an industry leader in automotive styling. Kia Motors America’s full line of fuel-efficient and fun-to-drive cars and CUVs has earned critical acclaim and dramatically increased consumer awareness, perception and consideration for the brand. In 2011, KMA recorded its 17th consecutive year of market share growth, thanks in part to the largest increase of any major brand in perceived quality1 and the industry’s highest brand loyalty ranking2. Kia’s U.S.-based manufacturing facility in West Point, Georgia KMMG is responsible for the creation of more than 10,000 plant and supplier jobs and builds the company’s two best-selling vehicles in the U.S. the Sorento CUV and Optima midsize sedan3. Kia’s value and technology-laden 2012 model year lineup also includes the Sportage compact CUV, Soul urban passenger vehicle, Optima Hybrid, Forte compact sedan, Forte 5-door compact hatchback, Forte Koup two-door coupe, all-new Rio and Rio 5-door sub-compacts and Sedona minivan.
About Kia Motors America
Kia Motors America is the marketing and distribution arm of Kia Motors Corporation based in Seoul, South Korea. KMA offers a complete line of vehicles through more than 755 dealers throughout the United States and serves as the “Official Automotive Partner of the NBA.” In 2011, KMA recorded its best-ever annual sales total and became one of the fastest growing car companies in the U.S. Kia is poised to continue its momentum and will continue to build the brand through design innovation, quality, value, advanced safety features and new technologies.
Information about Kia Motors America and its full vehicle line-up is available at its website www.kia.com. For media information, including photography, visit www.kiamedia.com.
1 Source: Automotive Lease Guide Spring 2011 Perceived Quality Study
2 Source: Experian Automotive Q2 2011 market analysis
3 Optima Hybrid is not built at KMMG