In the last two years, Americans have watched failures cripple every industry, but few seem to have emerged from the global recession as strongly as carmakers. Sales in the United States have inevitably bounced back up to levels not far off of where they were in the healthy early 2000s and the successful General Motors IPO was only the tip of the iceberg.
Despite GM’s decision to accept low-interest government loans and a pre-packaged bankruptcy that might have made Gordon Gekko proud, a new study suggests that Americans place more confidence in Detroit and foreign automakers than in a number of other big businesses.
According to a recent study, trust in automakers has “soared” on a global level thanks, at least in part, due to automakers’ ability to “emerge from the ashes” to succeed. Few brands didn’t see improved sales last year and even Toyota weathered its massive and unprecedented recalls with stagnant, not weak, sales.
Banks, on the other hand, continue to represent evil – at least to those college-educated upper income households that participated in the survey. Just 25 percent of Americans said that they were willing to put their trust in banks to do the right thing.
What’s the difference? Both industries have been heavily propped up by government assistance in both the United States and abroad, but the difference is that automakers have been able to post a quantifiable turnaround.
Strong sales. Profits. IPOs. Signs of recovery and strength that have consumers willing to put their trust in once-struggling industries.
