IRVINE, Calif., May 31, 2011 /PRNewswire/ -- The Kia Sorento has been the brand's best-selling vehicle every month since arriving in January 2010, and with the addition of several enhancements the popular crossover now has one of the highest residual value ratings for the 2012 model year in the compact CUV segment from ALG, the industry benchmark for residual values and a leading provider of data and consulting services to the automotive industry. The rating of 58-percent of original manufacturer's suggested retail price (MSRP) for 36 months(2) of ownership is a full 10 points higher than the 2011 model year residual value and can be attributed to the Sorento's class-leading horsepower(3) and fuel economy(4) with the newly available 2.4-liter engine featuring Gasoline Direct Injection (GDI). In addition, consumer demand for Sorento has outpaced expectations, and this momentum reflects the significant residual value increase for the 2012 Sorento.
As one of the seven new products launched under Kia's design-led transformation, the Sorento has achieved a number of historic firsts for Kia, including being the first vehicle built at Kia Motors Manufacturing Georgia (KMMG) in West Point, Georgia and becoming the company's first vehicle to surpass 100,000 units in a single year.
"With gas prices above $4 per gallon in many parts of the country, fuel economy has become an even more important element in consumers' decision-making process when considering a new car, and the Kia Sorento's all-new GDI engine delivers increased horsepower, lower emissions and outstanding fuel efficiency by achieving up to 32 miles per gallon on the highway," said Tom Loveless, vice president, sales, Kia Motors America (KMA). "Kia's value proposition has never been stronger, and with Sorento's high residual value rating by ALG, buyers can benefit from higher resale values and excellent leasing options."
Production of the 2012 Kia Sorento recently began at KMMG and the updated CUV now offers class-leading power (191 hp) and fuel economy along with cutting-edge technologies, including an available gasoline direct injection (GDI) engine and Kia's new UVO powered by Microsoft®(5) hands-free infotainment and communications system based on the Windows Embedded Automotive platform. Also new for the 2012 model year are power-folding mirrors, memory seat/power passenger seat, ventilated driver's seat and heated and wood trim steering wheel.
"The new generation 2011 Kia Sorento was launched early in 2010 with the right balance of low pricing and generous content," said Eric Lyman, director, Residual Value Solutions for ALG. "Based on ALG residual value forecasts and information from our transaction database, demand has clearly outpaced initial expectations for the Sorento. While overall incentive spending and fleet sales are down, retail sales have shown significant growth spurred on by robust consumer demand. As a result, ALG has reflected this positive momentum in its residual forecast for the 2012 Kia Sorento."
Pricing for the dynamic 2012 CUV begins at $21,250(6) for the base trim, offering such standard convenience features as air conditioning, power windows, door locks and mirrors, SiriusXM™ Satellite Radio capability with three months complimentary service(7), Bluetooth®(8) wireless technology and MP3 connectivity.
The Sorento combines Kia's distinctive design language with a comprehensive list of standard safety, convenience and technology features and was named a 2010 "Top Safety Pick" by the Insurance Institute for Highway Safety (IIHS).
Kia Motors America Product Line
Kia's model year 2011 vehicle line includes the Sorento CUV, Sportage compact CUV, Optima midsize sedan, Soul urban passenger vehicle, Forte compact sedan, Forte 5-door compact hatchback, Forte Koup two-door coupe, Rio sub-compact sedan, Rio5 sub-compact hatchback and Sedona minivan.
About Kia Motors America
Kia Motors America (KMA) 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 730 dealers throughout the United States and serves as the "Official Automotive Partner of the NBA." In 2010, KMA recorded its best-ever U.S. sales and 16th consecutive year of increased U.S. market share. Kia is poised to continue its momentum and will continue to build the brand through design innovation, quality, value, safety features and new technologies.
About ALG (www.alg.com)
Based in Santa Barbara, California, ALG is the industry benchmark for residual values and a leading provider of data and consulting services to the automotive industry. ALG publishes the "Automotive Lease Guide" -- the standard for Residual Value projections in North America, and has been forecasting automotive residual values for over 40 years in both the U.S. and Canadian markets. ALG is a company of Dealer Track Holdings, Inc.
(1) Kia vehicles assembled at the Kia U.S. plant are assembled from U.S. and globally-sourced parts.
(2) Value Retention after 36 months. Based on model average of all trims. ALG® Residual Value Guide. May/June 2011.
(3) Class claim based on comparison of 2011 and available 2012 compact CUVs with V6 and 2.4 GDI engines as of May 2011.
(4) Class claim based on comparison of 2011 and available 2012 compact CUVs with 2.4 GDI engines as of May 2011.
(5) Microsoft is a registered trademark of Microsoft Corporation in the United States and/or other countries.
(6) Starting price is manufacturer's suggested retail price (MSRP) for lowest trim level. MSRPs exclude $800 destination and handling fee, title, taxes, license, options and dealer charges. Actual prices set by dealer and may vary.
(7) Sirius services require subscriptions, sold separately after 3-month trial included with vehicle purchase/lease. Subscriptions governed by SiriusXM Customer Agreement at siriusxm.com. If you decide to continue your Sirius service at the end of your complimentary trial, the plan you choose will automatically renew and bill at then-current rates until you call Sirius at 888-539-7474 to cancel. Sirius U.S. Satellite service available only to those at least 18 years of age in the 48 contiguous United States, D.C. and PR. Go to www.siriusxm.com/traffic for available coverage. © 2011 SiriusXM Radio Inc. Sirius, XM and all related marks and logos are trademarks of SiriusXM Radio Inc.
(8) The Bluetooth® word mark and logos are registered trademarks owned by Bluetooth SIG, Inc. and any use of such marks by Kia is under license. Other trademarks and tradenames are those of their respective owners.
SOURCE Kia Motors America