The new scheme applies to the INEOS Grenadier Quartermaster. Photo: INEOS Automotive.
A burgeoning UK-based 4WD company has come up with an industry-first way it hopes will win over even the most stubborn of Australia’s Toyota loyalists.
The scheme, dubbed ‘Love It or Leave It’, allows buyers of INEOS Automotive’s new ute to return it to the dealership within six months or 15,000 km if they don’t like it.
In exchange, you’ll receive the full purchase price back, less what it would have cost to rent a similar vehicle over that period.
If you haven’t heard of the brand yet, INEOS Automotive is a spin-off of a chemicals company owned by British billionaire Sir Jim Ratcliffe.
It came about after Sir Jim asked Land Rover for the blueprints to the old-style Defender so he could continue making it, but when Land Rover refused, he set about creating his own version.
The result, named the Grenadier – after the London pub where he’d announced the idea – arrived here in Australia in mid-2023 with two variants: a five-seat station wagon and a two-seat utility wagon.
Employing BMW 3.0-litre turbo-charged six-cylinder petrol and diesel engines and an eight-speed ZF automatic transmission, prices start at around $110,000.
INEOS Automotive arrived here in Australia in mid-2023. Photo: INEOS Automotive.
We tried it out during the launch event in Victoria in December 2023. While it’s not perfect, the thought that went into every aspect of the design was impressive (it also featured overhead switchgear, which is hands down the best thing ever).
Since then, INEOS has opened dealerships all over the country, including here in Canberra on Melrose Drive (where an expansion is planned soon).
But two years in, it’s still facing a tough time making a dent in a niche market where buyers are wedded to one of three brands: Toyota, Land Rover or Jeep.
The Grenadier Quartermaster comes in two variants. Photo: INEOS Automotive.
INEOS Automotive Asia-Pacific head Justin Hocevar said Toyota’s 70-Series LandCruiser, for instance, comes with “so much inherent trust and brand recognition and huge loyalty … that for us to get on the radar … is difficult”.
“We feel like we’re real David versus Goliath in taking on that might,” he told Region.
So far, INEOS is “ticking along” in Australia, selling around 100 units a month, with 80 per cent of them going to either of the two wagons. However, the brand aims to achieve a 50/50 split between the wagons and the new Quartermaster ute.
“If the mix were more like 50/50, we’d be in the sweet spot,” Mr Hocevar said.
He added the ‘Love It or Leave It’ scheme is about “building trust and giving people the opportunity to explore what it’s like to become an INEOS owner, with the peace of mind that if it’s not what they thought it would be, they can return the vehicle to us and get their money back, essentially”.
The payback figure is based on what it would have cost you to rent a similar vehicle over the same period to spare you from that period of time when depreciation hits the hardest.
“Rather than using the ‘I just drove it out of the showroom floor, and incurred the highest level of depreciation’ – rather than using that as the value of the refund, we’re just going to say if they had gone out and hired another vehicle over that time – let’s say a 70-Series or even a Hilux – we’ve benchmarked our payback figure around that.”
For reference, it costs about $1400 per month to rent a Ford Everest from Europcar for six months.
It’s a gamble, but one Mr Hocevar is certain will pay off.
“When customers come to us and become an INEOS owner, they absolutely love their vehicle – the satisfaction is off the charts,” he said.
INEOS hopes to capitalise on the huge success of other dual-cab utes, like the Ford Ranger, but also on a growing number of disenfranchised Toyota fans.
“The 70-Series LandCruiser … is going through a bit of an identity crisis because it was lauded for its V8 diesel … They’ve now switched that powertrain to the four-cylinder diesel … Most of the aftermarket and fleet businesses we’ve spoken to are all twiddling their thumbs at the moment going, ‘We’re not really convinced [by the new 70-Series]’.
“That in itself creates a bit of an opportunity.”
Then there’s the matter of the new Toyota LandCruiser Prado, which drew criticism for the way its new four-cylinder hybrid drivetrain affected boot space and payload.
“We’ve certainly noticed a lot more cross-shop consideration in our dealer network on our wagon versus the Prado. In fact, it’s our number-one cross-shop consideration vehicle.”
The new scheme is limited to Quartermaster and Quartermaster Cab-Chassis models for now and is available online or through any INEOS Automotive dealer.
