Benzinga - by Anan Ashraf, Benzinga Editor.
Automotive insights provider S&P Global Mobility on Monday zeroed in on General Motors Co (NYSE:GM) as the auto manufacturer that most customers are loyal to in the U.S. EV giant Tesla Inc (NASDAQ:TSLA) however bagged the award for overall loyalty to make, thanks to the popularity of its Model 3 and Y vehicles among current owners.
What Happened: Automotive loyalty refers to when a household that owns a particular vehicle returns to the market to buy the same make, model, or another vehicle from the same maker. S&P Global Mobility’s awards are based on an analysis of 12.6 million new retail vehicle registrations in the U.S. in 2023.
While General Motors won the award for overall loyalty to the manufacturer, Tesla won it for loyalty to make, and Ford brand Lincoln’s Nautilus for overall loyalty to a vehicle model. In 2023, more than 42% of Lincoln Nautilus owners who returned to the market for their next vehicle chose another Nautilus, the firm noted.
“The last few years have shown us that customers are becoming more comfortable to consider and purchase a new vehicle outside their preferred brand,” said President of Automotive Insights Joe LaFeir.
However, automakers are trying to retain their customer base by marketing and improving inventory levels, resulting in a stabilizing of loyalty levels, they noted. Overall brand loyalty in 2023 was at 51%, higher than 50.2% in 2022, thanks to an increase in inventory levels.
Award Winners In Vehicle Segments: Chevrolet Bolt won the loyalty award within the small car segment, the Porsche 911 in the luxury sports car segment, the Ford F-series in the light-duty pickup category, and the Dodge Challenger in the sports car category.
In the van segment, customers are most loyal to the Chrysler Pacifica and to the Mercedes-Benz S-Class in the luxury full-size car category.
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