Tesla topped Ford for U.S. brand loyalty for the first time ever in the 2022 Automotive Loyalty Awards, reported S&P Global Mobility.
Still General Motors remains the one to beat. The automaker took the “Overall Loyalty to Manufacturer” award for the eighth consecutive year.
Overall customer loyalty declined last year as industrywide shortages pushed customers to shop for other brands. The industry’s average loyalty dropped from 54.6% in 2019 to 50.2% in 2022, according to S&P Global Mobility.
"The past three years have been a challenge for the automotive industry," Joe LaFeir, S&P Global Mobility president, said in a press release. "As customers are returning back to market post pandemic and inventory levels have slowly improved from last year's lows, retaining loyal customers has been more challenging than ever before."
Tesla won "Overall Loyalty to Make," marking the first year in over a decade that Ford did not take the award, said Vince Palomarez, S&P Global Mobility product manager. When Ford won the “Overall Loyalty to Make” award in 2021, it was its 12th consecutive year of receiving the honor.
Tesla also took the top spot in the “Ethnic Market Loyalty to Make,” “Most Improved Make Loyalty,” “Highest Conquest Percentage,” “Alternative Powertrain Loyalty to Make,” and “Luxury Small Car Categories.”
"Ethnic buyers have increased their market share in the industry every year for the last decade, making them an important audience in building loyalty success for the foreseeable future," Palomarez said.
Tesla won this year's "Ethnic Market Loyalty to Make" award with 52% of its loyalty volume coming from ethnic consumers.
The loyalty awards point to electric vehicles gaining a greater market share in the industry. Mercedes-Benz won "Most Improved Alternative Powertrain Loyalty to Make" award.
Subaru won "Overall Loyalty to Dealer" award for the first time, with 38% of Subaru owners buying their next vehicle from the same dealer.
S&P Global Mobility analyzed 11.7 million new U.S. retail vehicle registrations in 2022 for the 27th annual awards. The analysis defines loyalty as “when a household that owns a new vehicle returns to market and acquired another new vehicle of the same make, model or manufacturer. The newly acquired vehicle may be either a replacement or an addition to the household fleet."
Originally posted on Auto Dealer Today
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