Among the many challenges brought about by the pandemic was the erosion of customer loyalty, prompting new vehicle buyers to explore various options. However, as supply chains have returned to something resembling normal, consumer behaviors, including loyalty, have also begun to stabilize.
In 2022, brand loyalty stood at 50.2 percent. However, according to a new study, it increased by 0.8 percentage points in 2023, reaching 51 percent. While this may not seem like a significant jump, it marks the first increase in loyalty levels since 2019. The uptick coincides with growing inventory levels at dealerships, making vehicle shopping easier, among other factors.
That was good news for General Motors, which maintained its position as the manufacturer with the most loyal customers in 2023, according to S&P Global. This marks the ninth consecutive year and the 20th time in the last 28 years that the American automaker has earned this award.
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S&P Manufacturer And Brand Loyalty Awards
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The individual brand with the most loyal customers last year was Tesla. This was the second year in a row that it has won the award, and was only the beginning of its successes. Tesla also won the “Highest Conquest Percentage” award, as well as the “Alternative Powertrain Loyalty to Make,” and the “Ethnic Market Loyalty to Make” awards.
Much of the brand’s success can be attributed to the all-electric Model 3 sedan and Model Y crossover. These vehicles have garnered popularity among existing owners, while Tesla’s dominance in the EV sector has attracted many customers transitioning from the internal combustion segment.
Neither of those electric vehicles had the most loyal customers, though. New for 2023, the “Overall Loyalty to Model” award was taken by Lincoln Nautilus. More than 42 percent of the crossover’s customers return to it when they need a new vehicle, which also made it the model with the most loyal customers in the Luxury Mid-Size Utility segment for the second year in a row.
“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 Joe LaFeir, President, Automotive Insights, S&P Global Mobility. “However, concerted efforts from OEMs to improve retention through unique marketing initiatives, alongside improving inventory levels and great new products, are resulting in a stabilizing of loyalty levels, after several years of decline.”
Segment Model Loyalty Awards
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