General Motors, Tesla and Lincoln Corsair Lead the Industry in Retention in 2024
(Image Source)
GLOS&P Global Mobility today unveiled the winners of its 2024 Automotive Loyalty Awards, recognizing outstanding performance in customer loyalty across various segments of the automotive industry. General Motors was recognized as the winner of its ‘Overall Loyalty to Manufacturer’ award while Tesla was awarded the ‘Overall Loyalty to Make’ award.
Based on consumer buying activity from January-December 2024, overall industry loyalty rates saw a slight year-over-year improvement for the third year in a row.
Brand loyalty was at 51.6% for 2024, an increase of 0.6 percentage points (PPTs) compared to 2023 levels of 51.0%. This loyalty increase came as customer return to market volume grew by 4% versus the previous year, signaling not only that more people are coming back to purchase vehicles, but they are remaining with their previous brand when doing so.
“While brand loyalty is still below pre-pandemic levels, we are starting to see a consistent trend of customers going back to the brands they are familiar with,” said Joe LaFeir, President, Automotive Insights, S&P Global Mobility. “This will be important as we navigate a period of uncertainty in our industry assessing tariff and trade impacts on vehicle demand, making retention an even greater indicator of brand health.”
The S&P Global Mobility Loyalty Awards are based on an analysis of over 13.1 million new retail vehicle registrations in the U.S. during the 2024 calendar year. The awards highlight the importance of brand loyalty, determined when a household that owns a new vehicle returns to the market to acquire another vehicle of the same make, model, or manufacturer.
This year’s awards marked repeat wins for both General Motors and Tesla. General Motors’ win for the ‘Overall Loyalty to Manufacturer’ category marks its 10th consecutive award and 21st out of the last 29 years. Tesla’s awards for ‘Overall Loyalty to Make,’ ‘Ethnic Market Loyalty to Make’ and ‘Highest Conquest Percentage’ mark the third year in a row the brand has won in these categories.
Subaru regained the ‘Overall Loyalty to Dealer’ award after previously winning it in 2022 while newcomers Lincoln Corsair and Land Rover took home awards for ‘Overall Loyalty to Model’ and ‘Most Improved Make Loyalty,’, respectively.
“This year’s winners have really emphasized the different levels of effort that is being put into loyalty across the industry,” said Vince Palomarez, associate director loyalty analysis at S&P Global Mobility. “From the consistent performance of strong retention by General Motors and Tesla, to recognizing the efforts put into loyalty improvement from a brand like Land Rover, or even from a model perspective for our segment award winners, the industry is more cognizant of the importance of customer retention than ever before.”
The complete list of 2024 award winners follows:
|
MANUFACTURER AND MAKE LOYALTY AWARDS |
WINNER |
|
Overall Loyalty to Manufacturer |
General Motors* |
|
Overall Loyalty to Make |
Tesla* |
|
Overall Loyalty to Model |
Lincoln Corsair |
|
Ethnic Market Loyalty to Make |
Tesla* |
|
Most Improved Make Loyalty |
Land Rover |
|
Overall Loyalty to Dealer |
Subaru |
|
Highest Conquest Percentage |
Tesla* |
|
SEGMENT MODEL LOYALTY AWARDS |
WINNER |
|
Small Utility |
Chevrolet Equinox |
|
Mid-Size Utility |
Jeep Grand Cherokee* |
|
Full-Size Utility |
Ford Expedition* |
|
Light-Duty Pickup |
Ford F-Series* |
|
Heavy-Duty Pickup |
Ford F-Series (250/350) |
|
Van |
Honda Odyssey |
|
Sports Car |
Porsche 911* |
|
Passenger Car |
Nissan Sentra |
|
Luxury Small Utility |
Lincoln Corsair* |
|
Luxury Mid-Size Utility |
Lincoln Nautilus* |
|
Luxury Full-Size Utility |
Land Rover Range Rover* |
|
Luxury Car |
Lexus ES* |
|
Note: *Asterisk denotes a repeat winner from the 2023 awards. |
Loyalty Awards Methodology based on 29 years of Analysis
The S&P Global Mobility Loyalty Awards are granted using the industry’s only fact-based analysis, reflecting a review of 13.1 million new retail vehicle registrations in the U.S. during the 2024 calendar year. Loyalty is determined when a household that owns a new vehicle returns to market and acquires 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.
S&P Global Mobility has been tracking automotive loyalty for 29 years. Major automakers and their marketing partners rely on these data and analyses to make informed decisions related to customer purchasing behavior, including conquest and retention. For more information, please visit this link.
About S&P Global Mobility
At S&P Global Mobility, we provide invaluable insights derived from unmatched automotive data, enabling our customers to anticipate change and make decisions with conviction. Our expertise helps them to optimize their businesses, reach the right consumers, and shape the future of mobility. We open the door to automotive innovation, revealing the buying patterns of today and helping customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/mobility.
SOURCE S&P Global Mobility
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