Brand loyalty remains a critical factor in automotive marketing but has been declining for several years, making events such as S&P Global Mobility’s Annual Automotive Loyalty Awards important resources for both dealers and manufacturers that help identify potential solutions for improving customer retention. Here are the most notable accomplishments from this year’s list of winners.
Nissan retailers received top marks for brand loyalty in 2023, earning the Overall Loyalty to Dealer award. S&P Global Mobility notes that more than 37% of Nissan buyers returned to the same storefront to purchase their next vehicle in 2023, an impressive feat during a year where retention for many companies stagnated.
For 2023, S&P Global Mobility placed General Motors at the top of its manufacturer loyalty list once again, a position the automaker has held for nine years in a row. The company’s brands continued to attract consumers throughout last year, thanks in part to their SUV and truck lineups.
Tesla achieved similar success in 2023, primarily as a result of its dominance in the electric vehicle market. S&P Global Mobility ranked the brand first in its Overall Loyalty to Make, Highest Conquest Percentage, Alternative Powertrain Loyalty to Make, and Ethnic Market Loyalty to Make categories. This marks the second consecutive year Tesla has earned all four distinctions.
This year, the Lincoln Nautilus received top marks in a new segment for S&P Global Mobility’s awards, Overall Loyalty to Model, in addition to placing first in the Luxury Mid-Size Utility category for the second time in a row. The vehicle saw 42% of its customer base return in 2023, making it the industry’s most successful model in terms of retention.
Brand loyalty has been on the decline for several years among automakers and dealers. About six out of every ten car buyers today is classified as a “nomad,” a consumer that shops from different companies for every new vehicle purchase. Resolving this issue will require the retail automotive sector to identify issues keeping customers away, along with strategies that can help them improve retention. S&P Global Mobility’s 2023 award winners can thus serve as a catalyst for affecting change across the industry by providing a benchmark for success.
