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SEARCHS&P Global Mobility says brand loyalty, after taking a hit during the pandemic, is making a comeback.
The Lincoln Nautilus won S&P's first model-specific loyalty award, with more than 42% of owners choosing a new Nautilus as their next vehicle last year.
IMAGE: Lincoln
General Motors and Tesla topped competitors in S&P Global Mobility’s annual Automotive Loyalty Awards.
The company noted that consumers have become more likely to jump to new brands in order to get a model they want, so loyalty is something carmakers have been keen to cultivate.
GM garnered the 2023 Overall Loyalty to Manufacturer award, while Tesla took home the Overall Loyalty to Make nod.
“… 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," said S&P President, Automotive Insights, in a press release on the results.
Revived inventories are helping stoke more loyalty now, as last year saw an increase in loyalty levels for the first time since 2019, the year before the pandemic, S&P pointed out.
GM’s award was its ninth straight and 20th of 28 years. S&P credited the automaker’s “high migration patterns” among its four brands, plus deep sports-utility vehicle and pickup lines.
Tesla’s corner on the U.S. electric-vehicle market helped it get consecutive make loyalty wins, plus Highest Conquest Percentage and other nods. S&P said the EV maker draws many gas-power fans to EVs.
A new award honored a single vehicle for model-level retention. The Lincoln Nautilus took the honor after winning consecutive Luxury Mid-Size Utility awards. S&P said that last year, more than 42% of Nautilus owners chose a new version of the model as their next vehicle.
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