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An Automotive Minute - Vehicle Loyalty with Tom Libby

11 March 2021 Tom Libby

An Automotive Minute - Vehicle Loyalty with Tom Libby

While most industry conversations revolve around market share and new product launches, automotive loyalty is playing a larger role in providing insight on consumer buying behavior. IHS Markit has been tracking industry loyalty for 25 years and in 2020 loyalty rates remain relatively high despite the pandemic.

General Motors, a traditional leader in customer retention, captured the highest OEM loyalty based on our analysis of 12.4 million retail registrations in 2020 - with a stellar 69 percent loyalty rate.

At the brand level, Ford was the leader in 2020 - with 63 percent of Ford owners returning to the brand for another Ford vehicle.

Tesla is establishing itself as the leader in loyalty among owners looking for another EV. 55 percent of Tesla owners returned to the brand for their next purchase in 2020.

It's no secret that OEMs and their marketing partners are paying closer attention to details such as loyalty metrics as the industry continues its recovery. Marketers are making conscious efforts to keep the customers they have, while at the same time, working to chip away at market share from their competitors.

Posted 11 March 2021 by Tom Libby, Associate Director Loyalty Solutions and Industry Analysis, Automotive, IHS Markit

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