Ford keeps them coming back for more. At least its trucks do.
J.D. Power has released its 2024 U.S. Automotive Brand Loyalty Study, which ranks automakers in five vehicle segments based on repeat customers.
Unlike many of J.D. Power’s studies, this one isn’t based on an opinion survey, it’s a straightforward look at how many vehicle owners trade in one brand for the same one when they are buying new.
J.D. Power ranks the top two brands in the Mass Market Car, SUV and Truck segments along with Premium Car and SUV.
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Ford was the only American brand to make the list by topping the Mass Market Truck segment with a 65.1% retention rate ahead of Toyota’s 60.8%.
Toyota was also the top Mass Market Car brand at 62.5% and Honda second at 58.8%, while Honda led in SUVs with 64.2% ahead of Subaru’s 62.6%.
On the premium side, Porsche was the top car brand at 57.5% and Mercedes-Benz second at 49%.
Toyota’s Lexus line was number one in Premium SUVs with a 60.2% loyalty rate and BMW was able to hold on to 55.8% of its customers.
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The study covered the Sept. 2023 through August 2024 period, which followed the worst of the supply chain issues that sent the the automotive industry into disarray during the prior couple of years.
“Amid ongoing inventory shortages, the most loyal customers actually stayed out of the market if they were unable to get their desired vehicle,” Tyson Jominy, vice president of data & analytics at J.D. Power said in a news release.
“Now that inventory levels are recovering, customers are coming back. In particular, Toyota and Honda are benefitting from increased availability of hybrid vehicles, with Honda owners swapping out their gas-powered vehicles for hybrids at nearly triple the rate of the industry average. Lexus is also benefitting from strengthened residual values, which are helping drive loyalty for the brand despite premium brands as a whole experiencing a plateau this year.”
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