Tesla bumps Ford for owner loyalty
With the inventory shortages, automobile buyer loyalty has fallen apart. These are the places where they were most loyal.
Ford has had the highest level of owner loyalty in the auto industry for 12 consecutive year -- not more. Tesla TSLA, +3.61% has won the title of owner loyalty.
Owner loyalty is affected by inventory shortages
The numbers come from S&P Global Mobility's annual Automotive Loyalty Awards study. In its 27th year, study authors say, the survey saw more change than usual.
'Industry-wide inventory shortages prompted many consumers to shop other brands if their previously chosen brand had insufficient stock. From pre-pandemic 2019, overall industry average loyalty has decreased from 54.6% to 50.2% in 2022,' study authors explain.
The study tracked 11.7 million buyers who bought a new vehicle of the same make, model, or manufacturer as the last one they purchased. It considered data from calendar year 2022.
Tesla won the title of 'Owner loyalty to Make'.
Analysts began to wonder if Tesla would be able to retain its devoted fan base following a controversial 2022, when CEO Elon Musk bought Twitter. S&P's survey covers all of 2022 so the impact of the scandal might not be fully reflected.
After a series of high-profile price reductions, the company saw a rise in stock value and sales.
Ford's F +4.22% long dominance was largely due to the F-Series pickup, which has been the most popular vehicle in America for over 40 years. The big truck was not enough to stop Tesla's rise, which now controls over 60% of the rapidly growing electric vehicle market.
Subaru and GM also win
General Motors GM +3.74% was awarded the 'Owner loyalty to Manufacturer' title for the eighth year in a row. GM owns the Buick, Cadillac and Chevrolet brands in the U.S., as well as the GMC brand. However, many buyers have moved between brands to buy a product from GM.
According to the study authors, 'Consistent demand from GM's pickup and sport-utility offerings, as well as rising Inventory levels led to strong loyalty gains throughout 2022.
Subaru FUJHY +1.48% won for "Owner Loyalty To Dealer", meaning that many customers returned to the Subaru dealership from which they bought their car last time.
Segment-based loyalty awards for owners
Mercedes-Benz S-Class Luxury Full-Size Car Mercedes-Benz
- Recurrent winners starting in 2021