S&P Global Mobility Recognizes the 29th Annual Automotive Loyalty Awards Winners; General Motors, Tesla and Lincoln Corsair Lead the Industry in Retention in 2024

Rhea-AI Summary

S&P Global Mobility announced its 2024 Automotive Loyalty Awards winners, with General Motors securing the 'Overall Loyalty to Manufacturer' award and Tesla winning the 'Overall Loyalty to Make' award. The analysis reveals industry brand loyalty reached 51.6% in 2024, up 0.6 percentage points from 2023's 51.0%, alongside a 4% increase in customer return-to-market volume.

The awards, based on analysis of 13.1 million new retail vehicle registrations, saw GM win its 10th consecutive manufacturer loyalty award, while Tesla secured three categories for the third straight year. Subaru reclaimed the 'Overall Loyalty to Dealer' award, while Lincoln Corsair and Land Rover earned 'Overall Loyalty to Model' and 'Most Improved Make Loyalty' respectively.

Positive

• Brand loyalty increased to 51.6% (+0.6 percentage points YoY)
• Customer return-to-market volume grew 4% vs previous year
• Analysis based on substantial data set of 13.1M new vehicle registrations

Negative

• Brand loyalty remains below pre-pandemic levels
• Industry faces uncertainty due to potential tariff and trade impacts on vehicle demand

SOUTHFIELD, Mich., Feb. 26, 2025 /PRNewswire/ -- S&P Global Mobility today unveiled the winners of its 2024 Automotive Loyalty Awards, recognizing outstanding performance in customer loyalty across various segments of the automotive industry. General Motors was recognized as the winner of its 'Overall Loyalty to Manufacturer' award while Tesla was awarded the 'Overall Loyalty to Make' award.

Based on consumer buying activity from January-December 2024, overall industry loyalty rates saw a slight year-over-year improvement for the third year in a row.

Brand loyalty was at 51.6% for 2024, an increase of 0.6 percentage points (PPTs) compared to 2023 levels of 51.0%. This loyalty increase came as customer return to market volume grew by 4% versus the previous year, signaling not only that more people are coming back to purchase vehicles, but they are remaining with their previous brand when doing so.

"While brand loyalty is still below pre-pandemic levels, we are starting to see a consistent trend of customers going back to the brands they are familiar with," said Joe LaFeir, President, Automotive Insights, S&P Global Mobility. "This will be important as we navigate a period of uncertainty in our industry assessing tariff and trade impacts on vehicle demand, making retention an even greater indicator of brand health."

The S&P Global Mobility Loyalty Awards are based on an analysis of over 13.1 million new retail vehicle registrations in the U.S. during the 2024 calendar year. The awards highlight the importance of brand loyalty, determined when a household that owns a new vehicle returns to the market to acquire another vehicle of the same make, model, or manufacturer.

This year's awards marked repeat wins for both General Motors and Tesla. General Motors' win for the 'Overall Loyalty to Manufacturer' category marks its 10^th consecutive award and 21^st out of the last 29 years. Tesla's awards for 'Overall Loyalty to Make,' 'Ethnic Market Loyalty to Make' and 'Highest Conquest Percentage' mark the third year in a row the brand has won in these categories.

Subaru regained the 'Overall Loyalty to Dealer' award after previously winning it in 2022 while newcomers Lincoln Corsair and Land Rover took home awards for 'Overall Loyalty to Model' and 'Most Improved Make Loyalty,', respectively.

"This year's winners have really emphasized the different levels of effort that is being put into loyalty across the industry," said Vince Palomarez, associate director loyalty analysis at S&P Global Mobility. "From the consistent performance of strong retention by General Motors and Tesla, to recognizing the efforts put into loyalty improvement from a brand like Land Rover, or even from a model perspective for our segment award winners, the industry is more cognizant of the importance of customer retention than ever before."

The complete list of 2024 award winners follows:

MANUFACTURER AND MAKE LOYALTY AWARDS	WINNER
Overall Loyalty to Manufacturer	General Motors*
Overall Loyalty to Make	Tesla*
Overall Loyalty to Model	Lincoln Corsair
Ethnic Market Loyalty to Make	Tesla*
Most Improved Make Loyalty	Land Rover
Overall Loyalty to Dealer	Subaru
Highest Conquest Percentage	Tesla*
SEGMENT MODEL LOYALTY AWARDS	WINNER
Small Utility	Chevrolet Equinox
Mid-Size Utility	Jeep Grand Cherokee*
Full-Size Utility	Ford Expedition*
Light-Duty Pickup	Ford F-Series*
Heavy-Duty Pickup	Ford F-Series (250/350)
Van	Honda Odyssey
Sports Car	Porsche 911*
Passenger Car	Nissan Sentra
Luxury Small Utility	Lincoln Corsair*
Luxury Mid-Size Utility	Lincoln Nautilus*
Luxury Full-Size Utility	Land Rover Range Rover*
Luxury Car	Lexus ES*

Note: *Asterisk denotes a repeat winner from the 2023 awards.

Loyalty Awards Methodology based on 29 years of Analysis

The S&P Global Mobility Loyalty Awards are granted using the industry's only fact-based analysis, reflecting a review of 13.1 million new retail vehicle registrations in the U.S. during the 2024 calendar year. Loyalty is determined when a household that owns a new vehicle returns to market and acquires another new vehicle of the same make, model or manufacturer. The newly acquired vehicle may be either a replacement or an addition to the household fleet.

S&P Global Mobility has been tracking automotive loyalty for 29 years. Major automakers and their marketing partners rely on these data and analyses to make informed decisions related to customer purchasing behavior, including conquest and retention.  For more information, please visit this link.

About S&P Global Mobility
At S&P Global Mobility, we provide invaluable insights derived from unmatched automotive data, enabling our customers to anticipate change and make decisions with conviction. Our expertise helps them to optimize their businesses, reach the right consumers, and shape the future of mobility. We open the door to automotive innovation, revealing the buying patterns of today and helping customers plan for the emerging technologies of tomorrow.

S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/mobility.

Media Contact:
Michelle Culver
S&P Global Mobility
248.342.6211
Michelle.culver@spglobal.com

 

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SOURCE S&P Global Mobility

FAQ

What was the brand loyalty rate for automotive manufacturers in 2024 according to S&P Global Mobility?

Brand loyalty reached 51.6% in 2024, increasing by 0.6 percentage points from 51.0% in 2023.

How many consecutive years has General Motors won the Overall Loyalty to Manufacturer award?

General Motors won the Overall Loyalty to Manufacturer award for 10 consecutive years, winning 21 times in the past 29 years.

Which awards did Tesla win in S&P Global Mobility's 2024 Automotive Loyalty Awards?

Tesla won three awards: Overall Loyalty to Make, Ethnic Market Loyalty to Make, and Highest Conquest Percentage.

How many new retail vehicle registrations were analyzed for the 2024 S&P Global Mobility Loyalty Awards?

The awards were based on analysis of 13.1 million new retail vehicle registrations in the U.S. during 2024.