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Loyalty Keeps Vehicle Buyers Out of Market Amidst Shortages
Perennial brand loyalty leaders including Toyota, Honda and Lexus have each been able to grow their respective shares of loyal customers amid stagnation experienced by other brands, according to the J.D. Power 2024 U.S. Automotive Brand Loyalty StudySM.
“Amid ongoing inventory shortages, the most loyal customers actually stayed out of the market if they were unable to get their desired vehicle,” said Tyson Jominy, vice president of data & analytics at J.D. Power. “Now that inventory levels are recovering, customers are coming back. In particular, Toyota and Honda are benefiting 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.” Continue reading →