According to J.D. Power’s data, about 49.1 percent of all Chevrolet owners buy another Bow Tie-badged product when in the market for a new vehicle. This puts Chevrolet seventh among all non-premium brands in the industry in terms of customer retention and third among American brands behind Ford (54.3 percent) and Ram (57.3 percent).
Topping this study for non-premium brands was Subaru. A whopping 60.5 percent of all Subaru owners replace their vehicle with another from the sensible Japanese automaker. Toyota was very close behind with a 60.3 percent customer retention rate, while Honda was third with 58.7 percent.
The J.D. Power Brand Loyalty study, currently in its second year, ranks automotive brands based on the percentage of owners that replace their vehicle with another from the same brand. Data for the study was compiled between June 2019 and May 2020, and includes data for all model-year vehicles traded in. That means owners who bought a much older used Chevrolet Equinox, for example, and replace it with a brand-new one purchased from a dealership count toward the customer retention total.
Chevrolet was the best-ranked General Motors brand in the study. Second was GMC with its customer loyalty percentage of 39 percent placing it 13th in the study, while Buick was third among GM brands and 14th in the study with a customer retention rate of 27.5 percent. Cadillac was ranked separately as it is a luxury brand and was tenth among luxury automakers with a custom retention rate of 33.8 percent.
Tyson Jominy, J.D. Power’s vice president of data and analytics, said automakers will be eager to retain existing customers in the wake of the COVID-19 pandemic, as the crisis may result in economic hardship and a downturn in auto sales.
“Many have gone above and beyond to offer customers financial assistance during a period of economic uncertainty, which does a lot to bolster consumer confidence in their chosen brand and repurchase it in the future,” Jominy said.