IRVINE, Calif. -

Although Hyundai still held its perch atop the industry for brand loyalty in the third quarter, its customer allegiance declined by more than 4 percentage points, and the automaker now has a Japanese company nipping at its heels, according to Kelley Blue Book.

Hyundai commanded 48 percent loyalty on Kbb.com, which was off 4.4 percentage points from the second quarter, but still good enough to claim the industry’s top spot for the second straight time.

Toyota was next at 47.9 percent, and Subaru was third at 45.9 percent. Kia was fourth (45.3 percent), while Ford placed fifth (45.2 percent) and led the domestic crowd.

“The latter half of the year tends to draw interest toward sport utility, crossover and other large vehicles due to weather conditions and seasonality,” explained Arthur Henry, market intelligence manager for Kbb.com.

“Since Hyundai’s flagship vehicles are its compact and midsize sedans, it is natural that it suffers in this regard,” he added.

To determine these ratings, KBB looks at consumers on Kbb.com  who are in the “shopping phase” and defines loyalty as being brand owners who are checking out that same brand for their next purchase.

One of the more interesting findings for the third-quarter loyalty rankings was that Honda — which generated 44.2 percent loyalty and came in at No. 6 — missed the top five, which is the first time this has occurred in KBB’s analyses.

Analysts attributed the loyalty decline for Honda to the 2012 Civic’s “lukewarm reception” and the company’s “perceived” supply challenges.

Offering some more overall analysis, KBB noted that loyalty tends to steadily increase as the year starts to wind down.

“While the majority of automakers still show declines in year-over-year loyalty, a quarter-over-quarter shift into the black reveals that consumers may be taking notice of seasonal blowout deals and loyalty incentive offers,” analysts explained.

“Manufacturers also have released the majority of their 2012 models; therefore, consumers’ shopping choices may narrow as they become familiar with the options available in the marketplace,” they added.