On average, automotive brand loyalty rose ever so slightly in 2024.

But according to the latest study by Reynolds and Reynolds, there are indications it might be on shaky ground.

Reynolds’ 2025 Automotive Brand Retention and Defection Report: Understanding Your Opportunities for Conquest showed last year’s industry-wide average brand retention rate was 43.9%, up 0.2 percentage points from 2023.

While that seems stable, the report noted 24 of the 38 brands analyzed showed a drop in retention, and nine of those lost more than three percentage points year-over-year. Of the 14 brands that showed an increase, only one — luxury brand Aston Martin — gained more than three points.

“With new vehicle inventory up and incentives crowding the market,” the report said, “some signs of loyalty erosion are beginning to develop.”

The results are based on data from deals closed in the U.S. using Reynolds and Reynolds dealership management systems during the 2024 calendar year, including only transactions in which the trade-in vehicle and the purchased or leased vehicle were among the brands studied.

Just six brands showed nationwide retention rates of better than 50%, led by Toyota at 61.9%. Honda (53.6%) was the only other non-luxury automaker to top 50% — the others were high-end brands Ferrari (58.1%), Lexus (55.8), Lamborghini (52.3%) and Porsche (51.2%).

The study found 74.1% of truck owners traded in their truck for another truck, up from 72.5% in 2023 and the highest percentage in the past five years.

Chevrolet/GMC led all brands in retention, with 59.8% of the brand’s truck owners customers trading in their truck to buy another Chevy/GMC truck and another 7.1% purchasing a different type of Chevy/GMC vehicle, followed by Ford and Toyota.

The report also studied brand conquests, finding customers buying vehicles from U.S. manufacturers General Motors, Ford and Stellantis traded in a vehicles from another one of the domestic brands almost twice as often as they traded in any individual foreign brand.

U.S. brands, led by GM, were also the top target for Asian brands. Ford was among the top three conquest targets for all eight Asian brands in the report, with Toyota in the top three for the other seven Asians and Chevrolet for five of eight.

Regionally, the report showed the Northeast to have the highest average retention rate at 47.9%, with 11 brands posting rates better than 50%, while the Southwest had the lowest at 42.1%. In the Midwest, 56.2% of the vehicles purchased were from domestic brands, almost 10% more than any other region.

The full report can be downloaded here.