Tesla, GM again rule the roost in S&P’s Automotive Loyalty Awards

Elon Musk might be ruffling a lot of feathers in Washington these days, but his company sure seems to keep its customers happy.

For the third year in a row, Tesla claimed the top brand prize in S&P Global Mobility’s annual Automotive Loyalty Awards, winning for Overall Loyalty to Make, as well as the Ethnic Market Loyalty to Make and Highest Conquest Percentage awards.

General Motors took Overall Loyalty to Manufacturer honors, its 10th consecutive win in that category, and its Chevrolet Equinox won the loyalty title for the small utility segment. GM has won the manufacturer award 21 times in the 29 years it has been presented.

S&P said the awards are based on a review of 13.1 million new retail vehicle registrations in the U.S. during the 2024 calendar year, with loyalty is defined as a household that owns a new vehicle returning to market and acquiring another new vehicle of the same make, model or manufacturer. The newly acquired vehicle can be either a replacement or an addition to the household fleet.

S&P said the industry-wide brand loyalty rate was 51.6% in 2024, up 0.6 percentage points year-over-year, while customer return-to-market volume grew by 4%.

“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,” S&P Global Mobility president of automotive insights Joe LaFeir said. “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.”

Subaru regained the Overall Loyalty to Dealer award after previously winning it in 2022, while first-time winner Land Rover earned the Most Improved Make Loyalty.

The Lincoln Corsair was No. 1 among all individual models for customer loyalty, and its win as the top luxury small utility was one of five segment awards for Ford Motor Company, including the Lincoln Nautilus (luxury mid-size utility), Ford Expedition (full-size utility), Ford F-series (light-duty pickup) and Ford F-250/350 (heavy-duty pickup). No other manufacturer won than one.

“This year’s winners have really emphasized the different levels of effort that are being put into loyalty across the industry,” S&P Global Mobility associate director of loyalty analysis Vince Palomarez said. “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.”

*Repeat winner from 2023