8 nameplates shine in J.D. Power 2024 U.S. Automotive Brand Loyalty Study
BMW, Ford, Honda, Lexus, Mercedes-Benz, Porsche, Subaru and Toyota.
Those eight nameplates all gained high honors, according to the J.D. Power 2024 U.S. Automotive Brand Loyalty Study released on Wednesday.
J.D. Power said Porsche ranked highest among premium brand car owners for a third consecutive year, with a 57.5% loyalty rate. Mercedes-Benz (49.0%) came in second.
Lexus placed highest among premium brand SUV owners with a 60.2% loyalty rate. BMW (55.8%) landed in second.
Toyota ranked highest among mass market brand car owners for a third consecutive year with a 62.5% loyalty rate. Honda (58.8%) was second.
But Honda topped the charts among mass market brand SUV owners with a 64.2% loyalty rate. Subaru (62.6%) came in second.
Ford scored highest among truck owners for a third consecutive year, with a 65.1% loyalty rate — the highest loyalty rate in the study. Toyota (60.8%) placed second.
The study, now in its sixth year, uses data from the Power Information Network to calculate whether an owner purchased the same brand after trading in an existing vehicle on a new vehicle.
J.D. Power explained customer loyalty is based on the percentage of vehicle owners who choose the same brand when trading in or purchasing their next vehicle.
Only sales at new-vehicle franchised dealers qualify, J.D. Power said.
The study includes brand loyalty across five segments:
—Premium car
—Premium SUV
—Mass market car
—Mass market SUV
—Truck
J.D. Power added the 2024 study calculations are based on transaction data from September 2023 through August 2024 and include all model years traded in.
“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 and 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,” Jominy continued in a news release.
“Lexus is also benefiting from strengthened residual values, which are helping drive loyalty for the brand despite premium brands as a whole experiencing a plateau this year,” he went on to say.