Consumer Behavior

Consumer auto brand loyalty grew in 2023

Photo: Adobe Stock

January 11, 2024

The U.S. consumer automotive brand loyalty grew in 2023, according to a study released by LexisNexis Risk Solutions.

LexisNexis Risk Solutions analyzed vehicles and owners that make up a garage. In the U.S., 107 million garages were used to calculate automotive brand loyalty from January 2023 through December 2023.

The study focused on vehicle purchases in 2023 and vehicles currently owned.

The survey found new vehicle buyers in 2023 stayed loyal to the new car brands they own at a rate of 51.3%, a 1.6% increase from 49.7% in 2022. Tesla led in brand loyalty with a rate of 60.7%, almost two percentage points up from 59.0% in the prior year.

"We found that seven additional brands also had loyalty rates above the industry average," Mike Yakima, product principal, U.S. Connected Car, LexisNexis Risk Solutions, said in the release. "The brands above the industry average are retaining more customers than they are losing. Their retention strategies are working to engage current owners in the brand as they look to grow market share."