American manufacturer sell above of the truck. Between Ford, ChevyAnd GMC, car manufacturers sell more than 1.4 million trucks in 2022. And many of these buyers are extremely loyal. That loyalty also extends to automakers. When it comes to trucks, Ford and Chevy know what they are doing and they know their buyer base. But when you take these trucks out of the picture, that brand loyalty looks a little bit different, like data from S&P Global Mobility programs.
For the uninitiated, brand loyalty is a measure of how often customers return to a brand they purchased before to purchase another vehicle. That includes buying a newer version of the same car, or the addition of another vehicle from that brand. Ford’s overall brand loyalty is close to 60% (58.6%) by 2022. When you take out the F-Series trucks, the percentage drops 9.1% to 49.5%. Chevy isn’t much better either. Its brand loyalty at 56.3% by 2022. Delete Silverado out of the equation, and brand loyalty down 8.4 percent.
What about customers who end up switching to other brands? Compared to the number of trucks they sell, they are very small.
For the year ending February, the Ford F-Series had a net flow – in other words, dropouts minus conquerors – to the Chevrolet brand of just 5,914 households. During the same period, 2,315 more F-Series households switched to Ram than vice versa. Meanwhile, Silverado has attracted 1,915 households from the Ford brand. Silverado also won 688 previous Ram owners.
Overall, Loyalty to all brands that have reduce over the past few years, from 56.6% in 2020 to 50.6% in 2023. Tom Libby, VP of loyalty solutions and industry analysis at S&P Global Mobility, speak The blame for the embedding can be placed on the vehicle inventory. inventory was tight due to restrictions from chip shortage And supply chain problems, so people can’t find the right car. And if the brand they want to buy doesn’t have what they want, they’re more likely to find it somewhere else.
“The brand loyalty in the industry has not returned yet. Part of the reason is that inventory isn’t what it used to be,” says Libby.
