Corvette, General Motors Awarded for Automotive Loyalty in 2022

For the eighth straight year, with a boost from Corvette and four other Chevrolet products, General Motors has earned the “Overall Loyalty to Manufacturer” award in the annual S&P Global Mobility Automotive Loyalty Awards.

GM received the award in the 27th annual event, which was based on buying data from January through December 2022.

Chevrolet took the top spot in five individual segments, including Luxury Sports Car with repeat-winner Corvette.

Also receiving model loyalty awards were the Equinox, Small Utility; Tahoe, Full-Size Utility; Silverado HD 2500 and HD 3500, Heavy-Duty Pickup; and Bolt, Small Car.

Responding on her LinkedIn account, GM CEO Mary Barra credited “smart investments, strong execution and great teamwork” as the reasons behind the awards, noting that the company is “delivering industry-leading quality and earning customers for life.”

GM has been the leading automaker for loyalty 18 times since the awards began.

According to S&P Mobility:

GM’s average manufacturer loyalty rate in 2022 was 65.4%, ahead of Hyundai Motor Group at 62.3% and Ford Motor Co. at 60.3%. However, that average hides a dramatic shift that played out over the calendar year: In January 2022, GM’s loyalty rate was just 61%, but it climbed to 67.9% by January 2023, according to loyalty analysis from S&P Global Mobility.

What caused that rise? Return of inventory. Over those same 12 months, GM’s dealer advertised inventory soared from about 150,000 vehicles to nearly reaching 400,000, according to S&P Global Mobility data analysis.

“As inventory levels start to return back to normal, we’re starting to see those traditional loyalty patterns,” said Vince Palomarez, associate director for Market Reporting for S&P Global Mobility.

But while inventory has allowed loyal customers to return, how has GM maintained its manufacturer loyalty lead amid its sales slide? It comes down to the breadth of its portfolio.

“There’s a very high direct correlation between the number of available models and brand loyalty,” said Tom Libby, associate director of loyalty solutions and industry analysis for S&P Global Mobility. “Everything else being the same, the greater number of models you have, the higher the brand loyalty will be.”

GM today sells more than 45 models across four consumer brands, plus fleet-specific options within GMC and BrightDrop. “With GM, they offer products at every conceivable level available,” Palomarez said.

“A family can start at a compact Chevrolet, move into a bigger SUV by Chevy or Buick as their kids grow, then downsize as empty-nesters into a more-luxurious Buick or Cadillac, and along the way grab a Chevy or GMC truck if they want to work on their house. The myriad choices across brands gives a GM loyalist a lot of flexibility,” Palomarez added.

Source:
spglobal.com via GM Authority

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