GM, Honda have high customer loyalty
New Jersey State Auto Auction - January 22, 2009
When shopping, it appears that many New York used car buyers and consumers across the country tend to remain loyal to General Motors vehicles.
That's according to the Polk Automotive Loyalty Awards, which said GM had the highest rating for manufacturer loyalty for the ninth year in a row - a more than 62 percent loyalty rate.
It appears that most of GM's loyalty comes from the Chevrolet part of the family which took home four awards including fullsize pickup (Silverado), fullsize SUV (Suburban), fullsize car (Impala) and luxury sports car (Corvette).
Honda also was found to have the highest make loyalty with the Accord having the highest loyalty for a midsize car.
"In today's business climate, customer loyalty is key to business success," said Stephen Polk, chairman, president and CEO of R. L. Polk & Co.
David Kiley, who writes for BusinessWeek, said vehicles with high loyalty percentages typically have a high resale value, making them great cars for people looking to keep their cars for just a short period of time.
Kiley uses the Toyota Tacoma, which took home the midsize pickup category with an 18 percent loyalty rate, as an example.
"Shopping for a used Tacoma is an eye opener," he writes. "Its resale remains astonishingly high given the aggressive discounting of full-sized pickups, including the Toyota Tundra."
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