With a 67% customer retention rate, Mercedes-Benz came out on top in the 2009 CRS...
According to results of the J.D. Power's 2009 Customer Retention Study released today, cars’ resale value and quality have become two of the most important reasons for new-vehicle buyers to remain loyal to an automotive brand. Retaining existing owners is critical to an automotive brand's market success, particularly in the current challenging market conditions.
Now in its seventh year, the Customer Retention Study measures the percentage of vehicle owners and lessees who replace a previously purchased new vehicle with another from the same brand. The study finds that while safety, fuel economy and deals/incentives were the prime motivators for automotive brand loyalty in 2008, things changed in 2009, with resale values and quality now being cited as the most important reasons.
Among the brands which are top in terms of retaining customers, Mercedes-Benz, Honda and Toyota took the top three positions in the Customer Retention Study. Mercedes-Benz was on top with a 67% retention rate, followed by Honda at 64% and Toyota at 61%.
‘Mercedes-Benz has achieved the highest rate ever attained by a manufacturer since the inception of the study. Customers cite the resale value, appearance and styling of Mercedes-Benz models as primary reasons to remain loyal to the brand,’ says Raffi Festekjian, director of automotive product research at J.D. Power and Associates.
J.D. Power’s 2009 Customer Retention Study was based on responses from 128,939 new-vehicle buyers and lessees in North America, of which 74,610 replaced a vehicle that was previously acquired new. The study was fielded between February-May 2009, and August-October 2009.
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