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J.D. Power and Associates recently released a series of reports that indicate the desire for a consumer to purchase a different vehicle can be attributed to various features and other attractive incentives and leads many new vehicle owners to switch brands.
The reports were combined in the J.D. Power and Associates 2012 Customer Retention Study, which revealed one in three new car owners who switched brands say their previous brand of choice did not make the type of vehicle they were interested in.
"Many automotive brands are expanding their array of models in an attempt to capture more buyers, but this isn't enough in and of itself," said Raffi Festekjian, director of automotive product research at J.D. Power and Associates. "Manufacturers need to integrate specific attributes and features that delight vehicle owners to maximize their opportunity to both retain customers and conquest from other brands. Manufacturers also need to ensure owners are satisfied with the quality, residual values and ownership costs of their vehicles."
The results of the study show that an automaker's ability to assemble the right combination of model offerings is directly related to its appeal to a constantly growing consumer base in the United States today. the study measures the rate at which automotive brands are successful in retaining their customers and dissects the reasons why their customers remain loyal.
"Women and younger vehicle owners are more likely to experience changes in their life circumstances, including growth in household size or changes in income levels, that would lead them to purchase vehicles that better accommodate their new lifestyle," Festekjian added.
Hyundai recorded the highest rate of brand retention for 2012 with 64 percent. Ford and Honda rounded out the top three, each with a 60 percent rate. BMW, Kia, Toyota, Chevrolet, Mercedes-Benz and Lexus were next on the list with brand retention rates in the upper 50 percentile.
With auto shows cropping up across the country to begin 2012, consumers will have the opportunity to get a first look at their potential new car. The North American International Auto Show in Detroit is ground zero for first looks at new models and other innovations in the auto industry.
"Where but an auto show are you going to find just about every make and model from just about every manufacturer who sells cars in the United States?" said Andy Stor, idigital editor of shopautoweek.com.
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