As the number of new cars sold shrinks, retaining customers has become a key goal for automakers, and right now it looks like Honda leads the pack.
According to J.D. Power and Associates’ 2008 Customer Retention Study, Honda has a 64.7% customer retention rate, followed by Toyota, with 63.2%, and Lexus, with 60.4%. While always high on this list thanks to its strong safety ratings and good resale values, this is the first time Honda has come out No. 1.
Overall customer retention declined from where it was in 2007— 49% to 48%. Land Rover showed the largest improvement, with an 18% jump in retention.
The leading retention rates for American automakers were Ford in sixth, with 52.5%, and Chevrolet at No. 7, with 52%.
Take a look at the top 10 after the jump.
Top 10 for Brand Retention
1. Honda (64.7%)
2. Toyota (63.2%)
3. Lexus (60.4%)
4. Mercedes-Benz (58.6%)
5. BMW (58.5%)
6. Ford (52.5%)
7. Chevrolet (52%)
8. Nissan (51.3%)
9. Subaru (50.5%)
10. Cadillac (50.4%)
