Factors that influence the purchase behavior of new-vehicle buyers are said to include high resale value and quality, said Raffi Festekjian, director of automotive product research at J.D. Power and Associates.
These are difficult times for the auto industry worldwide and as such, it's timely to determine what drives a customer to decide to stay loyal to a brand.
According to a JD Power report, the customers' loyalty is proof that they are doing things the right way.
Festekjian said that whether carmakers are increasing loyalty or trying to attract new customers, factors considered critical are the attractiveness of the offers and the strong customer perceptions of resale value and quality.
According to a study conduced by JD Power, Mercedes-Benz has the highest rate of customers loyalty with an 8% increase to 67% this year when compared to 2008. Trailing closely is Honda with a 64% loyalty rate, while Toyota is third with a 61% loyalty rate.
Festekjian said that Mercedes-Benz has steadily improved its customer retention rates during the past five years. In 2009, Festekjian has achieved the highest rate ever attained by a manufacturer since the inception of the study.
He said further that what customers say are their primary reasons for staying loyal include resale value and appearance and styling of Mercedes-Benz models.