Reynolds Releases Annual Retention Report, Examines Post-Pandemic Trends

Reynolds Releases Annual Retention Report, Examines Post-Pandemic Trends

In the 2024 Automotive Brand Retention and Defection Report, Reynolds and Reynolds looks at the impact those changing dynamics had on consumer behavior and retention.

The Reynolds and Reynolds company is releasing its 2024 Automotive Brand Retention and Defection Report. This annual report is a critical and ongoing analysis of dealers’ retention and defection data. Paired with other demographic, behavioral and transactional information, it empowers dealers to both improve their retention rates and conquest new customers.

Just as in previous years, 2023 was tumultuous for retail automotive. However, despite the industry’s changing dynamics due to inflation, continued volatility in acquiring used vehicles, and an increasing amount of new vehicle inventory, some things remained relatively stable. One such thing was retention and defection of customers from OEM brands.

With dealers facing an ever-changing landscape constantly presenting new challenges, it’s as essential as ever to understand where they can find conquest opportunities. In the 2024 Automotive Brand Retention and Defection Report, Reynolds and Reynolds looks at the impact those changing dynamics had on consumer behavior and retention.

Whether it’s on a nationwide or regional scale, the data within the report helps dealers keep more of their customers, and just as importantly, identify prime conquest targets.

Key Report Information:

  • Brands are broken down and tracked across three segments (Mainstream, Highline, and Truck) and at two levels (nationwide and regional – the nation is divided into five regions for the purpose of this report).
  • Overall brand retention nationwide was up in 2023 at 43.7% (was 42.6% in 2022), and six brands had nationwide retention rates of more than 50%.
  • Tracking retention trends across the previous four years, rates are higher today than they were in 2020 for two-thirds of brands tracked.
  • Truck retention in general (a customer traded in a truck for a truck) was up nationwide in 2023 at 72.5%, after dipping slightly in 2022.

The results of the report are derived from finalized deals for new and used vehicles that were purchased or leased at U.S. dealerships operating on Reynolds’ DMS. The report tracks 48 OEM brands, and it only includes deals where both vehicles were one of those brands. The results represent a random sample of all vehicle buyers and were calculated based on a 95% confidence level.

The full report is available to download here.

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