About five years ago, America’s auto industry appeared to be on the ropes. Customer satisfaction was at an all-time low, GM and Chrysler were out of cash, and Ford had mortgaged itself to the hilt to stay afloat. Suffice to say, there were more than a few dark days in Detroit as the auto industry struggled to rebound.
Rebound though almost seems like too mediocre of a word to describe the recovery of the domestic auto industry. American automakers have come back with a salvo of new products, leading a revived new car market that has come soaring back from bankruptcy. One automaker has benefitted from the recession more than most, and as Bloomberg news tells it that automaker is Ford, which was recently rated #1 in customer satisfaction.
Of current Ford owners who are looking for a new car, 47.9% bought another Ford product, trumping every other automaker in the industry. In comparison, GM’s return rate across all its brands was 47.6%, while Toyota had slipped to 46.9%. Even more impressive, Ford held eight of the top ten slots in the individual model loyalty comparison, led by the Ford Fusion. 60% of Fusion customers bought another Ford.
Analysts estimate that Detroit automakers will gobble up 33% of the new car market, up from a paltry 26% in 2009. This is great news for Ford fans, stock holders, and for the American people as a whole. We were sold on the idea that a bailout was the only way to save the car industry, and it appears to have done that, although Ford managed to keep its head above water without a direct bailout. That combined with improved quality and revamped product lines probably helped customer loyalty more than a little bit, don’t you think?
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