The Holy Grail in any industry is customer loyalty. All manufacturers are fighting to improve their retention rate, that is, the percentage of customers who, when the time comes to replace a product, will remain loyal to the brand.
The automotive industry is no different. In the U.S. market, the current leader is Toyota, with a 58 percent retention rate. General Motors’ percentage is around 52-53 percent, close to the automotive industry average. Clearly, GM execs think that this should change; and there’s a very good reason for that.
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