Aug 14, 2014
ATLANTA, Aug. 14, 2014 /PRNewswire/ -- Today, AutoTrader.com released the findings of the 2014 Automotive Buyer Influence Study, which provides insight into how consumers shop for vehicles online, offline and across multiple devices. Now in its third year, the study demonstrates how the consumer shopping process is rapidly evolving as the next generation of car buyers—Millennials—age into the largest car buying cohort. Overall, the 2014 study findings indicate that Millennials are blazing the way for near ubiquitous use of the Internet in car shopping and are showing significant increases in their use of mobile devices for car shopping, particularly smartphones.
Contrary to popular belief, Millennials are just as undecided as other generations when they begin the car shopping process, with 70 percent undecided on which make/model they are interested in purchasing. By the time Millennials reach the dealership, they are significantly less likely to switch the make/model they have decided on: 70 percent of Millennials end up purchasing the same make/model they had in mind when they first visited the dealership, compared to 66 percent of all car buyers.
"Since the majority of Millennials are decided on which vehicle they want to purchase by the time they get to the dealership, the opportunity for dealers and OEMs to influence their purchase decisions is online—where Millennials spend the majority of their shopping time," said Isabelle Helms, vice president of research and market intelligence at AutoTrader.com. "With that, it's incredibly important for automotive advertisers to understand how Millennials are shopping online and across mobile devices so they can effectively reach this generation of car buyers."
Key findings from the study include:
"As dealers and OEMs look to capture the attention of Millennials in 2014 and beyond, the importance of mobile cannot be emphasized enough," Helms continued. "Automotive advertisers who don't start putting mobile first could be at risk of coming in last."
About the Study
The 2014 Automotive Buyer Influence Study, commissioned by AutoTrader.com through IHS Automotive, was conducted among nearly 1,900 car buyers and ran from December 2013 through February 2014. To qualify for the study, participants must have purchased a light vehicle within the past 12 months and have been the primary decision maker in the vehicle purchase. The study used a combination of online and offline survey methods, resulting in a large, representative sample of online and offline car buyers who purchased new and used vehicles.
Created in 1997, Atlanta-based AutoTrader.com is the Internet's leading resource for car shoppers and sellers. AutoTrader.com aggregates millions of new, used and certified pre-owned cars from thousands of dealers and private sellers and provides expert articles and reviews. AutoTrader.com, which also operates the AutoTraderClassics.com auto marketing brand, is wholly owned by Cox Automotive. Additionally, Cox Automotive owns Kelley Blue Book (KBB.com®), Manheim Auctions as well as companies that provide a full suite of software tools that help dealers and manufacturers manage their inventory and advertising online: vAuto®, HomeNet Automotive®, VinSolutions®, AIS Rebates™, Genius Labs® and Haystak™. Cox Automotive is a subsidiary of Cox Enterprises.
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