Mar 31, 2015
ATLANTA, March 31, 2015 /PRNewswire/ -- Autotrader's Car Buyer of the Future study, which was released today, shows that only 17 out of 4002 people prefer the current car buying process, and the rest want significant changes, particularly in the test drive, deal structuring, financing paperwork and service phases. As a leader in the automotive retail space, Autotrader is sharing the findings of the study to aid in the industry's understanding of consumer behavior and help dealers and manufacturers prepare to meet the needs of tomorrow's car buyers.
"While there is good work going on right now to adapt decades-old sales processes, consumers are telling us that we as an industry are not moving fast enough," said Jared Rowe, president of Autotrader. "By recognizing—and embracing—the need for change, we have a tremendous opportunity to surprise and delight our consumers."
A multiphase study that included a quantitative survey among 4002 car shoppers and buyers, the Car Buyer of the Future study identifies which changes consumers desire, the underlying reasons behind those changes and the benefit to dealers and manufacturers adopting to tomorrow's car buyers. In addition to identifying the changes that consumers do want, the study also dispels some commonly held beliefs about the future of car buying.
Dispelling Myths about the Future
Some commonly held beliefs about the future of car buying are that sales people will be less important in the future; consumers don't want to negotiate; and that lowest price will always win. In fact, the study shows the opposite.
The Biggest Changes Need to Come in Four Main Areas:
The Benefits for Dealers and Manufacturers who Adapt are Clear
Dealers and manufacturers who focus on creating—and ultimately deliver—a better shopping and buying experience can reap significant benefits, according to the study:
"The sales environment is expected to remain strong across new, used and CPO cars over the next few years, and it is exciting to see that we have several ways to enhance the consumer experience for the benefit of all involved—buyers, manufacturers and retailers. At Autotrader, we will continue doing our part and working closely with our customers and partners to usher in that new reality," Rowe continued.
About the Study
The 2015 Autotrader Car Buyer of the Future study is a multi-phase qualitative and quantitative research study. The phases included four expert interviews, eight car buyer ethnographies, focus groups among 40 new and used car buyers and a quantitative study among 4002 car shoppers and buyers. It was fielded from June through October 2014.
Autotrader is the most visited third-party car shopping site, with the most engaged audience of in-market shoppers. As the foremost authority on automotive consumer insights and expert in online and mobile marketing, Autotrader makes the car shopping experience easy and fun for today’s empowered consumer looking to find or sell the perfect new, used or Certified Pre-Owned car. Using technology, shopper insights and local market guidance, Autotrader’s comprehensive marketing solutions guide dealers to personalized digital marketing strategies that grow brand, drive traffic and connect the online and in-store shopping experience.
Autotrader is wholly owned by Cox Automotive which owns Kelley Blue Book (KBB.com®), Manheim Auctions, Dealertrack® and a portfolio of software companies that optimize inventory and advertising online. Cox Automotive is a subsidiary of Cox Enterprises. For more information, please visit http://press.autotrader.com.
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For further information: Julie Shipp, Public Relations Manager, Autotrader, 404-558-7837, firstname.lastname@example.org
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