The automotive retail market is fast evolving, with just about every aspect of the sector changing dramatically in recent years. This report explores these changes and the effect they have had on the way people buy their next car.
Dozens of triggers to enter the market, though 4 out of 5 cases to entering the market are planned. Many older, male buyers with more disposable income are simply seeking a change of car whereas younger buyers with smaller budgets plan their purchases around changed in lifestyle, such as growing families and career advancement.
Key opportunity for dealers is to utilise digital marketing effectively to promote trust and transparency to attract buyers.
When car buyers enter the market, they do so with a number of preconceptions. Many feel intimidated at the prospect of buying a car and do not trust the industry to be open and honest.
With a sheer volume of choice and personalisation available on today's latest models, options appear endless and often overwhelm consumers. 85% of car buyers know they’ll have to expend lots of time and effort in order to make a decision.
Key opportunity is to simplify the process, options available and provide offers.
Once car buyers are in-market, they attempt to work out which cars they would consider. With immediate information-overload for many, this soon leads to confusion.
Key opportunity for dealers is to demonstrate they are credible, reputable businesses , with transparent pricing and reviews.
Car buyers are more open to influence throughout the journey than was expected, and perhaps more importantly, far later into it. Many were considering an average of three cars, even at the point of purchase.
Fatigue created by the current process resulted in 60% of car buyers giving up their pursuit for the perfect car and making a purchase simply out of exhaustion.