The State of Car Buying [Infographic]
By Eric Miltsch on Feb 27, 2013
So what's the car buying landscape look like this year? Lab42 did a (small) survey of 500 adult shoppers this month to get a snap-shot of their activities, behaviors and sentiments.
Of particular interest is where the opportunities still remain for dealerships to improve - the category showing the buyer's top frustrations:
- Dealing with salespeople - make sure your sales people are trainined, know the product and can provide your customers with amazing experiences.
- Spending time on the process - How can you speed things up?
- Finding the right car - Do you have a locate program? Is your merchandise easy to find online?
- Understanding the financing - Perfect opportunity for transparency and content marketing; what can you do to help your customers truly understand what you're telling them?
Click image for full size.
Comments
Great inforgraphic, but I doubt that 66% of buyers consider a hybrid.
February 28th
1. Most look at both new and used.
2. Many spend 1-3 months shopping before buying.
3. A huge majority do research online before buying.
3. Kelley Blue Book is considered the #1 most helpful resource for knowledge when shopping for a car. :-)
Sounds about right to me.
February 28th
Larry - key word being "consider!"
Would love to see the data on how many people "considering" them flip to a traditional engine.
February 28th
I'm with you Larry. This is the problem with survey data, especially around intent. The graphic shows that 66% are considering buying a hybrid for their next car purchase. That level of consideration may be exhausted even before the shopping process begins. I assure you at least 66% of the people my size are considering being skinnier next month, but most of us won't be.
That said, looking at the trending of this kind of data, even around intentions, can be very informative. Cross shopping between new and used vehicles remains high, and that has direct implications for everyone from the BDC to the front-line sales person.
February 28th
The most frustrating and time consuming part of the process is F&I. I'd like to see what percentage research finance options online and come armed with that knowledge or their own pre-approval. I see the F&I department as we know it today disappearing within the next five years. There will be online solutions that position finance at the top end of the sales funnel process that minimize the time consumers and dealerships spend on the transaction.
Interesting that 83% research online yet 52% still do not know which make or model they intend to buy before arriving at the dealership.
If I applied that to my grocery shopping I'd be perpetually hungry. However I know what I want when I walk in, the prices are fixed and I use my mobile for discount rebates, every shop assistant is accommodating and I'm every loyal to my chosen brands. Like the dealership experience my biggest frustration was the time the old finance process demanded ....except now I have an option. Self checkout and slide the credit card. Buying and car should be that easy! Love to see the infographic on that buying experience.
February 28th
Hmmm....if 52% don't know what make or model they intend to buy when they visit, and 83% do research online before visiting a dealership, does that mean that at least 31% found something in their research that encouraged them to visit that dealer that had nothing to do with a specific piece of inventory?
(I wish that the questions were published along with the findings.)
March 1st
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