Cox Automotive has just released new information called the 2017 Car Buyer Journey Study. This data is a subgroup analysis that looks at household incomes of less than $75,000 and more than $75,000, as well as Millennials, Generation X customers, boomers, and pre-boomers.

This study gives good insight into the differences between car buyers, and how you can then cater to each individual group based on their wants and needs.

Researching & Shopping Online

In this part of the Cox study, we learn how many sites people of various income levels visit before purchasing their vehicle.

Total Number Of Websites Visited:

• Under $75K Household Income
  • 4.6
• Over $75K Household Income
  • 5.6

3rd Party Websites Visited:

• Under $75K Household Income
  • 1.8
• Over $75K Household Income
  • 2.2

Dealership Websites Visited:

• Under $75K Household Income
  • 1.6
• Over $75K Household Income
  • 2.0

OEM Websites Visited:

• Under $75K Household Income
  • 1.2
• Over $75K Household Income
  • 1.4

This information tells us that those who are more affluent are actually doing more research when it comes to finding a car. This suggests that those who make less money are coming to the dealership after doing less research. This may suggest they are hoping to come and get a good deal from the dealership, and also shows us that they are maybe less picky about specific vehicle types and accessories. Steve Lind from Autotrader says that these findings “reiterate how much time during the process car buyers are spending online,” and adds that this encourages the industry to be ready to serve customers online.

BDC Manager Derrick Woolfson says that he understands why those who are less secure in financing options would want to spend less time researching and more time getting into the dealership to see what the actual financing options are. “Those that have security in their financing tend to focus more on the amenities that the vehicle has to offer, and are less distracted per se with the financing.”

Device Usage

The Cox study also evaluates site usage based on various generations, which gives dealerships the opportunity to understand where their website is being viewed and by whom.

The numbers show us a few things, namely:

• Millennials are more likely to use multiple devices compared to other generations
• Pre-boomers and Boomers are less likely to use mobile devices compared to younger generations and are likely only to use a desktop
• Millennials and Generation X consumers are split fairly evenly between using desktop and mobile devices, so it’s safe to assume those generations will regularly look at both

Chris Leslie says these findings, particularly about older generations, weren’t surprising at all. “Of course they used more desktops. Reading information sucks on mobile in most cases.” Derek Woolfson adds that while he understands that the older generations would stick to desktop searches, he’s unsurprised that Millennials use multiple devices. “It allows them to research wherever they are located at that time, using whatever device is convenient for the moment,” he finishes.

Steve Lind again says that digital strategy is key, adding “If dealerships seek to influence buyers to choose a vehicle from their dealership, it is imperative for dealerships to have a smart digital strategy.”