Thanks to a recent study conducted by Cox Automotive, we’ve seen some proof that customers are more satisfied with the car buying process.
Time Spent Purchasing a Vehicle Has Gone Down
While many people have seen adversity or have been impacted by the COVID-19 pandemic in some way, it seems like car buyers are happier with the speed of the process. It’s in part because they’re done with the transaction faster these days.
Many prospects often state that the car buying process is long and arduous – complaints about spending hours completing paperwork and negotiating are common. But thanks to the necessary streamlining of the process and online shift due to the pandemic, customers appear to welcome the changes with open arms – and buyers are being more decisive.
Thanks to Cox Automotive releasing their Car Buyer Journey Study: Pandemic Edition in February, we’ve got some insight on how buying behavior has shifted during the pandemic.
Cox reports that shoppers are spending an average of one hour and 43 minutes less during the vehicle purchase process compared to 2019. In 2019, shoppers spent an average of 14 hours and 53 minutes on the entire vehicle purchase process. As a result, customer satisfaction is up!
Cox reports that in 2019, 62% of new car buyers were happy with their experience, and 60% of used buyers were satisfied. In 2020, new buyer satisfaction went up to 74%, and used buyer's satisfaction increased to 71%. This increase in satisfaction is hard to ignore.
Time Spent Researching Decreasing
Many prospects spend hours researching which makes/models they want, but recently, that time spent seems to be decreasing as well.
In 2019, Cox reports that the average buyer (new and used) spent nine hours and 23 minutes researching for their next car purchase. But in 2020, this decreased to seven hours and 14 minutes.
New car shoppers spend around two hours less than used shoppers when searching for a vehicle, as well. New car buyers average around five hours and 34 minutes researching their purchases, while used car buyers clock in around seven hours and 44 minutes of online research.
Cox notes the top three reasons why prospects are spending less time online, and the number one reason is they “already knew what they wanted.” The other two were attractive offers, and dealers reached out with offers.
How Will You Stand Out?
If prospects are spending less time researching online and being more decisive about their vehicle preferences, how do you plan on getting and keeping their attention?
Drawing in online leads can be difficult since the online space is so saturated with advertisements and promoted content on social media. If you don't have the time or energy to promote yourself in online spaces, we want to help.
Auto Credit Express and our partner CarsDirect have created a new product to get the word out for you: branded social media marketing campaigns. Grow your brand online while engaging with highly qualified prospects with our latest product designed just for you.
We’ll generate actual customers within a refined subprime target market, use audience profiling, utilize lookalike audience technology to make your campaign unique, and run ads on both Facebook and Instagram. All contact information and full-credit applications are sent directly to your CRM. And a dependable variety of new, used, and special inquiries let you filter prospects based on your location’s individual needs.
Get in touch with us to learn more about all our products, and how we can help you build a steady stream of highly-motivated leads that are ready to buy. Fill out our contact form or give us a call at 888-535-2277.