Vehicle Shopping Now Higher than Pre COVID-19 Levels with Consumers Seeking Custom and Remote Purchasing Solutions
2020年5月19日 - 10:00PM
TrueCar, Inc., the most efficient and transparent online
destination to find a car, today published COVID-19 car buying
insights based on TrueCar’s own marketplace data prior to and after
COVID-19 social distancing mandates began to take effect as well as
consumer sentiment from a 3-wave study of car shoppers during the
Coronavirus pandemic.
“Website traffic and purchase intent returned to pre COVID-19
levels on the TrueCar marketplace in the last two weeks of April,”
said Nick Woolard, Director of OEM and Affinity Partner Analytics
at TrueCar. “We’re now seeing those numbers increasing going into
Memorial Day weekend to levels closer to what we typically see
toward the end of the year.”
“Automakers quickly turning on 0% financing offers in response
to COVID-19 actually spurred an increase in pickups and utilities
in the period after COVID-19 took effect,” added Woolard. “This was
clearly a winning strategy to shore up demand and we see incentives
as a driver of purchase intent in our consumer research as
well.”
Key TrueCar marketplace insights
include:Pre-COVID-19 period defined as 3/01–
3/12Post-COVID-19 period defined as 3/13 –5/05Purchase intent:
Connection made when a consumer submits their contact information
to a dealer for a price offer on a specific vehicle indicating
heightened demand and purchase intent for a vehicle.
- TrueCar marketplace traffic and purchase intent returned
to pre-COVID-19 impact levels in the last two weeks of April
and have continued to increase going into Memorial Day
weekend.
- Purchase intent for new vehicles compared with used vehicles
rose 9% in the post-COVID-19 period.
- For new vehicles, large and sporty vehicles saw an increase in
purchase intent in the post COVID-19 period, fullsize pickup was up
38%, premium performance (Corvette, Porsche 911 etc.) was up 26%,
midsize pickup was up 15%, and fullsize utility was up 11%.
- Domestic brands showed an increase in share of purchase intent
on new vehicles in the post-COVID-19 period, with Ram up 38%, GMC
up 17% and Ford up 5%.
- In the period after COVID-19 impact, purchase intent shifted
toward more expensive vehicles, up by an average of $800 on new
vehicles and up $850 on average on used vehicles.
- Across U.S. states, there was an average decline of 26% in
combined new and used purchase intent in the post COVID-19 period,
with Montana the only state up, at 2%. Recovery varied widely by
state based on timing and details around stay-at-home
mandates.
“The pace of change we’ve seen recently is unprecedented, so we
wanted to capture consumers needs and concerns around car buying as
they rapidly evolved,” said Wendy McMullin, Head of Research at
TrueCar.
“Wave one respondents were feeling less of an impact, which is
not surprising given that stay-at-home mandates had just begun and
the number of cases was still relatively low. Concerns over safety
and economic security peaked in wave 2. Two months into the
pandemic in wave 3, we’re seeing the proportion of respondents
delaying their vehicle purchase has recovered a bit to wave 1
levels, which is promising.”
Key
Insights from TrueCar’s 3-wave research during COVID-19
include:Each wave surveyed 1,200 consumers, screened for
those planning to purchase a vehicle within the next 12 months.Wave
1 fielded 3/17/20 (6,421 cases / 108 deaths U.S.*)Wave 2 fielded
4/9/20 (461,437 cases / 16,478 deaths U.S.)Wave 3 fielded 5/4/20
(1,180,375 cases / 68,922 deaths U.S.)
- Concern over being exposed to COVID-19 peaked in wave 2, yet
remains a heightened concern in wave 3 (57% very or extremely
concerned, versus 62% in wave 2).
- In wave 3, significantly fewer respondents stated they were
delaying their purchase compared to wave 2, however 32% still
stated they are delaying their purchase.
- Half of shoppers surveyed said that lower interest rates and
increased discounts and incentives may encourage them to purchase a
vehicle now.
- 8% of shoppers stated their primary reason for
purchasing/leasing a vehicle is to avoid public transportation;
this proportion is 10% for lower income consumers.
- Across all 3 waves, consumers selected aspects of remote
retailing – such as configuring a deal online, at home test drives,
completing the entire purchase online, and video conferencing) as
the top reasons they would shop with a particular dealership now.
At home test drive showed the most significant uptick between the
three waves, increasing in interest 44% between wave 1 and wave
3.
- Two-thirds (65%) of shoppers surveyed said they would be more
likely to shop with a dealership that offers the components of
TrueCar’s Buy from Home experience which offers remote paperwork,
vehicle sanitization and vehicle delivery).
“With continuing concerns around being exposed to COVID-19 or
exposing others, remote retailing capabilities and safety measures
around test driving vehicles and home delivery are critical
components dealers can offer to get consumers to engage now,” added
McMullin.
“In particular, the third wave of the study highlights that
consumers are looking for a more customized way to shop that meets
their personal safety expectations. It’s encouraging to see how
quickly dealerships have responded and how flexible they have been
in making these offerings available.”
*Johns Hopkins University data.
About TrueCar
TrueCar is a leading automotive digital marketplace that
enables car buyers to connect to our nationwide network of
Certified Dealers. We are building the industry's most personalized
and efficient car buying experience as we seek to bring more of the
purchasing process online. Consumers who visit our marketplace will
find a suite of vehicle discovery tools, price ratings and market
context on new and used cars – all with a clear view of what's a
great deal. When they are ready, TrueCar will enable them
to connect with a local Certified Dealer who shares in our belief
that truth, transparency and fairness are the foundation of a great
car buying experience. As part of our
marketplace, TrueCar powers car-buying programs for over
250 leading brands, including AARP, Sam’s Club, and American
Express. Nearly half of all new-car buyers engage
with TrueCar powered sites, where they buy smarter and
drive happier. TrueCar is headquartered in Santa
Monica, California, with offices in Austin,
Texas and Boston, Massachusetts.
For more information, please visit www.truecar.com, and
follow us on Facebook or Twitter. TrueCar media
line: +1-844-469-8442 (US toll-free) |
Email: pr@truecar.com
A PDF accompanying this announcement is available
at http://ml.globenewswire.com/Resource/Download/486ca127-0f78-41e1-93f1-bb07a7df02f0.
TrueCar Public Relations Contact:
Shadee Malekafzali
shadee@truecar.com
424.258.8694
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