SANTA MONICA, Calif., March 31,
2021 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the
most efficient and transparent online destination to find a car,
released the eighth wave of its study into the impact of the
pandemic on vehicle shopping and vehicle shoppers' needs, one full
year into the COVID-19 pandemic.
"At the pandemic's one year milestone, vaccinations have
accelerated and warmer Spring weather is allowing for more outdoor
activity. So, it's no surprise that we're seeing somewhat
less concern over COVID-19 transmission while vehicle shopping.
Instead, we're seeing financial concerns emerge as stronger
purchase deterrents, possibly reflecting the return of less
affluent shoppers to the market," said Wendy McMullin, Head of Research and Consumer
Insights at TrueCar.
"That said, consumers still want to do more of the car buying
experience outside the dealership, a trend we expect to continue
even after the pandemic," added McMullin.
Highlights from the Study Include: At the
time of fielding this study over 70 million Americans
(approximately 1/3 of U.S. adult population) have received at least
one dose of a COVID-19 vaccine
• COVID-19's Effect on Vehicle Shopping:
- More consumers than any prior wave indicated that their vehicle
needs have increased as a result of the pandemic (29%).
- More consumers than any prior wave indicated that they would
purchase a less expensive vehicle (23%).
- Interest in vehicle delivery has steadily climbed throughout
the pandemic peaking in this wave (17%).
• Factors that Encourage Dealership
Interaction:
- Retailing activities outside the dealership (configuring deal
online, at home test drive, complete entire purchase online) remain
the top three factors to encourage dealership interaction.
• Delaying Vehicle Purchase due to the Pandemic:
- Remains steady with the fewest consumers intending to delay
their purchase within waves 6-8 of our study (11/21/2020,
1/17/2021, 3/12/2021).
• Factors that Would Deter Vehicle Purchase:
- Concerns about potentially diminished income in the future are
a top factor to deter vehicle purchase (35%); 30% cite lower income
now as a concern.
- Meanwhile the dealership not having the vehicle consumers
wanted reached its peak (35%), an increase of 46% since
July 2020.
- Threat of catching or spreading COVID-19 while shopping reached
its lowest point during our study series (31%).
"One year later, we're still witnessing the downstream effect of
automaker manufacturing plant closures. This has reduced the number
of new cars on dealer lots which means fewer model and trim options
for car buyers," said Nick Woolard,
Lead Industry Analyst at TrueCar.
"This helps explain why over a third of consumers indicated that
not having the car they want on the dealer lot is delaying or
deterring their car purchase, impacting the demand side of the
market," added Woolard.
Media Assets can be found here
Study fielded on 3/12/21 with a
sample size of 1,200 (U.S. COVID-19 daily cases 65,800, U.S.
COVID-19 daily deaths 1,333)
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
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SOURCE TrueCar, Inc.