IHS Automotive Report: Autotrader 2014 Vehicle Purchase Study
Friday October 17, 2014
- Roughly one out of three new vehicle buyers (36 percent) intend to purchase a specific make and model when they begin researching their new vehicle purchase. However, by the time they start visiting dealerships, most had narrowed their choice with less than one in four (24 percent) switching to a model other than the one they intended. Given this insight, OEMs and dealers need to ensure they are focusing resources on the initial shopping portion of the purchase funnel, prior to consumers visiting their showrooms.
- Nearly 80 percent of new car buyers use the Internet to shop for their vehicles and this number swells to 94 percent for the Millennial generation. This makes up the majority of the 16 hours in total they spend shopping for their car.
In this intensely competitive market, it is critically important for automotive marketers to understand how new vehicle buyers shop for their vehicles. The 2014 Automotive Buyer Influence Study, commissioned by Autotrader through IHS Automotive, provides insight into consumer behaviors for vehicle shopping. Its findings highlight the importance of reaching shoppers before they reach the dealer’s lot, Internet and smartphone use during the shopping process, and more.