Data Point
Latest Cox Automotive Survey Finds Fewer Active Vehicle Shoppers In Market
Tuesday July 28, 2020
Article Highlights
- Anxiety is ratcheting up again for consumers and dealers as we see a surge in new cases across the country.
- The search for a better shopping process continues.
- Dealers with digital retailing are more confident about the long-term health of their business, but it’s not a silver bullet.
Cox Automotive is conducting ongoing research to understand the evolving impact of COVID-19 on U.S. consumers’ and dealers’ attitudes and behaviors. The COVID-19: Consumer and Automotive Dealer Impact Study addresses COVID-19 awareness, familiarity and level of concern, the impact on everyday behaviors and business operations, the impact on current auto shoppers and commuters as well as actions to mitigate any negative impact. The study was updated on July 28th.
MOST RECENT HIGHLIGHTS
The continued high volume of COVID-19 cases is adding a level of uncertainty to the market and negatively impacting consumers and dealers. In the latest study findings, we see three main takeaways:
- There are fewer active shoppers in the market right now. Shoppers are also experiencing rising prices and low inventory, leaving less options than normal.
- Fear of COVID-19 isn’t the only thing keeping customers out of the service drive. A surge in those working at home have cut miles traveled and trimmed the demand for general maintenance and repair.
- Consumers in market for automobiles during COVID-19 pandemic are doing more car-buying activities online than ever before, although most still want to complete even more steps.