The Top 4 Insights from Cox Automotive’s 15th Annual Car Buyer Journey Study Cox Automotive has just released it’s 15th Annual Car Buyer Journey Study, giving dealers, OEMs and the automotive industry a sightline into today’s consumers buying behaviors as well as wants, needs and preferences. The study was conducted from August to September of 2024, with a little over 2300 respondents who purchased or leased their vehicles within the last year.
Where we WERE the last few years:
Consumers felt vehicle prices were too high They were searching for better deals with new brands and dealerships Limited availability in vehicles, inventory and OEM incentives
Where we ARE today:
Consumers realize and have accepted the fact prices have gone up They want what they want and aren’t afraid to look for and find it Increased availability of vehicles / inventory as well as OEM incentives
#1: Consumer Shopping and Dealership Satisfaction New car sales continue to be on the rise, while used car sales have leveled off when it comes to today’s consumers shopping satisfaction levels. Dealership satisfaction is at an all-time high for new buyers and shifting down for used buyers.
ACTIONS TO TAKE: Enhance Customer Experience: Focus on providing an exceptional experience. Make it easy and a seamless, a transparent process from a shoppers first click all the way through to the close. Digital Tools and Satisfaction Levels: Consumers want digital tools to help them and claimed it made the process more enjoyable, efficient and overall more satisfying. Promote Positive Experiences: Highlight customer testimonials and success stories in your marketing efforts – this helps establish trust and set expectations.
2024 Experience Was Better Than Last Purchase
42%
New
39%
Used
(2023: 38%
(2023: 38%
)
)