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SEARCHCox study shows consumers feel better about the process, but some aspects still don’t pass muster.
The study found auto dealers can improve on convenience, personalization and stress reduction, especially for the youngest buyers and for used-vehicle consumers.
Pixabay/Anrita 1705
A study Cox Automotive conducted last year found both progress and room for improvement in the car-buying process.
The poll of about 750 new-vehicle buyers and 350 used-vehicle buyers who purchased from a franchised dealer in the previous 12 months found customer satisfaction with the process at 68%, up from 60% in 2016. Eighty-one percent of buyers reported positive emotions with the experience.
Cox also surveyed more than 250 franchised dealers on their efforts to improve customer satisfaction and the outcomes they’d seen.
Though online car shopping has surged, particularly since the pandemic lockdowns that limited in-store purchases, the study found that offline processes are still central to car buying. Most purchases still happen in stores, especially the last steps, and consumers who move from online shopping to stores are experiencing a smoother process and greater sense of control. Cox credits better-integrated dealer platforms for the latter development.
The study found dealers can improve on convenience, personalization and stress reduction, especially for the youngest buyers and for used-vehicle consumers. In particular, trade-in appraisals can disappoint customers, and finance-and-insurance product evaluation can leave many overwhelmed and confused.
The research found that the most stress-inducing aspects of the buying experience are in-store wait time; choosing F&I products; evaluating affordable purchases; finalizing deal terms; and the trade-in offer and financing processes.
“To alleviate these negative feelings, dealers can provide accurate appraisals, clear F&I product transparency, and personalized recommendations,” said Cox President of Retail Solutions Lori Wittman.
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