April continued the trend of moving towards a ‘new normal’ – however, the path remains fragmented, and potential disruptions linger. Inventory levels improved for both new and used vehicles in April – but new figures remain down over 37% compared to last year, while used levels have rebounded substantially over the past several months and are now effectively flat with last year. One potential reason for the used turnaround is anecdotal commentary around fewer Canadian vehicles heading across the US border as wholesale prices have started to decline in the states.
It goes without saying that the automotive market has changed significantly over the past 12-24 months. For the second year in a row, CarGurus analyzed the path to purchase of more than 1,500 car buyers to offer an in-depth look at how today’s consumer journey is more complex than ever.
Below, we’ve highlighted five key takeaways from the CarGurus 2022 Buyer Insight Report, which you can use to inform your strategies for success.
In 2019, we introduced Navigate, a first-of-its-kind conference where automotive insights meet action through inspiring content from industry leaders and face-to-face networking opportunities. In 2020 and 2021, we brought that same energy and excitement to you virtually. And this year, we’re excited to announce Navigate on the Road, a series of global events that will bring everything you love about Navigate to a city near you – coming to Toronto this fall.
It’s no secret that today’s shoppers are increasingly completing more of the car-buying process online. With so many resources available, digital makes it easy to research makes and models, compare prices, and importantly, research sellers’ reputations. More than half of CarGurus shoppers (57%) say they always look at a dealer’s reviews before contacting them.* Reviews help validate the dealership experience and build a shopper’s trust with a dealer before ever walking through the dealership’s doors.
At CarGurus, we’ve always believed that a dealership’s digital experience and online reputation are extremely valuable tools that dealers can use to their advantage to sell more cars. Read on to learn how data from our soon-to-be-released 2022 Buyer Insight Report backs this up.
In the Canadian auto market, there’s a clear bifurcation in the market where topline inventory and listing price continue to grow while days-on-market shrink. While consumers still want private mobility, they’ve become much more selective on what they’re willing to pay.
Earlier this month, we announced our 2022 CarGurus Top-Rated Dealer Awards recognizing an exclusive group of our dealer partners who earned an average dealer rating of 4.5 stars or higher and collected at least four verified customer reviews in 2021. Congratulations on delivering exceptional customer service day in and day out!
While earning the award isn’t easy, promoting your accomplishment – and putting it to work for your dealership – is! Here are our top tips for showcasing your award using the assets available to all winners on a premium listings package:
Today’s the day! We’re thrilled to announce the winners of our 6th annual CarGurus Top-Rated Dealer Awards. Consumers left thousands of reviews on CarGurus last year, and these dealers rose to the top. Based on real reviews from car buyers across the country, winning dealers had an average dealer rating of 4.5 stars or higher and collected a minimum of four verified reviews in 2021.
February, in some ways, unfolded as anticipated, with improvements in both new and used inventory. However, those gains in inventory didn’t transfer over to other key metrics, highlighting that the road to a new normal will remain a winding one.
The CarGurus New Vehicle Availability Index for Canada increased 2.9% compared to January – even with those gains, though, it remained down 47.4% compared to last year. Used inventory had an even larger month-over-month increase, rising 5%, while the year-over-year figure was still down 12%. And though monthly gains in inventory are a welcome shift in trends, we didn’t see any relief in vehicle pricing in February.
As part of our commitment to providing you with the tools and services you need to get ahead in today’s digital-centric auto marketplace, we’re very excited to announce the launch of CarGurus RPM Premier, the latest solution in our suite of digital display products. It’s designed to help you reach a high-value audience of CarGurus shoppers who are in-market for your vehicle, all while diversifying channels and maximizing your efficiency.
Our early dealer partners using RPM Premier have seen great success thus far, driving lower funnel leads to VDPs on their website. Below, we’re sharing everything you need to know about our new social retargeting product.
The Globe and Mail recently dug into data from CarGurus’ latest Vehicle Availability Index & Insights report to understand what dealers can expect in the coming months. Their findings: low supply and high demand will combine to keep dealers’ lots empty and prices high for both new and used vehicles. CarGurus Director of Industry Insights & Analytics added that sales volume should recover faster than inventory levels in 2022, allowing dealers to find details shoppers are flexible on, so they can present different options. Read the full article below: