Adapting to changing consumer preferences in today’s unique selling environment

Posted by Meg Bernazzani on August 19, 2020

Before the COVID-19 pandemic hit, car dealers were already facing questions about what the future of the industry would look like. With consumers’ preferences changing and advancements in digital retailing strategies continuing to be made, many have been at least starting to think about tactics like online financing and home delivery. But the current health crisis has accelerated many of these trends, and today’s dealers must adapt to a new normal.

Like most businesses across the country, dealers have been taking proactive steps to ensure consumers’ safety at the dealership, rearranging showroom layouts to support social distancing, increasing cleaning measures, and more. According to CarGurus COVID-19 Sentiment Study, among current prospective buyers, top expectations for dealer visits to purchase or service a vehicle include:

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Topics: consumer sentiment, covid-19, industry insights

Stressed, but saving: understanding the pandemic’s impact on consumers’ needs for financing

Posted by Meg Bernazzani on August 12, 2020

Whether it’s due to a vehicle breaking down, a new commute, a growing family, or any number of reasons, a vehicle purchase is essential for many. That’s held true even during the current health crisis: 71% of those planning to buy this year cited the purchase as necessary, according to the CarGurus COVID-19 Sentiment Study in April. However, months later and our follow-up study found that about half (47%) of car shoppers aren’t as confident in their ability to afford a vehicle as a result of the pandemic.

As a result of consumers’ dwindling confidence, demand for financing is increasing. Before the pandemic, 47% of car buyers planned to finance their purchase. Now, 56% plan to or have already done so. Additionally, around one-third of those considering financing lost confidence in their ability to get approved (31%) and the financing rate they’d expect (34%).

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Topics: consumer sentiment, financing, industry insights

CarGurus study finds vehicles are more vital than ever to today’s consumers

Posted by Meg Bernazzani on August 5, 2020

As consumers emerge from lockdown, change travel plans, and reconsider what mobility will look like in the long-term, vehicles are becoming even more vital to everyday life, according to our latest COVID-19 Sentiment Study in Canada. In fact, nearly a third of those surveyed said they expect to use their car more going forward than before the pandemic.

In the near-term, 45% of respondents say they see their car as an escape or for fun. Additionally, 50% say they expect to use their car for more road trips or longer drives, while 73% of those planning to travel this year say they intend to drive, rather than fly, for at least one trip.

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Topics: consumer sentiment, covid-19, industry insights

CarGurus in the news: industry publications use CarGurus data to break down consumer sentiment

Posted by Meg Bernazzani on July 27, 2020

A month into the second half of the year, there are still questions about what recovery will look like for the auto industry. Our June COVID-19 Sentiment Study provided a glimpse into the new normal of car shopping — and the industry has taken note. Below are recent news stories that feature CarGurus’ latest data.

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Topics: CarGurus data, covid-19, industry insights

COVID-19 Follow-up study offers a glimpse into the new normal of car shopping

Posted by Beth Burke on July 21, 2020

As a follow-up to the Consumer Sentiment Study we presented in April, CarGurus surveyed an additional 505 shoppers in June to see how their feelings toward car shopping have changed during the pandemic. Overall, the study shows that despite lingering near-term delays in car purchases, most sales are not expected to be lost in the long term. Here are the key takeaways for dealers – or you can read the full report here.

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Topics: CarGurus data, consumer sentiment, covid-19, Driving Difference

Calling all dealers driving difference in their community! Share your story to win a Back-to-Business Kit

Posted by Meg Bernazzani on July 15, 2020

Even during the current health crisis, you’ve been there to help your community. Delivering meals to hospital staff, providing free oil changes for frontline workers, and more. Now, it’s time you get rewarded for it.

CarGurus wants to celebrate the dealers driving difference in their community—and help them get back to business quickly—which is why we’re thrilled to announce the launch of our Driving Difference contest.

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Topics: CarGurus news, community, Driving Difference

4 Key takeaways from our Canada Dealer Insights Summit

Posted by Meg Bernazzani on July 13, 2020

Last week, CarGurus hosted a virtual Dealer Insights Summit to provide Canadian dealers with actionable tactics and targeted insights around today’s unique environment. The event featured exclusive insights into current consumer sentiment, pro tips for using CarGurus tools, a live Canadian dealer panel discussion, and more. Below are four important takeaways from the online event.

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Topics: CarGurus data, dealer insights summit

Sell your vehicles across the nation: introducing CarGurus Delivery Indicator

Posted by Meg Bernazzani on July 10, 2020

As shoppers turn more and more to online resources to conduct research and make purchases, digital retail has become key to success. Especially in today’s unique environment when most shoppers would prefer to use contactless services when buying a car, car dealers must continue to find new ways to reach and convert shoppers. That’s why we’ve launched CarGurus Delivery Indicator, a new product that makes it easy for you to sell and deliver your vehicles to car shoppers across the nation.

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Topics: CarGurus product, delivery

What’s new at CarGurus? Quarterly product update

Posted by Meg Bernazzani on June 24, 2020

As dealerships begin to get back to business, we realize it’s more important than ever that we support our dealer partners, which is why the CarGurus Product teams have been hard at work building new features and product updates. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.

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Topics: CarGurus news, delivery, market analysis tool, Pricing Tool, product updates

How to succeed with CarGurus Delivery Indicator

Posted by Meg Bernazzani on June 8, 2020

As shoppers increasingly conduct research and make purchases online, digital retail is key to succeeding in today’s tech-driven automotive industry. Shoppers are searching on CarGurus to find the best deals for their next car – for you, it’s just a matter of reaching them with the right vehicles. 
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Topics: delivery, product updates