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Topic: CarGurus data

CarGurus Canada Vehicle Availability Index & Insights – November 2021

Posted by Kevin Roberts on December 3, 2021

November saw a continuation of trends from last month in Canada, with inventory continuing to decline, prices rising, and days on market shrinking. Inventory decline was at a more modest rate of 0.6% from October for new, however, inventory levels are down 50.9% year-over-year. Used also saw declines in inventory but at a slightly higher clip of 2.1%.

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Topics: CarGurus data, inventory, new vehicles, trends, used vehicles

Introducing the CarGurus Canada Vehicle Availability Index & Insights report

Posted by Kevin Roberts on November 10, 2021

As vehicle availability continues to challenge both dealers and car buyers, CarGurus is happy to introduce a new monthly report from our Director of Industry Insights & Analytics, Kevin Roberts. The Canada Vehicle Availability Index & Insights report will deliver his in-depth research and outlook for the coming months.

The ongoing global supply chain shortage has caused acute pain to the automotive industry which is being felt in both the new and used vehicle markets. The lack of vehicle production has led to a reduction in the number of new vehicles, which has then had a trickle-down impact on used vehicles as well.

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Topics: CarGurus data, industry insights, inventory, trends

Car buying confidence on the rise, according to latest CarGurus study

Posted by Meg Bernazzani on September 28, 2021

Throughout the pandemic, CarGurus has kept a pulse on consumer sentiment around car buying through its Covid Sentiment Study. The Q3 edition, which surveyed 503 Canadian consumers in July, found good news for dealers: consumer confidence is up 21 percentage points. Seven in ten (74%) say the pandemic did not negatively impact their ability to afford a vehicle today, vs. just five in ten (53%) in June 2020.

However, the pandemic continues to have a lasting impact on the industry, shaping attitudes around car buying. Below, we explore which trends are temporary and which are here to stay.

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Topics: CarGurus data, consumer sentiment, coronavirus, covid-19

Exploring the next generation of car buyers in Canada

Posted by Meg Bernazzani on August 27, 2021

Earlier this year, CarGurus released its inaugural Buyer Insight Report in the Canada, which analyzed the digital purchase paths of more than 1,500 buyers. To provide more insights into the mindset of the next generation of car buyers, we dug into the data to explore the differences among younger car buyers (Gen Z and Millennials) and more seasoned car buyers (Gen X and Boomers).1 The key takeaway? Younger car buyers are more brand-open and less certain about major decisions, which results in a higher likelihood that they take their time and compare their options to find the best deal possible.

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Topics: car buying, CarGurus data, consumer insights

Consumers are more excited about driving assistance features than self-driving cars, according to new CarGurus research

Posted by Meg Bernazzani on June 24, 2021

For several years, CarGurus has surveyed US consumers on their attitudes toward autonomous vehicles (AVs). This year, we also checked in with Canadian consumers to get their sentiments on the topic. The results? Overall excitement for AVs is relatively meager—similar to consumers in the US. According to shoppers, AVs are a huge leap in technology, but the majority aren’t convinced the pros outweigh the cons, especially concerning safety.

Here, we break down four key findings from our Self-Driving Vehicle Sentiment Survey conducted in April and what they mean for dealers.

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Topics: autonomous vehicles, AVs, CarGurus data, self-driving cars

Most searched vehicles of 2021 so far, according to CarGurus data

Posted by Meg Bernazzani on May 5, 2021

Though 2021 got off to a turbulent start with Covid restrictions in place across provinces, car shoppers continued to search for and research vehicles online. To see which cars sat at the top of shoppers’ wish lists, we dug into our search data from the first quarter. In particular, we looked at which makes and models were the most searched on CarGurus in each Canadian province and territory.

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Topics: car shopping, CarGurus data, used cars

New CarGurus research shows increasing buyer openness and excitement towards EVs

Posted by Meg Bernazzani on April 14, 2021

As electric vehicles (EVs) continue to gain popularity in Canada, this topic has taken on a heightened focus throughout the auto industry. In February, CarGurus surveyed 495 automobile owners in Canada to get a pulse on their sentiments towards EVs. Overall, 32% of respondents noted that they were probably or definitely likely to own an EV in the next five years — a number on par with US consumers (30%) but that lags behind UK consumers (44%). And while Tesla is the trusted leader in tech development, consumers are increasingly open to other brands when it comes time to go electric.

In this emerging space, buyers are excited by the possibilities and less brand loyal, so there are opportunities for more competitors to disrupt the market. For dealers, now is the time to get ahead of the demand curve and start having conversations about electric vehicles with prospective buyers.

Below we’ve highlighted three key dealer takeaways from the study. For a summary of the results, download the CarGurus 2021 Electric Vehicle Report here.

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Topics: CarGurus data, consumer insights, electric vehicles, EVs

Top 2020 used cars in Canada by lead submissions

Posted by Meg Bernazzani on August 26, 2020

top-used-cars-canada-2020

The majority of consumers in Canada have seen their life change in some way, shape, or form because of COVID-19. One example of this is people’s driving habits. Daily commutes have changed drastically for many and frequent trips to the store, gym, school, childcare facility, etc. are no longer the norm. Though many, if not most, will eventually return to their previous driving habits, the fact that people are staying home more and driving less has the potential to impact buying activity.

As a result, I wondered how such a significant shift in consumer behaviour might influence shoppers’ search behaviour and interest in vehicles this year. To answer this question, I analyzed used vehicle leads on CarGurus for the first half of 2020 and compared it to the used vehicle leads we saw for the same criteria in 2019.

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Topics: car shopping, CarGurus data, covid-19, used cars

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