3
KEY SALES TAKEAWAYS
FROM THE COX AUTOMOTIVE
CAR BUYER JOURNEY STUDY
New-car buyer satisfaction climbed to an all-time high in 2024. That’s just one of the findings from Cox Automotive’s Car Buyer Journey Study which has researched the car-buying journey for 15 years, tracking key shifts in consumer buying behaviors. Here are 3 key takeaways and trends from the study to help your dealership deliver a better buying experience.
Key Takeaway #1
Car Buyer satisfaction reaches record high
New-car buyer satisfaction climbed to an all-time high in 2024, thanks to more choices improving sales incentives and advancements in digital tools that create seemless online-to-in-store buying experiences.
Satisfaction with new car shopping experience
(+2 points since 2023)
TAKE ACTION
Capitalize on customer goodwill by following up on positive purchase experiences to create loyal repeat buyers. Leverage Automotive Marketing Platform from VinSolutions to activate customized automated campaigns using exclusive insights from your prospective buyers. Send unique communications to customers biased on service history, vehicle equity, online shopping behavior and other exclusive customer insights.
Key Takeaway #2
Buyers Dedicate More Time to the Shopping Journey
Total in-market time on the car buying process increased in 2024. Buyers allocated more time to shopping, test driving, and learning about product features, rather than spending more time on the transactional aspects of the purchase process.
Average total time spent shopping for new car (+1hr 50mins from 2023)
TAKE ACTION
As shoppers spend more time online, leverage VinSolutions with GenAI to identify customers who are actively shopping and most likely to buy—so you can proactively reach them. Use GenAI to create engaging, personalized communications based on exclusive Cox Automotive data.
Key Takeaway #3
Shoppers Experience Less Sticker Shock
Fewer buyers demonstrated dissatisfaction with vehicle prices in 2024, with only 34% of new-vehicle buyers and 41% of used-vehicle buyers expressing that prices were higher than expected.
New car buyers experiencing sticker shock (-8 points since 2022)
TAKE ACTION
Be proactive about putting new and used vehicle prices in front of shoppers earlier in the buying process. Automotive Marketing Platform delivers personalized messages to shoppers with customized offers and deal terms that will help them to calculate monthly payments and find the full value of their purchase.