31. 70% of people who used YouTube as part of their car buying process were influenced by what they watched. This is much higher than TV, newspapers, or magazines. (Tubular Insights) 32. Time spent watching test drives, features and options, and walkthroughs, has doubled on YouTube in the past year. (Tubular Insights) 33. 22% of buyers purchase the make and model of the car they first searched. (Tubular Insights) 34. 62% of purchasers would rather spend time online researching, com- pared to 29% that would prefer to speak to sales person. (Oppmax)

Dealership Experience and Trends The overall attitude by consumers of

dealerships is disappointing. Consumers either do not trust the dealership or they think the process takes too long. This can be resolved by the auto dealership imple- menting a pressure-free shopping expe- rience paired with transparent pricing. They could also provide options for dig-

ital purchasing, which many consumers would prefer. Dealerships are still high- ly valuable to consumers though. Even though they don’t trust dealerships, con- sumers would rather negotiate in person than online. 35. 67% trust that the dealership gave them the best deal. This can be in- creased through simple, pressure-free shopping and transparent pricing. (Cox Automotive) 36. 46% satisfaction level for how long the car buying process takes at the deal- ership. 59% satisfaction level for inter- actions with the financing department. This can be fixed through shortening the purchase making process, loyalty re- tention, and options for digital purchas- ing. (Cox Automotive) 37. 1 in 4 buyers are unaware of the F&I products and services offered by dealership. For example, 84% of con- sumers were not aware that their deal- ership offered lost or stolen key replace- ment. (Cox Automotive) 38. 76% of consumers believe they can

get a better price through negotiations in-person vs online. (Retail Dive) 39. 72% of consumers would visit a dealership more often if the buying pro- cess was improved. 54% of consumers would buy from a dealership that offers a better experience, even if they didn’t have the lowest price. (V12Data)

Overall Car Buying Trends and Analysis

Car consumers are increasingly turn- ing to digital platforms to research and get pricing on cars, but still want to see a car in person before committing. Digital research is no longer performed solely on manufacturer and auto industry web- sites as consumers turn to social media and YouTube to get impartial opinions from industry outsiders. To see where the auto industry and buying patterns are headed, check out the website’s predictions on auto indus- try trends for 2019 and beyond.

Information reprinted from www.findthebest carprice.com/auto-industry-trends

AUTOMOTIVE RECYCLING • January-February 2019

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