Despite Inventory Shortage, High Prices, Overall Car Buyer Satisfaction Remains Near Record Levels
The 12th annual Cox Automotive Car Buyer Journey Study reveals that overall car buying satisfaction remains at a near-record level, with the number of highly satisfied buyers higher than before the pandemic.
ATLANTA – The 12th annual Cox Automotive Car Buyer Journey Study reveals that overall car buying satisfaction remains at a near-record level, with the number of highly satisfied buyers higher than before the pandemic.
The latest Car Buyer Journey (CBJ) Study finds that the modest retreat from the record high set in 2020 was due mostly to lack of inventory and high prices. Overall, 66% of consumers were highly satisfied with their shopping experience, down from the record high set in 2020 at 72%, when inventory was more plentiful and favorable incentive programs were offered. Importantly, 75% of vehicle buyers in 2021 noted they were highly satisfied with the dealership experience.
“Despite external market factors that dealers cannot control, the car buying experience remains amazingly good,” said Vanessa Ton, senior manager of research and market intelligence, Cox Automotive. “Dealers have done a great job adapting to what consumers wanted during the pandemic and have permanently evolved the car buying journey in a personalized way that results in very high satisfaction even when consumers are contending with historically low inventory and record-high prices.”
The Cox Automotive Car Buyer Journey Study is based on an online survey of 2,976 U.S. consumers who bought or leased a new or used vehicle between September 2020 and August 2021. This extensive study is designed to measure vehicle buyers’ satisfaction with research and shopping as well as the dealership experience including what websites were leveraged when shopping and what digital retailing steps they completed during the transaction.
Click here to view the report.
Originally posted on Agent Entrepreneur