- 68% of people who bought a new car recently are satisfied with their shopping experience
- Many start online, but want to finish their purchase face-to-face
People who bought a new car recently are happier with the experience today than they were in 2016, according to a new study. But, as more of the car shopping process moves online every year, the happiest buyers still finish the process at a dealership.
Those conclusions come from Drivers of Car Shopping Satisfaction, a new survey from Kelley Blue Book parent company Cox Automotive.
Researchers talked to 740 people who had bought a new vehicle and 350 who had bought a used vehicle in the last 12 months. They also surveyed 256 car dealers about how their business outcomes had changed when they changed their processes.
Buyers were happier with the shopping experience this year than they were the last time this survey was conducted, in 2016. Sixty-eight percent of buyers pronounced themselves satisfied, compared to 60% nine years ago. Fully 81% associated positive emotions, such as “excitement, hopefulness, empowerment, and confidence,” with their most recent car shopping experience.
Buyers Like a Mix of Online and Offline Interactions
- The most satisfied buyers were those who started the process online and finished it face-to-face
- Trade-in appraisal, insurance, and financing remain stressful steps
The most satisfied shoppers started the purchase process online before moving to a dealership.
“The majority of vehicle purchase journeys still occur in-store,” the researchers note, “particularly the final aspects of the deal.”
Completing research online saves shoppers from stress and prevents idle time in the dealership. Shoppers cited time spent waiting as the most unpleasant factor in any purchase.
They were also stressed by price negotiations, including appraising their trade-in. Forty-four percent considered walking away during price negotiations, and 24% considered walking away during the trade-in process. The survey did not include people who chose not to buy a car; only those who did not ultimately abandon the search.
Other stress points included applying for financing and discussing what they could afford with the dealer.
Less Stress for the Shopper Is Less Stress for the Dealer
- Dealerships with the happiest customers had the happiest employees
For car dealers, the survey offers one overarching lesson — improving the customer experience makes you money and improves your own day.
Eighty-eight percent of dealers who saw improved customer satisfaction reported higher sales and more profit. Eighty-seven percent reported happier employees. Sixty-six percent said their own process sped up — creating the opportunity to sell more cars in a week — as customer satisfaction improved.
The dealers most likely to show improved customer satisfaction offered personalized deal terms, explained them clearly, and recommended finance and insurance products based only on the specific buyer’s financial situation.
