Autotrader COVID-19: Consumer Sentiment Top 10 Trends

Resource Autotrader COVID-19: Consumer Sentiment Top 10 Trends 2020-08-05

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Autotrader brings you our COVID-19 Consumer Trends and Dealer Sentiment tracker where we highlight our most recent findings. Based on the latest data we’re not out of the woods yet. We don’t even have a good handle on how much longer the woods are going to last. It’s that uncertainty that makes this situation so difficult. That’s also why it’s so important that we avoid falling back into old habits. We must all continue to adapt if we want to win in an increasingly difficult market.

Key Insights:

  • It’s clear that we have fewer active shoppers in the market right now. That means the total pie is smaller and dealers will need to fight hard for their piece. Unfortunately, they’re also saddled with rising prices and low inventory leaving less options than normal. However, dealers can still differentiate from competitors and lure consumers by delivering the experience they’re looking for. They just have to make the leap.
    • Key Takeaway: An uncertain market finds itself saddled with fewer shoppers and more worry. With no end in sight dealers need to get proactive and adapt to customer preferences in order to win.
  • Fear of COVID-19 isn’t the only thing keeping customers out of the service drive. Months of social distancing and a surge in those working at home have cut miles traveled and trimmed the demand for general maintenance and repair. Dealers have to make it easy for customers who are on the fence.
    • Key Takeaway: Service and repair traffic continues to lag, but new approaches can help attract fresh customers.
  • Every day the average consumer shops, compares, and transacts online across most of the areas in their life. For dealers, meeting customers where they are means getting comfortable in an online world. It’s critical that consumers are allowed to chart their own path through the buying experience.
    • Key Takeaway: COVID-19 has forced more activity online, but shoppers still want to do more.
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Alex Locklair
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