The car-shopping experience isn’t slowing down any time soon, according to the latest market research by CDK Global, an automotive retail software provider. CDK’s Vehicle Ease of Purchase Scorecard shows that 83% of consumers found the overall buying process easier than in March, despite car loan interest rates nearing double digits and increasing the overall cost of vehicles.
CDK’s April consumer satisfaction results of 83% were a slight increase over March at 81%, and up from 82% over the last several months. The consistent uptick signals a healthy start for automotive dealers in the second quarter as families prepare for upcoming vacations and road trips. Additional highlights of CDK’s April survey data include:
- Improving inventory levels at dealerships are helping consumers find what they want in stock, as 47% of buyers located the car they wanted on the lot in April, up from 43% in March.
- 24% of consumers purchased in-transit vehicles (30% in March) or ordered from a factory (22% in April versus 18% in March). Only 6% of customers opted to select an alternative car last month, which is the lowest amount tracked since the survey launched in July.
- Agreeing to a purchase price rose slightly to 60% in April, while receiving an agreeable trade-in value remained steady at 50% for March and April.
- The purchase experience remained positive overall among customers at the dealership, with nearly 70% of shoppers finding the process easy to choose vehicles they hoped to buy.
“You might think higher interest rates would slow down car shoppers, but that wasn’t the case in April,” said David Thomas, automotive industry analyst at CDK Global. “Consumers are engaging the F&I process earlier to ensure they can secure the car they want and can afford, whether that’s on the lot, in transit or ordered from the factory.”
CDK’s Ease of Purchase results also found time expectations improved, with 65% of buyers saying it took as long or less than they expected to complete the purchase process, up from 60% in March. Shoppers stressed that the car-buying journey worked best when choosing a specific vehicle early on, and applauded the integration of online shopping and buying, resulting in decreased paperwork and faster vehicle deliveries.
“By integrating digital retailing solutions into the dealership, auto retailers create a seamless omnichannel experience that ultimately strengthens the dealer-to-consumer relationship,” Thomas said. “The result is a loyal customer and increased business growth.”
For more information on the latest Ease of Purchase Scorecard data results, visit CDK Global’s blog,
The scorecard is a monthly national sample average of 350 consumers who bought new vehicles within the last three months. The interviews are conducted online by CDK Research & Insights.
Originally posted on Auto Dealer Today