As governments develop plans to reopen businesses in their states and remove social-distancing restrictions, the percentage for delaying sales is dropping and almost half of new vehicle shoppers will be ready to transact within a month.
Since most of the new car deals that recently rolled out revolves around zero-percent financing, almost all new vehicle shoppers believe that now is the best time to get a great deal.
The expectation of good deals has caused half of new vehicle shoppers to rethink their budgets and down payments.
Shoppers are also looking for more than just competitive incentives, rebates/assistance cash, low to no APR and assurance programs.
Shoppers who were previously interested in an electric vehicle are now more motivated than ever to buy. Not only do these intenders think they can get a good deal, but they believe electric vehicles will allow for less touchpoints at gas stations and reduce vehicle servicing.
1 out of 3
Lift in engagement
2 out of 3
shoppers are more likely to buy the vehicle 100% online
of consumers state they are more likely to complete steps of the purchase process online due to COVID-19*
A critical tipping point will be reached where it is much more important to have tools and resources available to help shoppers not only seamlessly research and shop, but also purchase their cars online. Consumers have always wanted quicker interactions during their automotive experience, and now, with more online tools available to them such as scheduled test drives, pick-up and delivery, their willingness to completing the entire vehicle purchase online is accelerating exponentially.
Overall, shoppers are continuing to research and shop during this very important time, and there is still time to influence them while they delay. Leverage our trusted brands and first-party data to put an integrated, personalized and dynamic message in front of them when it matters most.
The first online survey was fielded April 4-5, 2020 among 1,000 consumers. The second online survey was fielded April 25 – 27, 2020 among 1,125 Total Consumers (575 New Vehicle Shoppers)
Ages 18-70 years old
Shoppers must intend to purchase within the next 6 months