Luxury SUV Cross-Shopping: CPO To New
As used luxury SUV shoppers cross-consider new model alternatives, some players are experiencing higher cross-shopping than their competitors. Among the above average cross-shopped CPO to new SUVs, newer entries to the segment (from seven different brands) are coming out ahead, making up nearly two thirds of the models that exceed the average range. It’s worth noting that there’s an average 10% list price difference between these CPO models and their new model versions. Meanwhile, 60% of the luxury midsize SUVs along with three established CPO SUVs from Volvo fall below the average rate. To get ahead of the competition and close the deal, OEMs will need to understand where opportunities exist and leverage marketing efforts to increase shopper conversion.