2017 Cox Automotive Insights Handbook
Cox Automotive provides the broadest, deepest, most complete view of the entire automotive ecosystem through our unique ability to integrate insights from our wholesale, financial, media and fixed operations brands.
Some of this year’s most compelling statistics:
- Worldwide new vehicle sales hit an all-time high in 2016 at 93.5 million passengers cars sold, with many countries having record years. The U.S. market stayed close to its 2015 peak closing the year at 17.5 million units sold – a similar performance is expected for 2017.
- Negotiating and signing paperwork continue to be the top pain points at the dealership. Consumers currently spend 1 hour and 31 minutes negotiating and signing paperwork, but would ideally like to cut this time down by 38 minutes.
- With real median household income flat over the last 15 years, affordability of vehicles is increasingly important. 65% of consumers feel it is important that dealers make it easy to understand the affordability of the vehicles they are considering. 61% of consumers feel it is important that dealers allow them to review prices, payments and add-ons in advance of starting the F&I process.
- 64% of consumers will pay extra for technology on their next vehicle (vs. only 41% paid extra when buying their current vehicle). In fact, 43% are willing to exceed their budget for the technology features they want.
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