Capgemini’s released their 10th annual Cars Online study last week.
The first Cars Online report (10 years ago) noted that 11% of respondents used the Internet to research vehicles. That number has climbed over the decade, reaching 88% this year.
Some key factors from the report include:
- 44% of consumers said they were likely or very likely to purchase a car entirely over the Internet if that capability were available, up from 20% last year. By contrast, only 4% of US consumers in this study indicated they were “very likely” to purchase a vehicle online and 13% were “likely”.
- Consumers are increasingly demanding about the speed of response they expect from dealers and manufacturers. Half of consumers said they expect a response to a web or e-mail inquiry within four hours, up from 39% last year. That number jumps to 60% for respondents who are within three months of buying a car.
- 75% of respondents said they would switch manufacturer, dealer or both if they don’t get the response they expect.
- Only 40% of consumer in the US said they were satisfied with the vehicle buying process. – That’s not good at all.
- 22% of consumers that use New Online Tools (web 2.0) are searching for reviews on dealerships
Will consumers be making the FULL PURCHASE of a vehicle online in 5 years? 8 years? 10 years?
Barriers to Online Vehicle Buying
How will the dealers role in the consumer purchase evolve?
NOTE: It’s a great report other than the fact you have to wade through all the information from emerging marketa like India, Russia and Brazil (though still important). Be sure to sign up for your full copy of the report!