Business
CarGurus Releases Latest COVID-19 Sentiment Study
Survey Finds Vehicle Purchase Intent Remains High, Ride-Sharing and Public Transit Usage Expected to Decrease CAMBRIDGE, Mass., July 21, 2020 (GLOBE NEWSWIRE)
About this update from Cargurus, Inc.
[{"type":"text","content":"Survey Finds Vehicle Purchase Intent Remains High, Ride-Sharing and Public Transit Usage Expected to Decrease\nCAMBRIDGE, Mass., July 21, 2020 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today released its second COVID-19 Sentiment Study. When compared to the April CarGurus COVID-19 Sentiment Study, this latest analysis shows that consumers have had a sustained, high interest in purchasing vehicles amid the pandemic.\n “The benchmarked CarGurus COVID-19 Sentiment Study showed us that while 2020 auto sales may be lagging, they are certainly not lost due to the pandemic,” said Madison Gross, Director of Customer Insights at CarGurus. “The study also shows us that COVID-19 has caused vehicle ownership to become more vital to consumers’ everyday lives, often replacing other transportation methods such as ride-sharing or public transit.” The study’s major findings include: Fewer shoppers reported delaying car purchases in June versus April, and most vehicle sales are not lost in the long-term due to the pandemic. In addition, COVID-19 has even stimulated some new demand for vehicles: In June, 69% of car shoppers reported delaying their car purchases, down from 79% in AprilOnly 2% of those who had planned to buy in 2020 before the pandemic have now delayed their purchase indefinitely, down from 8% in April22% of those who either currently plan to purchase in 2020 but have yet to do so, or already purchased a vehicle in 2020, had actually not planned to buy a vehicle before the pandemic Additionally, vehicles are becoming more vital to consumers’ everyday lives as they emerge from the Spring lockdown and reconsider what mobility looks like in the long-term: 39% of respondents who previously used ride-sharing, and 44% of those who previously used public transportation, expect to decrease their use of these services—or stop using them entirely49% of respondents say they see their car as an escape or for fun and 33% of respondents say they expect to use their car more going forward than before the pandemic Across all industries, brands have adjusted their marketing and customer communications to the COVID-19 crisis, and this latest study looks specifically at the car shopper reaction to how automotive brands responded to the pandemic. The study found: The top brands car shoppers recognized ...