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CarGurus Study Uncovers How Pandemic Impacted Canadian Automotive Industry in 2020
Interest in Digital Retail is Up, While Public Transit and Ride Sharing are Down CAMBRIDGE, Mass., Dec. 04, 2020 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG),
About this update from Cargurus, Inc.
[{"type":"text","content":"Interest in Digital Retail is Up, While Public Transit and Ride Sharing are Down\nCAMBRIDGE, Mass., Dec. 04, 2020 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today released its “CarGurus COVID-19 Sentiment Study: How the Pandemic Impacted Automotive Sentiment in 2020” that examines how auto shoppers have responded to the COVID-19 pandemic. The November research benchmarks and compares the previous CarGurus studies that were run in both April and June and explores topics such as vehicle inventory, affordability, digital retail and ride-sharing/public transit. “When compared to our previous research, the latest CarGurus COVID-19 Sentiment Study paints a consistent picture that points to a silver lining for the Canadian auto industry amid the pandemic,” said Madison Gross, Director of Consumer Insights at CarGurus. “Over the course of the year, we have seen car shoppers delay but not cancel their purchases, a shift from public transit and ride-hailing towards vehicle ownership and an increase in openness around buying a car online. When coupled with the automotive industry’s current high demand and low supply, it is likely for these trends to continue into next year.” The study’s major findings include: Inventory and Pricing PerceptionThe pandemic has disrupted vehicle inventory, and many shoppers have taken notice of its impact on selection and pricing: Pandemic buyers were nearly 2x more likely to say prices were lower than expected, when compared with those who are currently shopping (36% vs. 19%).10% of those who bought during the pandemic said vehicle selection was much worse than expected and 21% said it seemed somewhat worse. Digital RetailAs the pandemic continues, comfort and familiarity with online shopping tools has grown and shoppers are increasingly considering digital retail options when looking for a vehicle: Before the pandemic, 26% of respondents said they were open to buying a vehicle online and that has increased to 50% as of the most recent November research. This openness to buying online has not wavered since June (55%) or April (60%)—despite dealerships reopening across the country.Even though shoppers are becoming more open to digital retail, only 37% would prefer to buy a vehicle in this manner. In particular, shoppers are more likely to prefer online price n...