We’re excited to share that we’ll be sponsoring “The Simpsons” on Channel 4 in the UK this autumn. The campaign will help drive consumer awareness for CarGurus and send more car buyers to our dealership customers. CarGurus will be featured in four adverts throughout each show through the end of October, reaching a projected 335,000 viewers each episode.
CarGurus is partnering with Calldrip, a provider of lead management software focused on speed of response, to help our dealer partners connect with more customers and close more deals. In the first half of 2020, Calldrip shared anonymous email lead data with CarGurus from 29 mutual dealerships. The goal was to understand how CarGurus email leads with contact information compared to the classified market on a variety of key sales metrics, including:
Last year, CarGurus introduced the world to a new kind of automotive conference: Navigate. This year, we’re bringing it back—but it’s going virtual! Your safety is our priority, so we’re sharing all the information you need to adapt to today’s rapidly shifting landscape right to you online this year. Navigate will take place over the course of two days: 26-27 October 2020. You can still expect an all-star lineup of industry gurus, tech experts, and in-depth workshops you won’t get anywhere else.
CarGurus is excited to rename and launch Area Boost (previously called ‘Delivery’ during our testing phase) for our dealer partners. Area Boost is an opportunity to sell your vehicles to buyers across the UK.
- Expand Your Market: Increase exposure and show your listings to low-funnel buyers outside of your local market
- Grow Buyer Interactions: Get more buyers to your listings — participating dealers start at 37% more Vehicle Detail Page (VDP) views from buyers in their target market
- Meet Buyer Demand: Compete in low-supply markets by making it easy for buyers to find the cars they want
The majority of people in the UK have seen their life change in some way, shape, or form because of COVID. One such example of this is consumers’ driving habits. For many, the daily commute has been eliminated, along with frequent trips to the store, gym, school, childcare facility, etc. Though many, if not most, will eventually return to their previous driving habits, the fact that people are staying home more and driving less has the potential to impact buying activity.
In particular, I wondered how such a significant shift in consumer behavior might influence buyers’ search behavior and interest in vehicles this year. To answer this question, I analysed used vehicle leads on CarGurus for the first half of 2020 and compared it to the used vehicle leads we saw for the same criteria in 2019.
Before the COVID-19 pandemic hit, car dealers were already facing questions about what the future of the industry would look like. With consumers’ preferences changing and advancements in digital retailing strategies continuing to be made, many have been at least starting to think about tactics like online financing and home delivery. But the current health crisis has accelerated many of these trends, and today’s dealers must adapt to a new normal.
Like most businesses across the country, dealers have been taking more proactive steps to ensure consumers’ safety at the dealership, rearranging showroom layouts to support social distancing, increasing cleaning measures, and more. According to CarGurus COVID-19 Sentiment Study, among current prospective buyers, top expectations for dealer visits to purchase or service a vehicle include:
In this video, Jardine Motor Group’s Market Area Director, Kenny Mark discusses:
- How the CarGurus platform enables more transparent communication
- How they leverage the Pricing Tool to act fast and stay competitive
- How CarGurus has become their leading source of used car enquiries for Jaguar Land Rover
A recent CarGurus survey of 1,104 car buyers showed that consumer sentiment towards the dealership experience has shifted significantly as a result of COVID-19, with many buyers understandably hesitant to visit dealerships in person anytime soon. To adapt to this sudden shift in shopping behaviour, dealers are adopting new technologies, particularly in three key areas:
Whether it’s due to a vehicle breaking down, a new commute, a growing family, or any number of reasons, a vehicle purchase is essential for many. That’s held true even during the current health crisis: 64% of those planning to buy this year cited the purchase as necessary, according to the CarGurus COVID-19 Sentiment Study in April. However, months later and our follow-up study found that 43% of car buyers aren’t as confident in their ability to afford a vehicle as a result of the pandemic.
With consumers’ dwindling confidence, demand for financing is increasing. Before the pandemic, 40% of car buyers planned to finance their purchase. Now, 51% plan to or have already done so. Additionally, over one-third of those considering financing lost confidence in their ability to get approved (37%) and the financing rate they’d expect (37%).