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Topic: industry insights

CarGurus UK Vehicle Availability Index & Insights report – May 2022

Posted by Kevin Roberts on June 7, 2022

Higher-priced vehicles continue to impact the data, although not in quite the same way as last year, as consumers seem to have shifted their buying preferences from any vehicle to a vehicle under £20k — and, ideally under £10k.

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Topics: industry insights, inventory, stock, used vehicles, vehicle availability

CarGurus UK Vehicle Availability Index & Insights report – April 2022

Posted by Kevin Roberts on May 11, 2022

April saw a continuation of trends from March with inventory levels effectively flat (up 0.005%) from March and year-over-year levels remaining positive compared to heavily impacted 2021 COVID levels.

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Topics: industry insights, inventory, stock, used vehicles, vehicle availability

CarGurus UK Vehicle Availability Index & Insights report – March 2022

Posted by Kevin Roberts on April 6, 2022

The UK market saw a shift in March that was contrary to North American markets, with inventory levels improving for used, but due to an increase in inventory below the average listing price instead of above it.

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Topics: industry insights, trends, used vehicles, vehicle availability

CarGurus UK Vehicle Availability Index & Insights report – January 2022

Posted by Kevin Roberts on February 4, 2022

January’s data can be viewed as glass half full or glass half empty. On the glass half full side, used inventory levels are up 6% compared to last year. However, on the glass half empty side, our index decreased 3.8% from December. While the increase from last year is a positive, the drawdown in inventory from last month could be hinting at a further decrease in the coming months as sales seasonally increase.

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Topics: industry insights, inventory, used vehicles

CarGurus UK Vehicle Availability Index & Insights report – October 2021

Posted by Kevin Roberts on November 10, 2021

The ongoing everything shortage continues to disrupt the auto industry – in particular, new vehicle production – although we’re beginning to see some recovery for used inventory. Once again, inventory levels rose in October with the Vehicle Availability Index coming in at 90, an increase of 9.4% from September. What caused this increase? It looks like consumers, while showing a high demand for private mobility, are still price-conscious.

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Topics: industry insights, inventory, trends, used cars

3 Supply concerns troubling the auto industry in the UK – and how to keep them from impacting the car buying experience

Posted by Meg Bernazzani on June 1, 2021

The Covid pandemic remains top of mind for most people in the UK as infections continue to spread. However, car dealers have been allowed to reopen as of April, customers are once again able to browse showrooms in person, and demand has surged for vehicles in the UK.

Even with optimism growing, several issues threaten the stability of the new vehicle market in the UK in the coming months though. Since it pays to be prepared, here’s a look at the anticipated supply concerns for the UK auto industry.

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Topics: industry insights, stock, supply

Adapting to changing consumer preferences in today’s unique selling environment

Posted by Meg Bernazzani on August 20, 2020

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:

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Topics: consumer sentiment, covid-19, industry insights

3 ways car dealers are using technology to meet car buyers’ changing expectations

Posted by Beth Burke on August 13, 2020

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:

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Topics: consumer sentiment, contactless services, industry insights, technology

Stressed, but saving: understanding the pandemic’s impact on consumers’ needs for financing

Posted by Meg Bernazzani on August 12, 2020

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%).

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Topics: consumer sentiment, financing, industry insights

CarGurus study finds vehicles are more vital than ever to today’s consumers

Posted by Meg Bernazzani on August 10, 2020

As consumers emerge from lockdown, change travel plans, and reconsider what mobility will look like in the long-term, vehicles are becoming even more vital to everyday life, according to our latest COVID-19 Sentiment Study in the UK. In fact, more than a third (34%) of those surveyed said they expect to use their car more going forward than before the pandemic.

In the near-term, 38% of respondents say they see their car as an escape or for fun. Additionally, 42% say they expect to use their car for more road trips or longer drives, while 66% of those planning to travel this year say they intend to drive, rather than fly, for at least one trip.

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Topics: consumer sentiment, covid-19, industry insights