Consumer Shopping Behavior in the Auto Industry
Advances in Bridging the Gap Between the Online and On-Lot Experience
While car buyers are now spending roughly 75% of their shopping time online, most of this time is not devoted to an individual dealership – it is spent researching vehicles and comparing prices via third party websites, websites which typically do not have the goals of an individual dealership as a priority. Further, it is in the final 25% of the car buying process (approximately 3.5 hours), which occurs offline, where potential car buyers visit dealerships and actually become buyers.
With the internet playing an increasingly prominent role in the car shopping process, it follows that dealer allocations of advertising budgets should be increasingly devoted to internet based marketing. A closer look at the finer details of today’s car shopping process, however, indicates that dealers would be well served by also investing significantly more energy into bridging the gap between the online and on-lot shopping experience.
This white paper explores this changing paradigm, highlighting statistical data and analysis from trusted industry sources, and offers common sense solutions of benefit to both dealers and their customers.