Posts by Meg Bernazzani
In April 2022, CarGurus released the results from its annual survey of automobile owners on their sentiments towards electric vehicles (EVs). It’s the fourth year the online survey has been conducted, and the results show that EVs continue to pose a huge opportunity for dealerships and the auto industry as a whole.
Here are the key findings, plus what they mean for dealers:
It’s no secret that today’s shoppers are increasingly completing more of the car-buying process online. With so many resources available, digital makes it easy to research makes and models, compare prices, and importantly, research sellers’ reputations. Most CarGurus shoppers (59%) say they always look at a dealer’s reviews before contacting them.* Reviews help validate the dealership experience and build a shopper’s trust with a dealer before ever walking through the dealership’s doors.
At CarGurus, we’ve always believed that a dealership’s digital experience and online reputation are extremely valuable tools that dealers can use to their advantage to sell more cars. Read on to learn how our data backs this up.
Earlier this month, we announced our 2022 CarGurus Top-Rated Dealer Awards recognizing an exclusive group of our dealer partners who earned an average dealer rating of 4.5 stars or higher and collected at least five verified customer reviews in 2021. Congratulations on delivering exceptional customer service day in and day out!
While earning the award isn’t easy, promoting your accomplishment – and putting it to work for your dealership – is! Here are our top tips for showcasing your award using the assets available to all winners on a premium listings package:
“A faster, more reliable way for dealers to access inventory that other dealers want to unload because different cars sell well in different markets.”
On Monday, CarOffer, part of the CarGurus network, was featured in a segment on CNBC’s The News with Shepard Smith. The story captured the value CarOffer provides to dealers, showcasing how they’re opening up the market for used cars by trading them with other dealers and providing a glimpse into the energetic, stock market-like atmosphere helping fuel their growth.
The NADA Show is always a favorite of ours, and this year was no exception. It was so great to be back in person with both current dealer partners and those who were just interested in learning more about CarGurus. Here’s the team in action giving demos and having conversations at our booth.
Today’s the day! We’re thrilled to announce the winners of our 8th annual CarGurus Top-Rated Dealer Awards. Consumers left thousands of reviews on CarGurus last year, and these dealers rose to the top. Based on real car buyers’ reviews across the country, winning dealers had an average dealer rating of 4.5 stars or higher and collected a minimum of five verified reviews in 2021.
The CarGurus team will head to Las Vegas, NV for the National Automobile Dealers Association (NADA) Show — one of the industry’s premier events. We’re excited for our return to in-person events and the chance to connect with our dealer partners face to face.
Stop by our booth (#3253W) where you can take a ride in our racecar driving simulator and learn how CarGurus and CarOffer can help you achieve your sales goals this year. Our team will be there to answer any questions you have, provide performance reviews, and showcase how our products can help your dealership manage the entire pre-owned vehicle lifecycle. If you are a CarGurus 2022 Top-Rated Dealer, come to the booth to claim your exclusive gift.
Luxury vehicles accounted for a record 14.7% of total US light-vehicle sales in 2021, and the market is expected to continue to grow. For dealers, the key to meeting these consumers’ expectations and increasing luxury sales is understanding who this high-value audience is and what drives them. CarGurus recently conducted a study to learn more about this segment and how they compare to new car buyers overall.
Our study found that new luxury car buyers are more likely to be Gen Z (under 25 years old) and older millennials (34 to 40 years old), and to identify as male and Hispanic or Latinx. Additionally, they tend to be high-income earners, parents, and live in cities. Beyond demographics, we analyzed how shopping behaviors vary between luxury buyers and non-luxury buyers. Here are the trends that emerged.
To close out 2021, CarGurus surveyed over 1,000 pickup truck owners to get a pulse on their opinions and interest in trucks and the impact of the Covid-19 pandemic. It’s the fourth year the online survey has been conducted, and the results found that, despite tricky buyer conditions, demand for gas-powered and electric pickup trucks remains high.
“Demand is still strong in the marketplace and we could be seeing sales in the 17 million unit range (for 2022). So most likely if vehicle production picks up we’ll see recovery in sales before recovery in inventory.”
Although there were inventory gains in December, inventory acquisition remains top of mind for dealers looking for new ways to stock their lots and meet strong consumer demand. Kevin Roberts, CarGurus Director of Industry Insights & Analytics, recently spoke with CNBC and Forbes on the topic, sharing insight into what dealers can expect in the future. Check out the articles below: