We want to highlight the key initiatives our Consumer Marketing team are working on to drive consumer adoption of the vital Contactless Services dealers like you are providing right now.
We’ve added an onsite banner on cargurus.com that promotes safer shopping with CarGurus. Shoppers will also see an expandable modal window on the homepage explaining the new filters and what they mean.
Dealers have always been known as pillars of their community, supporting charities, local organizations, and residents during times of need—and the COVID-19 crisis is no exception. Even as many have had to temporarily close their doors or adjust their operations, car dealers across the country are still doing their best to give back and support their communities as they weather the COVID-19 crisis.
We all need a little positivity in our lives right now, so we’ll be highlighting stories of local dealers pitching in to help. Below is our first inspiring story of one dealer making a difference in his community. We’ll be updating this post regularly, so please share your own with us!
While overall car shopping traffic is still significantly down compared to previous years, we’re starting to see some positive signs that consumers are beginning to return to their car purchasing plans. Demand has started to return as consumers realize that they can still research and sometimes purchase that vehicle they need.
Here are some of the indicators we’re watching:
While the COVID-19 crisis is showing signs of easing, we understand that business won’t be back to near normal levels in the short run. To help our customers transition back into full operations, we are extending a 20% discount for all US dealer customers in June.
The discount works exactly the same as the discounts in April and May: all subscribing dealers will receive it automatically, it will apply to all subscription services provided in June, and those dealers will continue to receive their full level of CarGurus service.
Before the global outbreak of COVID-19, consumer sentiment (as measured by the University of Michigan) in the US was trending upward. Last Friday, reporting for the final full week of April showed a drop of 17.3 points to 71.8. This is the largest monthly decline ever recorded. Buying Conditions declined across large durables with car buying intentions falling to lows last recorded in 2011 and home-buying intentions at their lowest since 1983.
While our workspaces may look a little different these days, the CarGurus Product teams are continuing to build new features and product updates that matter to our dealer partners. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.
To say COVID-19 has disrupted the auto industry is an understatement. The global pandemic is continuing to sweep the world, forcing car shoppers to re-evaluate their purchase plans and change their shopping behaviors. Despite the constantly evolving situation, dealers who are able to adapt still have the opportunity to bring in business and stay connected to their customers.
Here are five key takeaways from our soon-to-be-released global COVID-19 Sentiment Study that you can use to adapt your business strategy to today’s new normal.
CarGurus recently hosted a webinar with Facebook and Bosak Motors to discuss digital marketing trends for a new 2020. The participants shared many key insights over 30 minutes. Here are four important takeaways:
Update your marketing messages for the moment
Make sure to update your creative and messaging to communicate exactly what’s happening at the dealership right now. Bosak Motors updated all their messaging to advertise the services they’re offering to help keep customers safe, such as home delivery, contactless services, and online vehicle sales.
There may be some good news for auto dealers who’ve had to stop selling cars due to COVID-19. Last Friday April 17, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency updated their essential workforce guidelines to include vehicle leasing and sales:
“Workers critical to the manufacturing, distribution, sales, rental, leasing, repair, and maintenance of vehicles and other transportation equipment (including electric vehicle charging stations) and the supply chains that enable these operations to facilitate continuity of travel-related operations for essential workers.”
For the past five years, the number of new vehicles coming off lease has continued to increase. So much so that many in the automotive industry expected a decline in prices because of the rising supply. However, because the mix of vehicles coming off lease favored the more expensive SUVs and pickups, used vehicle prices have remained high. Even with a record number of off-lease vehicles coming back to the market this year and the used vehicle market flat YoY, used vehicle prices still would have only seen a slight decline. However, COVID-19 looks to have changed all of that.