Topic: industry insights

Adweek: Genesis was the big winner at Super Bowl 54 according to CarGurus

Posted by Sarah Pekala on February 7, 2020

It’s the most expensive 30-second advertising spot on television. For Hyundai’s luxury vehicle brand, Genesis, the cost was well worth it. CarGurus’ Director of Automotive Industry and Economic Analysis, George Augustaitis, spoke to Adweek about Genesis’ brand lift on CarGurus immediately after their commercial aired during the big game. Check out the full Adweek article to read more.

Among Auto Brands, Genesis Saw the Most Lift From the Super Bowl – Adweek

 

 

Read more
Topics: auto industry news, CarGurus data, industry insights

Navigate sneak peek: Luxury buyers are 2.6x more likely to be buying their first vehicle ever

Posted by Madison Gross on September 27, 2019

Our Director of Consumer Insights, Madison Gross, provides a sneak peek into her research on today’s car-buying audience, which she’ll be sharing in-depth at Navigate in October.

Luxury vehicle sales have been consistently posting strong growth, and it turns out much of that growth may be attributed to first-time buyers, according to findings from the 2019 CarGurus Buyer Insights Report. About three in ten luxury car buyers said that before their most recent purchase, they had never bought a car.

Remember the headlines a few years back that Millennials were delaying buying a car? It seems that now that they’re ready to buy, they don’t want just any car, but rather an aspirational one. Our research found that first-time buyers in luxury are, on average, 29 years old. Additionally, among first-time buyers in luxury:

Read more
Topics: CarGurus events, data, industry insights, luxury, Navigate, trends

Industry Pulse: Could forgiveness of student loans lead to a new peak in new and CPO vehicle sales?

Posted by George Augustaitis on July 29, 2019

Our Director of Automotive Industry and Economic Analysis, George Augustaitis, provides insight into how forgiveness of student loans could impact vehicle sales in the US.

Debt continues to increase while wages lag, and many Americans struggle to purchase a new car. In fact, affordability represents the most severe headwind causing the decline in vehicle sales, which are down 2.0% calendar year to date (CYTD) 2019.

A recent survey from Bankrate finds that 58% of Millennials and 56% of all Americans lose sleep over money troubles. Today, 40% of Millennials earn at least half their income from a side hustle. Millennials are the largest living adult generation as of 2019, and they represent a key demographic in the success of the new and certified pre-owned (CPO) vehicle market. However, an increasing number of Millennials indicate that cost pushes them away from purchasing a new vehicle. Knowing this, increasing Millennial disposable income would lead to a rise in the new-vehicle market.

For Millennials, student loans represent the primary reason for their low disposable income. An estimated 44.7 million people in the US have student debt, which amounts to 1 in 4 Americans. With the estimated student debt at $1.49 trillion and the average monthly payment at $393, the increasing amount of student debt shapes affordability significantly more than wages, housing costs, and the rising price of vehicles.

Read more
Topics: analysis, industry insights, industry news, trends