Automotive Retail Statistics


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Automotive Retail Statistics 2023: Facts about Automotive Retail outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Automotive Retail, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Automotive Retail Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 47 Automotive Retail Statistics on this page 🙂

Automotive Retail “Latest” Statistics

  • According to a DMEautomotive survey, customers who use branded apps are 73% more likely to buy from the dealership and schedule 25% more service appointments after doing so than those who don’t use apps.[1]
  • The digital ecosystem is anticipated to someday produce more money than the hardware of the automobile itself, according to 85% of automotive executives.[2]
  • 34% of new car purchasers who use social media for automotive information share a photo of their new car on a social network, according to J.D. Power 2016 New Autoshopper Study.[1]
  • More than half (53%) of automotive internet shoppers use a mobile device in their quest for automotive information.[1]
  • According to Brandwatch, quality was the most important factor for brands in the auto industry, with 30% of the vote.[3]

Automotive Retail “Other” Statistics

  • Looking forward to 2030, it is predicted that data driven and on demand mobility services would contribute up to 30% of the industry’s total new income, according to Microsoft Industry Blogs.[2]
  • As long as there was a warranty, 42% of respondents were okay with purchasing a vehicle without giving it a test drive, according to the 2016 Beepi Consumer Automotive Index.[1]
  • According to Autotrader, 54% of consumers would buy from a dealership that offers their preferred experience, even if it didn’t have the lowest price.[1]
  • 61% of Americans believe they are being taken advantage of when shopping for cars at dealerships, and 87% of Americans detest something about it.[1]
  • According to a survey by Arthur D. Little, the average response time for OEMs is 24 hours, compared to 92 hours for dealers.[1]
  • Among automotive internet shoppers who use social media, only 13% indicate that the information posted on social media sites influenced their purchase decision, and only 2% say a social site was the “most useful site” they visited.[1]
  • According to a poll by Autotrader.com, 72% of younger millennials said having a vehicle is vital to their social life, and cars play a significant part in helping millennials meet their urge to remain connected.[1]
  • 24% of Gen X-ers say they would rather endure a root canal than negotiate a vehicle purchase.[1]
  • 56% of millennials stating they’d rather clean their houses than bargain with a vehicle salesperson.[1]
  • According to Autotrader, more than half of the three hours spent at the dealer on average throughout the buying process is used for negotiations or paperwork, leading to a 56% satisfaction percentage for the procedure.[1]
  • A survey commissioned by Cars.com found that 7% spent more money than non app users when buying a car.[1]
  • When asked to rate their satisfaction on a scale of 1-10, 81% of car buyers gave the test-driving process an 8-10 rating, according to Autotrader.[1]
  • Total used-vehicle sales in November are estimated to be near 2.7 million units, down 4.5% from November 2021.[4]
  • 28% of respondents indicated they had misgivings about how tidy other people’s automobiles are, according to Cars.com.[3]
  • 61% of all car buyers live in suburban areas, with 63% of new buyers and 61% of used buyers being in suburban areas.[3]
  • 71% of those without cars want to get a gasoline or diesel automobile, 6% want to buy an EV, while 23% are interested in hybrid vehicles.[3]
  • According to Cars.com, 77% provide online trade in estimates, 72% provide chat discussions online, 60% provide certain forms of digital finance and commerce, while 58% provide home delivery.[3]
  • 86% of recent luxury purchasers agree that they thoroughly investigate and contrast automobiles before making a final purchasing choice.[3]
  • Luxury brands delivered 2.2 million vehicles in 2021, accounting for 14.7% of total U.S. light-vehicle sales.[3]
  • When looking for a vehicle, consumers visit an average of 4.2 websites, with 81% visiting at least 2 websites.[3]
  • According to CarGurus, compared to 52% of other new vehicle purchasers, 66% of luxury buyers said they depend on peers’ judgments.[3]
  • Gen X makes up 38% of all car buyers, followed by Baby Boomers at 32% and Millennials at 23%.[3]
  • According to projections by BCG, 50% of consumers would delay purchases in 2022 and 40% will convert to secondhand automobiles.[3]
  • Over the next ten years, the worldwide EV market is expected to increase at a compound annual growth rate of 29%, as stated by Deloitte.[3]
  • Buyers most often use third party websites to investigate car price (64%), compare automobiles (62%), and read expert user ratings (62%).[3]
  • With a 1.5% year-over-year rise in average transaction prices, trucks and SUVs gained market share.[3]
  • According to IHS Market, US new car sales in 2022 will rise to 15.47 million vehicles from an estimated 15.07 million in 2021.[3]
  • Up to March 2021, Toyota Group is on top of the market with a 12.6% market share and 2.3 million sales YTD (+7.9%).[3]
  • According to CoxAuto, used car buyers are less satisfied with the overall shopping experience, with 62% satisfied with new car shopping and 60% satisfied with used car shopping.[3]
  • Sales had already started to cool in 2006 and 2007 (declines of -2.27% and 3.45% respectively) when the mother of all financial crisis’ devastated the industry in terms of new car sales.[5]
  • For a better shopping experience, 54% of automobile purchasers would be willing to spend extra.[6]
  • 57% of people who call from a search ad call extension to inquire about cars do so to make an appointment.[6]
  • 60% of customers who do mobile car searches would contact the dealership using a call extension.[6]
  • 61% of people looking for new and used cars call the dealership after doing some research online.[6]
  • Over the last two years, YouTube’s test drive videos have seen a greater than 65% increase in view time.[6]
  • U.S new vehicle sales of 1,138,169 units for the month of November 2022 represented a decrease of 4.0% from October 2022, and an increase of 11.3% from a year ago in November 2021 when supply chain restricted productions.[7]
  • Dealership parts and service profit contributions are growing, increasing from 45% of overall gross earnings in 2015 to over 49% in 2018.[8]
  • Average dealership operating profits plunged from 8.9% in 2015 to 1.7% in the first half of 2018, while gross profits fell from 3.3% to 2.4% over the same period.[8]
  • The used automobile industry is presently dominated by bigger companies in a number of subsegments, with franchise dealers accounting for around 38% of the market.[8]
  • As internet penetration rises from around 6% to as much as half of all transactions, the independent used car profit pool, which is now at $16 billion, is expected to decrease by an estimated 9% by 2030.[8]
  • In 2030, sales of new cars might account for up to 13%.[8]
  • Over the next 10 years, it is anticipated that U.S franchise dealer new vehicle profit pools will fall by around 9%.[8]

Also Read

How Useful is Automotive Retail

Automotive retail offers customers a one-stop shop for all their vehicle-related needs, from purchasing a new or used car to browsing a wide selection of aftermarket products and services. The convenience of having everything in one place provides customers with the ability to compare options, make informed decisions, and receive personalized assistance from knowledgeable staff members.

One of the main benefits of automotive retail is the hands-on experience it offers customers. Unlike online shopping, automotive retail allows consumers to physically interact with vehicles, test drive different models, and see firsthand the features and accessories available. This allows customers to make more confident and informed decisions, ensuring they find the right fit for their needs and budget.

Furthermore, automotive retail offers customers the opportunity to receive personalized assistance from sales representatives and service technicians. These professionals can provide valuable insights, recommendations, and solutions to help customers navigate the often complex world of vehicle purchasing and maintenance. In a time when technology can feel overwhelming and impersonal, the human touch provided by automotive retail can make a world of difference.

In addition to the tangible benefits of automotive retail, there is also the emotional aspect to consider. For many consumers, purchasing a vehicle is a significant and emotional decision that goes beyond simply buying a mode of transportation. Automotive retail provides customers with a sense of excitement, adventure, and accomplishment as they select their dream car or personalize their vehicle with the latest accessories.

Moreover, automotive retail plays a crucial role in supporting local economies and communities. By providing jobs, generating revenue, and fostering relationships with customers, automotive retailers contribute to the overall well-being and prosperity of the communities they serve. This connection between automotive retail and local communities further underscores the importance and usefulness of this sector in modern society.

Despite the rise of online car-shopping platforms and digital marketplaces, automotive retail continues to thrive as a valuable and integral part of the automotive industry. The personalized service, hands-on experience, emotional connection, and economic impact all contribute to the ongoing relevance and usefulness of automotive retail in today’s world.

In conclusion, automotive retail remains a vital and relevant component of the automotive industry, offering customers a convenient, personalized, and immersive shopping experience. As technology advances and consumer preferences change, automotive retail will continue to adapt and evolve to meet the needs and expectations of modern consumers. So, next time you’re in the market for a new vehicle or looking to upgrade your existing model, consider the usefulness of automotive retail and the unique benefits it offers.

Reference

  1. v12data – https://v12data.com/blog/25-amazing-statistics-on-how-consumers-shop-for-cars/
  2. microsoft – https://cloudblogs.microsoft.com/industry-blog/automotive/2021/06/29/how-data-is-transforming-the-automotive-retail-experience/
  3. findthebestcarprice – https://www.findthebestcarprice.com/car-buying-statistics-trends/
  4. coxautoinc – https://www.coxautoinc.com/market-insights/estimated-monthly-used-vehicle-saar-and-volume/
  5. goodcarbadcar – https://www.goodcarbadcar.net/usa-auto-industry-total-sales-figures/
  6. invoca – https://www.invoca.com/blog/automotive-marketing-statistics
  7. marklines – https://www.marklines.com/en/statistics/flash_sales/automotive-sales-in-usa-by-month
  8. mckinsey – https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/as-dramatic-disruption-comes-to-automotive-showrooms-proactive-dealers-can-benefit-greatly

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