A recent survey by TRADER between late April and early May reveals that consumers want financial incentives, and they consider this to be the most important factor when shopping or buying a vehicle.
The study considers more than 500 autoTRADER.ca visitors that help to identify the factors that could boost consumer incentive to shop for or buy a vehicle, now or in the near-future. The study divides the answers into: financial incentives, hygienic actions, and alternative shopping methods.
The company said each category can “be leveraged as a baseline to help dealers make strategic adjustments to their promotional and operational efforts going forward.”
In the financial incentive department, 0 per cent financing was the most popular choice with 74 per cent of respondents stating that no-cost financing is most preferable. Seventy-three per cent are interested in no-charge maintenance packages, and 64 per cent of consumers on autoTRADER.ca were seeking alternative payment options or plans.
In addition, 55 per cent of respondents indicated they would feel more comfortable purchasing a vehicle from a dealership that offered payment forgiveness as protection, in the event they lose their job. And 51 per cent are looking for dealers that offer payment deferrals or waivers. Overall, consumers are looking for flexibility during and even post-COVID-19.
“With such a high response rate for this category, dealers may consider offering financial incentives, or, to further promote the ones they have available today,” said TRADER. “This could be the deciding factor that sets a dealer apart in the eyes of a consumer, and, furthermore, drive sales with shoppers who are weary about their next vehicle purchase due to finance concerns.”
On hygienic measures, dealership and inventory cleanliness scored second highest with respondents on the survey. In fact, 58 per cent of consumers wanted dealerships to inform them of their cleaning and hygiene policies — which is something that all dealers should add to their marketplace and website inventory listings.
The information can also be promoted across social media channels and dealership signage to help boost trust with consumers that are more seriously considering purchasing a vehicle.
Finally, the report provides insights into consumers that are considering alternative methods of shopping for a vehicle. Those surveyed said they would be more likely to consider purchasing a vehicle from a dealership that offered online appointments with a salesperson (54 per cent), home delivery of the vehicle (50 per cent), bringing a vehicle to their home to test drive (47 per cent), and the ability to buy the car online (46 per cent).
