The 2024 Cox Automotive Car Buyer Journey (CBJ) Study indicates a significant shift in consumer experiences within the automotive sector, revealing a record-high satisfaction rate among new-car buyers, with 75% expressing overall contentment — the highest recorded in the study's history.
The factors driving this surge in satisfaction are largely attributed to advancements in digital tools, which facilitate a seamless integration between online and in-store experiences. This trend, referred to as the omnichannel buying experience, is revolutionising the purchasing journey, allowing for greater efficiency and ultimately establishing a new standard within the industry.
The study particularly highlights the satisfaction rates among electric vehicle (EV) buyers, who reported an impressive 82% satisfaction level. This surpasses the 75% satisfaction reported by traditional internal combustion engine (ICE) buyers, indicating a growing trend towards EV ownership. The enhanced experience for EV purchasers coincides with their increased utilisation of digital tools, as 76% reported using these resources during their buying journey, compared to only 42% of ICE buyers. The availability of transparent information regarding pricing, financing options, inventory, and additional products, such as charging equipment, has significantly streamlined the purchasing process.
An important component of the omnichannel strategy is the transition between digital and physical retail environments. Buyers save considerable time by completing key procedures online, such as credit applications and pre-filling paperwork prior to visiting the dealership. On average, new-car buyers are able to save approximately 49 minutes, while used-car buyers saved about 40 minutes during their purchasing process. Among those who completed more than half of their buying process online, satisfaction rates soared, with 82% of new-car buyers expressing positive experiences.
Despite the advancements in digital technology, the study reveals that traditional in-person experiences remain valued by consumers. As Isabelle Helms, Vice President of Research and Market Intelligence at Cox Automotive, noted, “It’s a misconception that most buyers want a fully online process. Satisfaction is influenced by the efficiency of the entire journey, not just time spent online or in-store.” This insight underscores the importance of maintaining a balanced approach to the buying experience.
The growing popularity of EVs is evidenced not only by customer satisfaction but also by the behaviour of buyers throughout the purchasing process. EV buyers were found to be more inclined to engage with social media and utilise third-party sites such as Kelley Blue Book and Autotrader during their vehicle search, leveraging expert reviews and video content as part of their decision-making process. Factors such as safety and advanced technological features were highlighted as particularly important to these buyers.
The 2024 CBJ Study, conducted with feedback from over 2,300 vehicle purchasers, underscores the pivotal role of digital tools in enhancing the overall buying experience. As automotive dealers increasingly adopt these technologies, the findings assert that transparent and efficient processes are instrumental in delivering higher levels of customer satisfaction across the sector.
Source: Noah Wire Services