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Tuesday, 15 September 2020 15:58

Study: Slashing Budgets, Pandemic Auto Shoppers Are Eager for Online Tools and Promotions

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Adtaxi, one of the nation’s fastest-growing digital marketing agencies, announced Sept. 15 the results of its second "Coronavirus and Automotive" consumer survey, examining trends in response to the crisis among consumers in the market for new or used vehicles.

According to the study, 70% of respondents have lowered their budget due to the pandemic---and though 66% are considering both new and used, 56% report they have shifted their focus from new to used vehicles. 

 

With lower budgets comes renewed research. As pandemic precautions continue, 49% of respondents say they will spend more time comparing prices and promotions online. 46% anticipate spending more time comparing makes and models online, and 43% will spend more time comparing dealerships online.
 
“The Coronavirus pandemic has made a lasting impact on the auto shopping experience. This study not only shows the resiliency of potential buyers, but offers a roadmap for dealers to best adapt and reach consumers at their new budgets and comfort levels,” said Daniel Maynard, director of automotive, Adtaxi. “For the remainder of 2020 and beyond, digital marketing that speaks to auto shoppers’ new phase of research and price comparison will be the gold standard for responsive and effective brand strategy.”

 

This study follows Adtaxi’s May "Coronavirus and Automotive" consumer survey, which showed shoppers making nimble adjustments to pandemic precautions: 63% reported interest in home test drives (69% in the new study) and 60% reported being more inclined to purchase if the dealership offered home delivery (55% in the new study.) The May study also found respondents embracing the shift to digital, with 90% comparing makes and models online, 87% comparing prices and promotions online and 83% comparing dealerships online.

Among the newest findings:

 

Economic uncertainty: Among respondents who are planning to postpone their auto purchase or lower their budget, 35% blame a drop in income, while 54% say they are being fiscally cautious due to economic uncertainty. Additionally, 11% report that buying an automobile is no longer a priority.


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