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Internet Car Shopper Behavior

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Results from 2009 Ford eLeads Surveys plus 2008 and 2007 J.D. Powers Studies.

Results from 2009 Ford eLeads Surveys plus 2008 and 2007 J.D. Powers Studies.

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  • While the average new-vehicle buyers decides it is time to buy a vehicle about 15 weeks before purchasing, we still have a sizable number of people whose entire shopping process takes over six months to complete. Likewise, one-third of shoppers go through the shopping process with one month. You need to be prepared to meet the needs of shoppers at both ends of the extremes.
  • So let’s look at the shopping process. For the average NVB, the entire shopping takes ~ 4 months Go online and begin intense researching ~ 3 months before purchase Start visiting dealers about one month later – 1 ½ months before purchase
  • So let’s look at the shopping process. For the average NVB, the entire shopping takes ~ 4 months Go online and begin intense researching ~ 3 months before purchase Start visiting dealers about one month later – 1 ½ months before purchase
  • So let’s look at the shopping process. For the average NVB, the entire shopping takes ~ 4 months Go online and begin intense researching ~ 3 months before purchase Start visiting dealers about one month later – 1 ½ months before purchase

Transcript

  • 1. Compiled by Trace Ordiway, DMC Dallas Region from multiple sources 05/04/2010
  • 2.
    • 19% of all new FLM sales in 2009 can be directly traced to FLM eLeads.
    • Allowing for those sales RDR’d w/out an email address, the true number is possibly 25% +/-.
  • 3. Note: 2000-2008 data from J.D. Power and Associates New Autoshopper.com Studies. 2009 data from 2009 Web Site Performance Tools Wave 1 Automotive Internet Usage among New–Vehicle Buyers: 10-Year Trend
  • 4.  
  • 5. 6 months prior to purchase, 1/3 of Buyers have already visited at least one OEM and Third Party Site At 3 months prior to purchase, over 2/3 of Buyers will have visited at least one OEM and one Third Party Site <30 days before purchase almost 90% of Buyers have visited at least one OEM and one 3 rd Party Site. Almost ½ have visited a Dealer site
  • 6. Ford Lincoln Mercury 2009 Consumer Survey Results
  • 7. 11% (237,596) Completed 2009 Sent 24 hours after lead arrives Resent 30-45 days later
  • 8. Base: N11: Only 32% looking at inventory
  • 9. Only 8.75% avg say in market w/in 30 days
  • 10. Base: NO_Q2: Customers who have not yet received contact after 48 hours would still like to be contacted by the dealership.
  • 11. Follow Up: F2B: Follow Up: F2B1: What type of vehicle are you primarily shopping for? Note: Totals may not add up to 100% due to rounding. Of those who have not purchased 30-45 days after the lead generation, 2/3 are still in the market for a vehicle !
  • 12. Follow Up: F2B: Are you currently (still) in the market for a vehicle? Follow Up: F2B1: What type of vehicle are you primarily shopping for? Note: Totals may not add up to 100% due to rounding. Nearly everyone who remains in the market is shopping for a NEW vehicle.
  • 13. Follow Up: F4D: What areas could be improved to increase your satisfaction with the <LEAD DEALER FROM E-CONSUMER DATA> experience? They want Customer Service and Information
  • 14.  
  • 15. Follow Up: F2F: When are you likely to purchase/lease this new vehicle? Note: Totals may not add up to 100% due to rounding. 18% are likely to purchase w/in the next 6-12 mos.
  • 16. 30 Day Follow Up: F2F: When are you likely to purchase/lease this new vehicle? Note: Totals may not add up to 100% due to rounding.
  • 17.  
  • 18. Source: 2007 J.D. Power and Associates New Autoshopper.com Study. Based to AIUs. 39% = 2 – 6 months 34% = 1 month 27% = >6 months
  • 19. Decide on type of vehicle Start visiting dealers Decide it was time to purchase Shop vehicles on the Internet Start actively researching vehicles Decide on model Purchase new vehicle Source: 2007 J.D. Power and Associates New Autoshopper.com Study. Based to AIUs. 14.7 11.7 11.0 10.4 7.6 6.3 0
  • 20. Decide on type of vehicle Start visiting dealers Decide it was time to purchase Shop vehicles on the Internet Start actively researching vehicles Decide on model Purchase new vehicle Source: 2007 J.D. Power and Associates New Autoshopper.com Study. Based to AIUs. Walk-Ins 14.7 11.7 11.0 10.4 7.6 6.3 0
  • 21. Decide on type of vehicle Start visiting dealers Decide it was time to purchase Shop vehicles on the Internet Start actively researching vehicles Decide on model Purchase new vehicle Source: 2007 J.D. Power and Associates New Autoshopper.com Study. Based to AIUs. CUSTOMERS START SENDING ELEADS HERE WE GIVE UP ON THEM HERE (NON-RESPONSIVE) THEY BUY HERE 14.7 11.7 11.0 10.4 7.6 6.3 0
  • 22.  
  • 23. 1. Our records indicate that you purchased or leased a new vehicle since you were online gathering information. Can you confirm this is correct? 2. Have you purchased or leased a vehicle since you were online gathering information?
  • 24. Only 26% bought the make/model car that they inquired about initially 54% say they are still In the market
  • 25. Note: Totals may not add up to 100% due to rounding. More than ½ purchased from dealer who 1 st received the lead Less than 1/6 th purchased non-FLM vehicle
  • 26.  
  • 27. Follow Up: F2J: 2 nd Place!
  • 28. It’s not the car!
  • 29. Follow Up: F2G. What vehicles are currently in your consideration set? (Net of 3 mentions) GMC made big gains in 2009. Hyundai has now replaced Jeep in this Top 10.
  • 30. 1. Our records indicate that you purchased or leased a new vehicle since you were online gathering information. Can you confirm this is correct? 2. Have you purchased or leased a vehicle since you were online gathering information?
  • 31. Note: Totals may not add up to 100% due to rounding. More than 1/3 bought from dealer who got their new car lead
  • 32.  
  • 33.
    • Just 42% of consumers indicated they were likely to buy from same dealer as last time 1
    • A third of consumers willing to travel more than 20 miles to visit a dealership 2
    • 63% of all car shoppers submit a request for a price quote on internet 3
      • But only 36% of shoppers receive a price quote email response 4
    • Half of respondents will look for a new dealer if response from dealership is not fast enough 5
      • 25% of all leads don’t get answered at all 6
      • Average response time on leads that do get answered is over 5 hours 7
    • CapGemini 2008 Cars Online Study
    • Cobalt/Yahoo/Polk 2007 Dealer eBusiness Study
    • Ibid.
    • Cobalt 2008 Automotive eShopper Survey
    • CapGemini, op.cit.
    • Cobalt 2008 Automotive eShopper Survey
    • Ibid.
  • 34.
    • Follow-up is key: the average shopping process is three months 8
      • But while 70% of dealers have some follow-up, the average number of follow-up touch points is just 3.1 attempts 9
    • Of those who bought elsewhere, 23% did so because of bad follow-up process at dealership 10
      • Only 42% of all dealers called the shopper, with 32% both emailing and calling 11
    • A price quote response in 20 minutes or less doubled conversion rates in an OEM study 12
    • 60% of car buyers said if they received a competitive price and compelling reason to buy from a Dealership they would stop shopping elsewhere 13
    • JD Power 2007 New Autoshopper Study
    • Cobalt 2008 Automotive eShopper Survey
    • Cobalt/Yahoo/Polk, op. cit. 1
    • Cobalt 2008 Automotive eShopper Survey
    • Cap Gemini, op. cit.
    • Baumberger, Kurt, Adapt or Die 2010
  • 35.
    • They’re fickle
    • They have options
    • They’ll put you on trial vs. competition
    • They want a price quote-- fast
    • They want a quick follow-up call
    • They want to be courted for their business
    • Some are ready to buy now; others will take time but will eventually buy
  • 36.
    • The Internet shopper is not necessarily looking for a cheaper price – but they are most definitely looking for an alternative shopping experience.
  • 37.
    • END