Market Scan Consumer Survey Emphasizes the Importance of Offering Consistent Payment Quotes Digitally and in the Sales Showroom
Consumer interest drops dramatically when showroom offers are just $50 different from what consumer was quoted online
Market Scan Information Systems, Inc., an industry-leading automotive SaaS / PaaS solutions and data provider, today announced results from a recent consumer survey it completed focused on consumer behavior associated with automotive digital retailing. The survey highlights frustrations, expectations and provides valuable insight on how sales opportunities are lost when payment offers online differ from payments presented at a dealer’s showroom.
Market Scan commissioned an online survey during January, where it polled roughly 200 automotive shoppers on their pain points associated with the digital retailing process. The survey also took a pulse check on how payments and offers are being presented to consumers today.
Price and payment negotiation remain among the most important aspects of the car shopping experience for consumers. The survey showed that nearly half of all respondents (45%) say price and payments matter to them the most.
The disconnect between shopping online and the experience at a dealer showroom remains a major headache for many. In fact, when it comes to online shopping, 49% said they need to restart the entire process when they arrive at the dealership after doing all their homework online, ahead of time. Furthermore, 43% are frustrated that there are still discrepancies between the online offer, and the one they are presented with at the dealership.
Why does this matter? 21% of shoppers say they begin to lose trust in their dealer when the discrepancy between the online offer and showroom offer is $50 or less per month. In parallel, 21% said they will actually walk away from the deal if the discrepancy is $50 or less per month and 48% said they will walk if the difference is less than $75 per month.
Dealers should recognize that this does not mean technology will force a race to the bottom. In fact, consumers said they may be willing to pay a little extra for the convenience of a true online shopping experience. Just over a third (34%) said they would sacrifice a little negotiating power to offset additional costs required for an ideal online shopping process that transitions seamlessly to the showroom experience.
“Prompted by COVID-19, digital retailing proficiency has become a must and an integral part of automotive retailing”, said Rusty West, President and CEO of Market Scan. “Dealers now must have an omni-channel presence and it is imperative that they provide consumers payment transparency and consistency throughout the entire journey. The survey results emphasize the importance of providing a scientifically perfect solution for any conceivable automotive transaction. When science, technology, data and automotive insight are applied correctly, it enables manufacturers, lenders, and retailers to provide consumers a frictionless, modern retailing experience – both online and in the dealer sales showrooms. And when that happens, everyone wins.”
To learn more about Market Scan, visit www.marketscan.com
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About Market Scan
Market Scan is a leading provider of technology and analytical solutions for the automotive industry. The company’s proprietary technology and analytics mine value from vast amounts of data to enable efficient, frictionless and scientifically accurate transactions. Market Scan’s solutions facilitate easier, more complete, competitive and accurate results, enabling automotive dealers, lenders and manufacturers and technology companies to provide better products, experiences and profitability to serve customers and gain market share. For more information, call 800-658-7226 or go to www.marketscan.com.