Big increase in Internet shopping by used-car shoppers
Internet sources, from mobile to tablet to desktop, saw a massive increase in research by used-car shoppers in October, according to CNW Research. More than 3.2 million consumers used the Internet to shop for their next used car or truck, up 129 percent from the year-ago figure of 1.4 million.
Total used sales from all sources (franchised dealers, independent dealers and private parties) climbed 3.63 percent, ahead of projections. Franchised dealers made headway in both sales (up 2.7 percent) and transaction price (up 8 percent). Most of the gain was in certified pre-owned units.
Volume of shoppers was down with the ratio of shoppers to buyers dropping 10.9 percent, to 2.6. The number of used-car shoppers at franchised dealerships dropped nearly 13.7 percent.
As new trucks gained sales share nationally, so did used. In fact, the share of used trucks sold climbed 9.3 percent, while cars fell 1.5 percent.
Shoppers are going farther to find the used car they want, with nearly a quarter saying they bought a vehicle outside their local marketing area. In many cases, they found better financing, with a 12.7 percent increase in the number of buyers who financed their used vehicle.Download Bulletin PDF