“Thanks to the internet, researching a car has never been easier. What used to take days traveling from dealer to dealer now takes minutes as potential purchasers cruise websites and forums to view details on new models, check dealer inventory and pricing, read reviews and even negotiate entire transactions.”
Tag: new car/truck shoppers
The 21.3% of consumers who plan to freshen up their driveway with a new car this year may experience sticker shock if they’re heading to the dealership for the first time in a few years, according to the car-shopping experts at Edmunds. Thanks to a combination of rising interest rates, longer loan terms and higher average transaction prices, Edmunds experts say, on average, a buyer could pay $6,500 more to purchase a new vehicle than they did five years ago.
New-car transaction prices continue to climb despite slowing sales, according to Kelley Blue Book. The ratio of incentive spend to transaction price is at its highest point since 2009. Automakers need to moderate production and incentive levels to maintain residual value strength.
“Dealership of Tomorrow” panelists at the NADA Convention said big dealerships are here to stay, and bridging the divide between clicks and bricks remains a challenge. A Florida dealership group is building dealerships with more amenities, larger waiting areas, even restaurants.