Vehicle Purchases Get Easier as Dealer Inventory Increases
CDK Global's monthly purchase scorecard highlights October consumer buying trends
HOFFMAN ESTATES, Ill. – Nov. 4, 2022 – As consumers continue to purchase cars and trucks at the dealership, they’re finding the process increasingly easier to navigate. October survey results of the Vehicle Ease of Purchase Scorecard from CDK Global Inc., a leading automotive retail software provider, showed that 84% of those polled found the customer-buying journey to be easier – a two percent improvement over September results.
The smoother process can be attributed in part to replenishing vehicle inventory, as 68% of consumers found their tried-and-true choices to purchase in October, slightly edging out September’s results at 67%. Visiting dealerships on site is proving fruitful for shoppers looking to secure their purchases efficiently. Survey data from the October Ease of Purchase Scorecard included:
- Consumer-preferred in-stock vehicle availability jumped 20% in October, relative to 37% in September. Last month, 44% of customers found cars and trucks they were looking for at the dealership. October’s change shows a modest improvement with in-stock vehicle availability as fewer customers had to wait for in-transit or factory order deliveries.
- Time spent at the dealership is improving, with the biggest shift showing a 20% relative dip as compared to September results of those who found the shopping and purchasing process took longer than expected.
- Price negotiation and trade-in processes fluctuated, with a slight increase in consumers polled finding it easier to agree on a final price (59%), while securing a favorable trade-in value dropped slightly to 52% (vs 53% in September).
“Despite the below-normal level of vehicle inventory consumers are used to, our October data is showing that shoppers are still finding their top choices at auto retailer locations,” said David Thomas, director of content marketing and automotive industry analyst at CDK Global. “This positive shift is an indicator that the customer purchase journey may continue to become easier in the months ahead.”
For more in-depth information on the latest Ease of Purchase Scorecard data results, please visit CDK Global’s blog, Shoppers Find More Cars in Stock, Easier To Buy In October.
About the CDK Global Ease of Purchase Monthly Scorecard
The CDK Global Ease of Purchase Scorecard began in September 2022 with a monthly national sample average of 350 consumers who purchased new vehicles within the last three months. The interviews were conducted online by CDK Research & Insights.
About CDK Global Inc.
CDK Global is the preferred enabler of automotive commerce, delivering a comprehensive, modern dealer management software platform and suite of solutions designed to help automotive dealers and manufacturers run their businesses successfully and create great experiences for consumers. The company serves over 15,000 retail automotive locations in North America and is a subsidiary of Brookfield Business Partners, the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Partners owns and operates high-quality businesses like CDK that provide essential products and services and which benefit from a strong competitive position.