CDK GLOBAL VEHICLE EASE OF PURCHASE SURVEY DATA SHOWS CONSUMER SATISFACTION HITS RECORD HIGH IN MAY DESPITE CREDIT STRUGGLES
HOFFMAN ESTATES, Ill. – June 14, 2023 – Consumers are finding the vehicle purchase process easier for May as dealership inventories are rising, despite persistent high interest rates that may impact those looking for affordable options. Market research by CDK Global, Inc., a leading automotive retail software provider, found consumer satisfaction rose to 84% in May, one of the highest scores recorded for the monthly survey.
Availability of new vehicles is improving as 72% of buyers found the car they wanted in stock and in transit, compared to 70% of shoppers in April. Last month’s purchases required consumer sleuthing for availability as shoppers visited several dealerships to find the car they hoped to purchase in stock. Nearly 50% visited two stores in May, up from 44% the month prior, with only 26% of buyers visiting one dealership.
But while dealer inventories are on the upswing, rising interest rates are plaguing customers looking to secure affordable loans. May’s survey results took a significant dip, showing 58% of car buyers reporting that the credit application process was easy when compared to 63% in the previous two months. Adding to the headache was discussing and agreeing to a final price, which 41% of respondents cited the process was increasingly difficult in May versus 40% in April.
“With inventories rebounding in spots and the purchase process still relatively easy, it’s important for dealers to stay on top of new issues,” said David Thomas, automotive industry analyst at CDK Global. “Shoppers dreaming about a new car for summer travel may need to shape up their credit in order to make that big purchase a reality.”
CDK Global’s May Ease of Purchase survey data also found:
- Time spent at the dealership fluctuated slightly in May, with 16% of respondents saying the process took less time than expected, compared to 19% in April. Conversely, 49% of consumers said it was what they expected, increasing over April results of 46%.
- In May, 70% of customers found the purchase process was easier to locate the vehicle they hoped to purchase, improving over April’s results at 67%.
- Agreeing to a trade-in value was easier in May at 51%, rising slightly from 50% in April.
For more in-depth information on the latest Ease of Purchase Scorecard data results, please visit CDK Global’s blog, Credit Struggles Don’t Dent Ease of Purchase Score in May.
About the CDK Global Ease of Purchase Monthly Scorecard
The CDK Global Ease of Purchase Scorecard is a monthly national sample average of 350 consumers who purchased new vehicles within the last three months. The interviews are conducted online by CDK Research & Insights.
About CDK Global, Inc.
CDK Global is a leading provider of cloud-based software to dealerships and Original Equipment Manufacturers (“OEMs”) across automotive and related industries. The Company’s cloud-based, software as a service (“SaaS”) platform enables dealerships to manage their end-to-end business operations including the acquisition, sale, financing, insuring, repair, and maintenance of vehicles. By automating and streamlining critical workflows, the integrated platform of modern solutions enables dealers to sell and service more vehicles by creating simple and convenient experiences for customers and improves their financial and operational performance.