US Car Buyers Prove Willing to Hold Off for Sales Events
Due to the fact that data is now able to be not only monitored, but compiled for stat tracking purposes at never before seen levels these days by companies that keep tabs on car buyers, consumers are now far more informed than in recent years. This has made the majority of car buyers much more picky and in the end, consumers are now opting to wait for bargain deals rather than leap at the first chance to pick up a car they seen in the dealer’s lot. Google recently held its annual automotive summit in its Birmingham offices and invited 150 marketers from car companies, marketing agencies and similar companies to attend. Despite the auto industry’s strong attempts to get consumers to not focus on the discounts they use to incentivize their vehicles to sell at higher rates, customers continue to wait for exactly those savings such as found in cash back rebates and financing deals offering the famed no interest policy. This has cut sharply into auto maker profits.
Research firms Compete and RL Polk compiled a great deal of data with Google that does not show car shoppers in a very positive light. Most consumers are now waiting much longer to make their buying decisions with 20 percent taking 3 or more months before they decide. Less than a third were willing to make up their mind within a week as of data from 2008. Most of this is due to the fact that they want a sale and will not spring until the opportunity seems best.