At-home delivery and a vehicle return policy are two of the most desired services among 2,000 consumers surveyed in Cox Automotive’s Reimagining the Automotive Consumer Experience report, which outlines opportunities for lenders to improve the carbuying experience.
Vehicle acquisition — how consumers finalize vehicle price and secure financing, leasing, or subscription terms — was rated the second most energy-consuming process, after servicing the vehicle, the study noted. In fact, on a 10-point scale, with 10 requiring a lot of effort and 1 requiring no effort, vehicle acquisition rated 7.05. Other touchpoints in the survey included research, test drive, and maintaining an ongoing brand relationship.
Further, consumers expressed a desire to be able to return or exchange a purchased vehicle and access vehicle delivery post-purchase to improve the acquisition experience, the report found. In fact, 82% and 85% of respondents found at-home delivery and vehicle return, respectively, “extremely appealing,” and implementing those policies could improve the acquisition process by 2.56 points on the 10-point scale.
“There was a time when product differentiation was the main driver of the purchase decision,” said Jessica Stafford, senior vice president and general manager of Autotrader and Kelley Blue Book. “But as all vehicles have vastly improved over time, we believe the consumer experience, both buying and owning, has become more important than ever and can be the differentiator in the marketplace and ultimately drive purchase decisions.”
The survey found 80% of consumers would switch to a brand that offered at-home delivery or vehicle exchange, among other services including at-home maintenance and AI-powered service notifications.
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