iVendi’s new report has revealed a significant shift towards digital vehicle sales, with 74% of consumers expected to prefer online methods for their next vehicle purchase.
This report, titled ‘Driving Future Success: Five Key Trends in Online Vehicle Retail’, provides insights into the purchasing decisions of used vehicle buyers, based on a survey of 1,000 used vehicle buyers and in-depth interviews with a select group.
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The data indicates a substantial move towards online sales, a trend driven by younger demographics and women, highlighting the importance of an omnichannel strategy that meets the changing needs of consumers.
Nearly half of the consumers surveyed by iVendi said they rely on vehicle retailers for finance solutions while almost 31% consider online brokers.
The survey further confirmed that about 75% of buyers are more satisfied with online transactions, underscoring the need for retailers to maintain a user-friendly, always-available online showroom.
iVendi’s report also found that the implementation of Consumer Duty regulations has boosted consumer confidence, especially in finance product selection and transparency.
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By GlobalDataHowever, adherence to the Financial Conduct Authority (FCA) standards remains a crucial factor for gaining consumer trust, the report noted.
Consumers have further shown a preference for retailers offering additional features such as finance calculators, part exchange, and reservation tools, which enhance the online shopping experience.
According to iVendi’s whitepaper, to succeed in the evolving online vehicle retail space, retailers need to stay ahead by optimising their online sales channels, refining finance offerings, and improving website functionality.
iVendi marketing and communications senior vice-president Jana Jones said: “We firmly believe that consumers today are not just looking for a transaction; they’re seeking an experience.
“Our latest white paper illuminates how embracing digital innovation and consumer-centric strategies are pivotal in shaping the future of online vehicle retail, empowering us to exceed expectations and drive success.”
