Click to enlarge.
The 2024 Car Buyer Journey (CBJ) Study by Cox Automotive* published today shows record highs in new-car buyer satisfaction, driven by advancements in digital tools helping seamlessly integrate online and in-dealership activities. This seamless integration – an omnichannel buying experience in industry jargon – saves time, reduces repetition and ultimately improves satisfaction with the overall car-buying journey. The 2024 CBJ also highlights the growing satisfaction among electric vehicle (EV) buyers, who are once again leading the way in satisfaction during the car-buying process.
“With the launch of the 15th Anniversary edition of the Car Buyer Journey, we are reminded again just how important it is to have an efficient vehicle buying process,” said Isabelle Helms, vice president of Research and Market Intelligence. “Auto dealers who embrace the latest technology and engage in a transparent, easy-to-navigate process have consistently delivered the highest levels of satisfaction. That was true 15 years ago and remains true as ever today.”
Satisfaction Reaches a Record High for New-Car Buyers
New-vehicle buyers reported a record 75% satisfaction rate with the overall shopping experience, the highest in the CBJ study’s history. This is largely attributed by Cox to advancements in digital tools, pricing transparency and a balance between online and in-person dealership experiences. During 2024, improving sales incentives and a wider selection of new-vehicle inventory contributed to increased satisfaction as well. Notably, 42% of new-car buyers stated their experience was better than their prior purchase, with dealership satisfaction reaching a historic high of 81%.
Satisfaction among all vehicle buyers, however, declined slightly in 2024 compared to the prior year, pulled lower by a decline in satisfaction among used-vehicle buyers. Looking at satisfaction across the industry, among both new and used buyers, 67% were highly satisfied with the journey, down from 69% in the previous study.
The overall decline in 2024 was likely driven by several factors Cox said, including elevated auto loan rates, which hit a 20-year high in 2024. Used-vehicle inventory remained tight throughout 2024 as well, and used-vehicle buyers are less likely than new-car buyers to encounter improved digital tools that support that “seamless, efficient, omnichannel vehicle-buying process.”
Nonetheless, a 64% satisfaction rate among used-vehicle buyers was higher than at any time before the global COVID pandemic. Research suggests that many automobile dealers, both franchised and independent, invested in improved processes to deliver a more digital buying experience during the pandemic, resulting in changes that have boosted overall satisfaction with vehicle buying.
*About Cox Automotive
Cox Automotive says with justification that it is the world’s largest automotive services and technology provider. It gathers data based on 2.3 billion online interactions annually. Cox Automotive can help car shoppers, automakers, dealers, retailers, lenders and fleet owners. The company has 25,000+ employees on five continents and a family of brands that include: Autotrader®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital™ and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on Twitter, CoxAutoInc on Facebook or Cox-Automotive-Inc on LinkedIn.
EV Market Stays as Customer Satisfaction Leader
Click to enlarge.
The 2024 Car Buyer Journey (CBJ) Study by Cox Automotive* published today shows record highs in new-car buyer satisfaction, driven by advancements in digital tools helping seamlessly integrate online and in-dealership activities. This seamless integration – an omnichannel buying experience in industry jargon – saves time, reduces repetition and ultimately improves satisfaction with the overall car-buying journey. The 2024 CBJ also highlights the growing satisfaction among electric vehicle (EV) buyers, who are once again leading the way in satisfaction during the car-buying process.
“With the launch of the 15th Anniversary edition of the Car Buyer Journey, we are reminded again just how important it is to have an efficient vehicle buying process,” said Isabelle Helms, vice president of Research and Market Intelligence. “Auto dealers who embrace the latest technology and engage in a transparent, easy-to-navigate process have consistently delivered the highest levels of satisfaction. That was true 15 years ago and remains true as ever today.”
Satisfaction Reaches a Record High for New-Car Buyers
New-vehicle buyers reported a record 75% satisfaction rate with the overall shopping experience, the highest in the CBJ study’s history. This is largely attributed by Cox to advancements in digital tools, pricing transparency and a balance between online and in-person dealership experiences. During 2024, improving sales incentives and a wider selection of new-vehicle inventory contributed to increased satisfaction as well. Notably, 42% of new-car buyers stated their experience was better than their prior purchase, with dealership satisfaction reaching a historic high of 81%.
Satisfaction among all vehicle buyers, however, declined slightly in 2024 compared to the prior year, pulled lower by a decline in satisfaction among used-vehicle buyers. Looking at satisfaction across the industry, among both new and used buyers, 67% were highly satisfied with the journey, down from 69% in the previous study.
The overall decline in 2024 was likely driven by several factors Cox said, including elevated auto loan rates, which hit a 20-year high in 2024. Used-vehicle inventory remained tight throughout 2024 as well, and used-vehicle buyers are less likely than new-car buyers to encounter improved digital tools that support that “seamless, efficient, omnichannel vehicle-buying process.”
Nonetheless, a 64% satisfaction rate among used-vehicle buyers was higher than at any time before the global COVID pandemic. Research suggests that many automobile dealers, both franchised and independent, invested in improved processes to deliver a more digital buying experience during the pandemic, resulting in changes that have boosted overall satisfaction with vehicle buying.
*About Cox Automotive
Cox Automotive says with justification that it is the world’s largest automotive services and technology provider. It gathers data based on 2.3 billion online interactions annually. Cox Automotive can help car shoppers, automakers, dealers, retailers, lenders and fleet owners. The company has 25,000+ employees on five continents and a family of brands that include: Autotrader®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital™ and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on Twitter, CoxAutoInc on Facebook or Cox-Automotive-Inc on LinkedIn.