SHOPPER CROSS-SHOP BEHAVIOR TRENDS ......2019/10/10 · 2019 Cox Automotive CPO Shopper Study...
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As CPO sales are expected to reach a record high in 2019, Cox Automotive’s recent CPO Study reveals that a majority of CPO intenders are open to upgrading to a new model. And while shoppers’ projected spend on their next vehicle underscores an opportunity for automakers to upsell CPO shoppers on new vehicle offerings, model level cross-shopping demonstrates that CPO shoppers are not always considering the new model option in their shopping process. 2019 Cox Automotive CPO Shopper Study Autotrader Site Behavior; CPO Cross-Shopping, Q2-2019 CPO Average List Price: Autotrader Listing Price Data (Jan-Aug 2019) New Car ATP: KBB Retail Transaction Data (Jan-Aug 2019) Cox Automotive 2019 CPO Sales Projection Based on Forecasting Although the price gap between new and CPO has hovered at a similar level over the past few years (narrowing slightly this year), CPO shoppers’ planned budget for their next vehicle opens doors for automakers to inject new model options into the consideration process. While the Cox Automotive CPO Study revealed a high percentage of CPO intenders are open to considering a new alternative, shopping behavior demonstrates opportunities for automakers to capitalize on that sentiment. In taking a closer look at model-level cross-shopping, there are varying degrees of CPO to new alternate version cross-consideration. On average, CPO truck shoppers are more likely to shop the new alternative, whereas CPO sedan shoppers are less likely to shop the new model version. CPO TO NEW CROSS-SHOPPING: SEGMENT MODEL AVERAGES CPO TO NEW ALTERNATE CONSIDERATION CROSS-SHOP BEHAVIOR SHOPPER TRENDS SNAPSHOT EXPECTED MEAN PRICE FOR NEXT VEHICLE 53.4% TRUCK SEGMENT 42.3% NON-LUXURY SUV SEGMENT 39.4% LUXURY SUV SEGMENT 34.0% NON-LUXURY CAR SEGMENT 30.8% LUXURY CAR SEGMENT $44K LUXURY CPO SHOPPERS $37K ALL CPO SHOPPERS 2.75M PROJECTED CPO SALES IN 2019 + 25% INCREASE IN TOTAL CPO SHOPPERS (2019 VS. 2016) CPO SHOPPERS ARE OPEN TO PURCHASING A NEW VEHICLE 68% 73% AMONG CPO INTENDERS OVERALL AMONG LUXURY CPO INTENDERS 2016 2017 2018 2019 New CPO $34,424 $37,325 $25,817 $27,737 AVERAGE CPO List Price vs. New Car Transaction Price 33% gap 35% gap 36% gap 38% gap
Transcript of SHOPPER CROSS-SHOP BEHAVIOR TRENDS ......2019/10/10 · 2019 Cox Automotive CPO Shopper Study...
As CPO sales are expected to reach a record high in 2019, Cox Automotive’s recent CPO Study reveals that a majority of CPO intenders are open to upgrading to a new model. And while shoppers’ projected spend on their next vehicle underscores an
opportunity for automakers to upsell CPO shoppers on new vehicle offerings, model level cross-shopping demonstrates that CPO shoppers are not always considering the new model option in their shopping process.
2019 Cox Automotive CPO Shopper StudyAutotrader Site Behavior; CPO Cross-Shopping, Q2-2019CPO Average List Price: Autotrader Listing Price Data (Jan-Aug 2019)New Car ATP: KBB Retail Transaction Data (Jan-Aug 2019)Cox Automotive 2019 CPO Sales Projection Based on Forecasting
Although the price gap between new and CPO has hovered at a similar level over the past few years (narrowing slightly
this year), CPO shoppers’ planned budget for their next vehicle opens doors for automakers to inject new model options
into the consideration process.
While the Cox Automotive CPO Study revealed a high percentage of CPO intenders are open to considering a new alternative,
shopping behavior demonstrates opportunities for automakers to capitalize on that sentiment. In taking a closer look at model-level
cross-shopping, there are varying degrees of CPO to new alternate version cross-consideration. On average, CPO truck shoppers
are more likely to shop the new alternative, whereas CPO sedan shoppers are less likely to shop the new model version.
C P O T O N E W C R O S S - S H O P P I N G : S E G M E N T M O D E L A V E R A G E S
CPO TO NEW ALTERNATE CONSIDERATION
CROSS-SHOP BEHAVIORSHOPPER
TRENDS
SNAPSHOT
E X P E C T E D M E A N P R I C E
F O R N E X T V E H I C L E
53.4%
T R U C K S E G M E N T
42.3%
N O N - L U X U R Y S U V
S E G M E N T
39.4%
L U X U R Y S U V
S E G M E N T
34.0%
N O N - L U X U R Y C A R
S E G M E N T
30.8%
L U X U R Y C A R
S E G M E N T
$44K
LUXURY CPO SHOPPERS
$37K
ALL CPO SHOPPERS
2.75MP R O J E C T E D C P O
S ALE S I N 2 0 1 9
+25%I N C R E AS E I N TO TAL
C P O S H O P P E R S ( 2 0 1 9 V S . 2 0 1 6 )
C P O S H O P P E R S A R E O P E N TO
P U R C H A S I N G A N E W V E H I C L E
68% 73%AM O N G C P O
I N T E N D E R S O V E R AL LAM O N G L U X U RY
C P O I N T E N D E R S
2016 2017 2018 2019
New CPO
$34,424$37,325
$25,817$27,737
A V E R A G E
CPO List Price vs. New Car Transaction Price
33%gap
35%gap
36%gap
38%gap
LUXURY SUV CROSS-SHOPPING
21%
21%
22%
23%
27%
27%
29%
29%
29%
29%
30%
30%
31%
32%
32%
32%
33%
34%
34%
34%
35%
35%
35%
36%
36%
37%
37%
37%
38%
38%
39%
39%
39%
39%
39%
40%
40%
41%
42%
45%
47%
48%
49%
50%
51%
51%
55%
56%
58%
60%
62%
63%
65%
67%
X1
MKC
QX50
NX
GLA-Class
RX
Q3
MDX
Enclave
X6
Cayenne
GX
XC60
X4
X5
RDX
QX30
MKT
Discovery Sport
QX60
X5 M
X3
X6 M
GLE-Class
Q5/SQ5
Range Rover Sport
Escalade/ESV
Macan
Envision
Range Rover
Range Rover Evoque
Q7
XC90
V60
AVERAGE
E-PACE
XT5
GLC-Class
GLS-Class
G-Class
Discovery
QX80
Levante
UX 200
LX
X2
Navigator/L
F-PACE
XC40
V90
XT4
Nautilus
Q8
Range Rover Velar Midsize
Midsize
Midsize
Compact
Midsize
Compact
Compact
Fullsize
Compact
Fullsize
Compact
Midsize
Fullsize
Midsize
Fullsize
Fullsize
Compact
Midsize
Compact
Midsize
Midsize
Midsize
Compact
Fullsize
Compact
Compact
Fullsize
Midsize
Compact
Midsize
Midsize
Compact
Midsize
Midsize
Compact
Midsize
Compact
Compact
Midsize
Compact
Compact
Fullsize
Midsize
Midsize
Midsize
Midsize
Compact
Midsize
Compact
Compact
Compact
Compact
Compact
*
*
*
*
*
SHOPPER
TRENDS
SNAPSHOT
2019 COX Automotive CPO Shopper StudyAutotrader Site Behavior; CPO Cross-Shopping, Q2-2019CPO to New model cross-shopping data not yet available: X3 M, X4 M, X7, Corsair, XT6, Aviator
**
*
OVERALL LUXURY SUV
AVERAGE CROSS-SHOPPING
39.4%
CPO TO NEW MODEL ALTERNATE
8
36.8%LUXURY COMPACT SUV
40.7%LUXURY MIDSIZE SUV
43.3%LUXURY FULLSIZE SUV
AVERAGE CROSS-SHOPPING
BY SEGMENT
NEWER MODELS LAUNCHED
WITHIN THE PAST 2 YEARS
(fewer CPO model years available,
narrower CPO/New price gap likely)
CPO SHOPPERS CROSS-CONSIDERING
NEW MODEL VERSIONS
*
**
**
*
10%
21%
22%
24%
27%
28%
29%
30%
31%
31%
31%
32%
32%
33%
34%
34%
34%
35%
35%
35%
36%
36%
37%
37%
38%
38%
38%
39%
40%
40%
41%
41%
41%
42%
43%
43%
44%
45%
45%
47%
47%
47%
48%
49%
51%
52%
54%
55%
56%
57%
58%
59%
59%
60%
63%
63%
71%
73%
75%
500X
Trax
Encore
CR-V
Rogue
Rogue Sport
Sportage
Terrain
CX-3
HR-V
Pilot
Escape
Equinox
Pathfinder
Journey
Outback
CX-5
Tiguan
Soul
Renegade
Sorento
RAV4
Highlander
Countryman
Murano
Cherokee
Forester
Tucson
EcoSport
Crosstrek
Acadia
CX-9
Compass
AVERAGE
Traverse
Edge
Santa Fe
Kicks
Explorer
Sequoia
Niro
Grand Cherokee
Yukon/XL
Flex
Tahoe
4Runner
C-HR
Kona
Armada
Expedition
Durango
Wrangler
Land Cruiser
Suburban
Ascent
Passport
Atlas
Telluride
Expedition Max Fullsize
Midsize
Midsize
Midsize
Midsize
Fullsize
Fullsize
Compact
Fullsize
Fullsize
Fullsize
Subcompact
Subcompact
Midsize
Fullsize
Midsize
Fullsize
Midsize
Subcompact
Fullsize
Midsize
Subcompact
Midsize
Midsize
Midsize
Compact
Midsize
Midsize
Compact
Subcompact
Compact
Compact
Compact
Midsize
Subcompact
Midsize
Compact
Midsize
Subcompact
Subcompact
Compact
Compact
Compact
Compact
Midsize
Compact
Compact
Midsize
Subcompact
Subcompact
Compact
Compact
Subcompact
Compact
Compact
Subcompact
Subcompact
Subcompact
*
*
NON-LUXURY SUV CROSS-SHOPPINGSHOPPER
TRENDS
SNAPSHOT
2019 COX Automotive CPO Shopper StudyAutotrader Site Behavior; CPO Cross-Shopping, Q2-2019CPO to New model cross-shopping data not yet available: Blazer, Palisade
OVERALL NON-LUXURY SUV
AVERAGE CROSS-SHOPPING
42.3%
CPO TO NEW MODEL ALTERNATE
7
COMPACT SUV
MIDSIZE SUV
FULLSIZE SUV
AVERAGE CROSS-SHOPPING
BY SEGMENT
NEWER MODELS LAUNCHED
WITHIN THE PAST 2 YEARS
(fewer CPO model years available,
narrower CPO/New price gap likely)
SUBCOMPACT SUV
35.4%
47.2%
56.9%
35.1%
CPO SHOPPERS CROSS-CONSIDERING
NEW MODEL VERSIONS
*
20%
21%
21%
22%
22%
22%
22%
23%
23%
24%
24%
25%
25%
26%
26%
26%
27%
28%
28%
28%
29%
29%
31%
31%
31%
32%
34%
34%
35%
35%
35%
36%
36%
36%
36%
36%
36%
37%
38%
39%
39%
40%
45%
48%
48%
A3
IS
3 Series
GS
MKZ
RC
ATS
S60
5 Series
ILX
2 Series
K900
XF
CLS-Class
A8
ES
XJ
A4
6 Series
Cascada
S-Class
CLA-Class
AVERAGE
A7
LS
Ghibli
4 Series
Q50
Q70
S3
A6
RLX
C-Class
TLX
XE
CTS
E-Class
A5
7 Series
XTS
CT6
Panamera
Continental
Q60
S90 Midsize
Entry-Level
Fullsize
Fullsize
Fullsize
Fullsize
Fullsize
Midsize
Midsize
Midsize
Entry-Level
Midsize
Entry-Level
Fullsize
Midsize
Entry-Level
Midsize
Entry-Level
Entry-Level
Fullsize
Fullsize
Fullsize
Entry-Level
Fullsize
Entry-Level
Midsize
Entry-Level
Fullsize
Entry-Level
Fullsize
Fullsize
Entry-Level
Fullsize
Entry-Level
Entry-Level
Midsize
Midsize
Entry-Level
Entry-Level
Entry-Level
Midsize
Entry-Level
Entry-Level
Entry-Level
LUXURY CAR CROSS-SHOPPINGSHOPPER
TRENDS
SNAPSHOT
2019 COX Automotive CPO Shopper StudyAutotrader Site Behavior; CPO Cross-Shopping, Q2-2019CPO to New model cross-shopping data not yet available: A-Class
OVERALL LUXURY CAR
AVERAGE CROSS-SHOPPING
30.8%
CPO TO NEW MODEL ALTERNATE
28.1%LUXURY ENTRY-LEVEL CAR
32.6%LUXURY MIDSIZE CAR
LUXURY FULLSIZE CAR
AVERAGE CROSS-SHOPPING
BY SEGMENT
33.0%
CPO SHOPPERS CROSS-CONSIDERING
NEW MODEL VERSIONS
19%
20%
20%
21%
22%
22%
23%
23%
23%
25%
25%
28%
28%
29%
29%
29%
31%
31%
32%
32%
32%
32%
33%
33%
33%
34%
34%
35%
35%
35%
35%
36%
37%
38%
39%
39%
39%
42%
44%
44%
44%
46%
47%
52%
61%
72%
Sentra
Versa/Note
Accent
Jetta
Spark
Rio
Sonic
Golf
Cadenza
Passat
Sonata
Cruze
Forte
Fit
Legacy
Yaris
Veloster
Clubman
Beetle
MAZDA3
MAZDA6
Altima
Optima
Focus
Corolla
AVERAGE
Impreza
Accord
LaCrosse
Malibu
Cooper
500
Civic
Maxima
Elantra
Fiesta
Fusion
Taurus
Avalon
Impala
Regal
Camry
Golf R
300
Charger
Stinger Fullsize
Fullsize
Fullsize
Subcompact
Midsize
Midsize
Fullsize
Fullsize
Fullsize
Midsize
Subcompact
Compact
Midsize
Compact
Subcompact
Subcompact
Midsize
Midsize
Midsize
Compact
Compact
Compact
Midsize
Midsize
Midsize
Compact
Subcompact
Subcompact
Compact
Subcompact
Midsize
Subcompact
Compact
Compact
Midsize
Midsize
Fullsize
Subcompact
Subcompact
Subcompact
Subcompact
Compact
Subcompact
Subcompact
Compact
NON-LUXURY CAR CROSS-SHOPPINGSHOPPER
TRENDS
SNAPSHOT
2019 COX Automotive CPO Shopper StudyAutotrader Site Behavior; CPO Cross-Shopping, Q2-2019CPO to New model cross-shopping data not yet available: Arteon, 500L
*
OVERALL NON-LUXURY CAR
AVERAGE CROSS-SHOPPING
34.0%
CPO TO NEW MODEL ALTERNATE
COMPACT CAR
MIDSIZE CAR
FULLSIZE CAR
AVERAGE CROSS-SHOPPING
BY SEGMENT
KIA STINGER IS THE ONLY
NEWER MODEL LAUNCHED
WITHIN THE PAST 2 YEARS
(fewer CPO model years available,
narrower CPO/New price gap likely)
SUBCOMPACT CAR
30.3%
34.6%
48.5%
29.2%
CPO SHOPPERS CROSS-CONSIDERING
NEW MODEL VERSIONS
*
43%
45%
45%
48%
49%
49%
49%
49%
50%
51%
52%
53%
53%
54%
56%
58%
64%
65%
66%
68%
Canyon
Ridgeline
Sierra 1500
Tundra
Titan
Silverado 3500
Sierra 3500
Tacoma
Frontier
Silverado 1500
Sierra 2500
Silverado 2500
AVERAGE
Colorado
F350
1500
F150
3500
2500
F250
TRUCK CROSS-SHOPPINGSHOPPER
TRENDS
SNAPSHOT
Heavy Duty
Heavy Duty
Heavy Duty
Light Duty
Light Duty
Heavy Duty
Midsize
AVERAGE
Heavy Duty
Heavy Duty
Light Duty
Midsize
Midsize
Heavy Duty
Heavy Duty
Light Duty
Light Duty
Light Duty
Midsize
Midsize
2019 COX Automotive CPO Shopper StudyAutotrader Site Behavior; CPO Cross-Shopping, Q2-2019CPO to New model cross-shopping data not yet available: F450, Ranger, Gladiator
OVERALL TRUCK
AVERAGE CROSS-SHOPPING
53.4%
CPO TO NEW MODEL ALTERNATE
48.2%MIDSIZE TRUCK
52.5%LIGHT DUTY TRUCK
HEAVY DUTY TRUCK
AVERAGE CROSS-SHOPPING
BY SEGMENT
57.4%
CPO SHOPPERS CROSS-CONSIDERING
NEW MODEL VERSIONS
