Vehicle price. Monthly payment. Loan terms. Interest rates. Those are the more prominent buzz words dealers hear from consumers throughout the vehicle shopping process, particularly in our current environment. And rightfully so, in-market shoppers are hoping to get the most value for their wallets. But let’s not forget how valuable transparency can be, especially with used vehicles.
Hidden damage from accidents or natural disasters, as well as title brands, among other factors, can have a significant negative impact on the drivability of any given vehicle. Ensuring consumers have visibility to that information can help them make a more informed purchasing decision, and more importantly, help dealers potentially build a lifelong relationship with them. Plus, consumers want that information.
According to a recent Experian survey [1], nearly all respondents (98%) said a vehicle history report is important to them when considering the purchase of a used vehicle. Furthermore, almost 70% said accident history information in a report would likely influence their purchasing decision, followed by frequent repairs (61%) and title problems such as salvage or flood damage (55%).
Given the significance of used vehicles in the automotive market, having tools such as Experian AutoCheck® vehicle history reports readily available on dealership and manufacturer websites can help buyers make more informed decisions.
Where today’s consumers start their vehicle search
Knowing what resources consumers are using to search for their next vehicle plays a role in identifying where they’re gathering their information, and in turn, can help guide dealers in offering relevant information during the decision-making process.
The survey revealed that 64% of consumers browse dealership websites and 46% look at manufacturer websites during their buying process.
In a competitive market, having instant access to a vehicle’s history can help streamline the shopping experience while allowing buyers to feel more confident and drive conversions.
Leveraging this information will allow businesses to tailor their consumer engagement strategies to meet the specific needs or concerns of potential buyers at each stage of the journey.
To learn more, visit Experian AutoCheck® Vehicle History Reports.
