TrueCar Report Unveils Consumer Habits Amid Auto Industry Shifts

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Sep 30, 2022, 12:29 ET

The Automotive Shopper Trends Report compiles nationwide surveys and TrueCar data to understand brand loyalty, electric vehicle adoption, and more

SANTA MONICA, Calif., Sept. 30, 2022 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, released its Automotive Shopper Trends Report (ASTR), a comprehensive look into auto shopper actions and expectations. Combining nationwide survey results with data from TrueCar's platform, the ASTR uncovers insights from the past six months on automotive trends for both consumers and dealers.

"The automotive industry has been in a state of perpetual change for the past few years, presenting new challenges for dealers and consumers alike," said Mike Darrow, President and CEO at TrueCar. "This report highlights how the industry adapted to those changes, and we've been able to leverage those insights to help our dealer partners navigate this evolving landscape."

Amid macroeconomic challenges such as supply-chain disruptions, consumers faced limitations on which vehicles they can purchase, when they can purchase them, and how they can purchase them. Below are a few highlights from the report:

Nearly a quarter of in-market shoppers have switched and have purchased something they never even considered at the beginning of their shopping journey.
Record-high gas prices during the summer increased demand for electric vehicles (EVs), as TrueCar saw a 120% increase in EV prospects year-over-year during the first half of 2022.
62% of car buyers want to be able to complete as much of the purchasing process online as possible, demonstrating continued interest in online shopping.
Shoppers are increasingly opting for practicality over flashiness by having a stronger preference for features related to performance rather than appearance.

TrueCar's full report includes deeper car-buying actions and expectations such as brand preferences, growth in EV demand, purchasing habits, top-selling features in today's vehicles, and the used-car market. To download the Automotive Shoppers Trends Report, visit https://dealer.truecar.com/astr-unlocked.

For information about TrueCar, its mission, and other industry insights, visit http://truecar.com.

About TrueCar

TrueCar is a leading automotive digital marketplace that lets auto buyers and sellers connect to our nationwide network of Certified Dealers. With access to an expansive inventory provided by our Certified Dealers, we are building the industry's most personalized and efficient auto shopping experience as we seek to bring more of the process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new, used and Certified Pre-Owned vehicles. When they are ready, shoppers in TrueCar's marketplace can connect with a Certified Dealer in our network, who shares our belief that truth, transparency and fairness are the foundation of a great auto shopping experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam's Club, Navy Federal Credit Union and American Express.

For more information, please visit www.truecar.com, and follow us on LinkedIn, Facebook or Twitter. TrueCar media email: [email protected]

SOURCE TrueCar.com