Trade-Ins a Sticking Point
Survey finds many consumers think they don’t get fair value and still seek transparent and fully online process.
In terms of the overall trade-in experience at dealerships, just 9% came away with a high level of satisfaction.
Pexels/Richard Taveira
Consumers’ frustration over what they get for trade-ins appears to be building, according to a recent survey by a car sales platform.
The DealNow poll found a scant 10% considered the compensation they received from dealerships for their old cars to be fair, while 40% believed they got a fair price by selling theirs independently.
The stark finding is all the more pertinent today, when many consumers are upside down on their trade-ins' loans.
In terms of the overall trade-in experience at dealerships, just 9% came away with a high level of satisfaction, said DealNow, which found that about 40% felt “somewhat” satisfied.
DealNow said its findings also showed that both dealership and third-party vehicle transactions are still lacking the full digital processes it said many consumers seek today.
"Consumers are wanting a full digital retail experience; however, the responses from this survey highlight how far the current dealership and third-party sites are from meeting the expectation," said DealNow CEO Brad Parker in a press release on the survey.
More Industry
EV Consideration Climbs
Despite the loss of federal EV incentives, interest has grown in the U.S., largely thanks to charging infrastructure improvements.
Read More →
August Auto Angst
The hot month brought hot-to-the-touch vehicle prices in the U.S. as consumers dived for more affordable models but found higher price tags to go with them.
Read More →
Arizona Stores in New Hands
The two franchises bring continued growth for a homegrown automotive group in its third generation of family ownership.
Read More →
Two New Rides Earn Safety Awards
Thanks to vehicle redesigns, two more vehicles have earned IIHS’ Top Safety Pick+ award that builds on the criteria of the lower Top Safety Pick award.
Read More →
How A Simple Phone Call Can Cause a Dealership Data Breach
Despite the sophisticated techniques fraudsters often employ today to gain access to dealerships’ valuable information, they sometimes use a somewhat old-fashioned approach.
Read More →
Texas Rooftop Gets New Owner, Name
Family-owned Lumos Auto Group acquired Acura of the Rio Grande Valley from Bill Bird and will operate the dealership as Lumos Acura.
Read More →
Hyundai Feeling Electric
As the automaker looks to the balance of the decade, it plans to significantly boost its electrified powertrain lineup, including more hybrids and its first extended-range EVs.
Read More →
Dealer Debrief: Luxury Brands are Losing Ground
The quality gap between luxury and mass-market auto brands is narrowing. Today, Lauren is discussing why.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
Longtime Ford Store Changes Hands
The Virginia dealership joins a small area automotive group in a one-dealership transaction, moving from one family franchisee to another.
Read More →