Next-generation car buyers
AutoTrader.com released the findings of the 2014 Automotive Buyer Influence Study, which provides insight into how consumers shop for vehicles online, offline and across multiple devices. Now in its third year, the study demonstrates how the consumer shopping process is rapidly evolving as the next generation of car buyers – millennials – are quickly becoming the largest car buying cohort. Overall, the 2014 study findings indicate that millennials rely on the Internet to car shop, as well as mobile devices such as smartphones. That said, this group appears to be as undecided as other generations when they begin the car shopping process, with 70 percent undecided on which make/model they are interested in purchasing.
Key findings from the study include:
- Millennials take longer to make their purchase decision.
- Traditional media is aging out.
- Computers are being used less frequently for car shopping.
- Social media is rarely used for car shopping.
- Mobile devices, such as smartphones, are being used increasing more frequently.
Used cars make a comeback
Car shoppers may want to think used this fall. According to ALG, the analytics division of TrueCar, a wave of newer vehicles has started to flood the secondhand market and will gradually bring resale values in line with what they were before the economic downturn in 2008. Indeed, recent low used car sales, together with the Cash for Clunkers program, which eliminated nearly 700,000 vehicles from U.S. roads, have resulted in limited used-vehicle supplies. But, that appears to be changing. As new-car sales continue to increase, and car shoppers continue to trade in old but high-quality vehicles, the used car market should pick up – with attractive pricing for shoppers. By 2017, ALG forecasts the average new vehicle will retain 49.4 percent of its value after three years, in contrast to the 54.6-percent retention recorded for vehicles through June 2014. Furthermore, ALG forecasts the growing supply of used vehicles in the market should ease the industry back to a 46-percent residual average by 2019 – the same as it was before 2008. To obtain a copy of the ALG Industry Report, or for more information about ALG and its products, visit www.alg.com.
Preventing tire trouble
Weather and road conditions can be tough – especially on a car’s tires. Ride-On offers a line of tire sealant products, designed to safeguard tires from travel hazards. For instance, Inovex Industries’ Ride-On Tire Conditioner & Sealant™ is an industrial-grade tire sealant made to protect vehicle tires and rims by sealing punctures, conditioning casings, and helping to reduce rim corrosion and scale buildup in industrial, off-road and agricultural tires. The product is said to prevent flats and seal punctures up to ¼ inches in diameter, as well as slow leaks. Ride-On sealant is formulated to prevent freezing and separation at high temperatures, and is available in both six-gallon pails and 55-gallon drums. For more information visit http://www.ride-on.com/tire-conditioner-a-sealant.html.
Fun and safe
Mitsubishi Motors North America, Inc. announced its 2014 Lancer compact sports sedan (excluding the Ralliart and Evolution models) has been named a Top Safety Pick by the Insurance Institute for Highway Safety (IIHS). The vehicle recently passed an IIHS crash test in which 25 percent of its frontal area on the driver’s side impacted a barrier at a speed of 40 miles per hour. (The test reportedly replicates what occurs when the front corner of a vehicle collides with another vehicle or object, such a tree or utility pole.) The 2015 Mitsubishi Lancer, considered equally safe, features heated side view mirrors with turn indicators (standard on all models); an advanced next-generation continuously-variable transmission (CVT) that mimics the operation of a precision seven-speed transmission; redesigned 16-inch two-tone alloy wheels; FUSE Hands-Free Link System® with USB port; six-speaker audio system; fog lights and more.
Vehicle history free of charge — almost
Until recently, vehicle owners traditionally paid $30 or more for a vehicle history. Today, Washington-based VinAudit.com, is taking a different approach. VinAudit founder David Wu, a former Google software developer, offers a comparable service for 50 cents per report to qualifying used car dealers, reportedly the lowest in the vehicle history market. VinAudit.com provides vehicle history reports as an official consumer access provider for the National Motor Vehicle Title Information System.
Kelley Blue Book offers easier access
Kelley Blue Book www.kbb.com, a vehicle valuation and information source, has announced the installation of a ReadyCam® on-site studio at its Irvine, Calif. headquarters, offering global media outlets immediate and easy access to its analysts and executives. The ReadyCam studio is reportedly an all-inclusive video studio designed to capture, record and transmit HD video and audio over the Internet to anywhere around the world, using VideoLink’s EnhancedIP™ network. The studio simplifies the production of live, pre-taped and on-demand video content.
Locating hard-to-find parts just got easier
It can be tricky finding parts for luxury vehicles. Luxury Parts Wholesale offers a comprehensive online store with a variety of brands and items to choose from. The products are said to be the same quality as those offered at luxury retail stores, but at a wholesale price.
Subaru means safety
For the past five years, Subaru has reported Insurance Institute for Highway Safety (IIHS) Top Safety Picks for all of its models. The company recently added its rear-wheel-drive sports coupe, the 2014 Subaru BRZ, to its fleet of awarded vehicles. With the addition of the BRZ, Subaru now has seven models that have netted 2014 safety awards from the IIHS: The Subaru Legacy, Outback and Forester with optional EyeSight earned the IIHS highest possible standard of safety, the Top Safety Pick+ award, while the Impreza, XV Crosstrek and 2015 WRX STI line received Top Safety Pick award ratings for 2014. The 2014 Subaru BRZ earns the Top Safety Pick award for acceptable performance in a small overlap crash, the Institute’s latest round of crashworthiness evaluations. The BRZ also earned good ratings in the moderate overlap front, side and roof strength and head restraint tests. To qualify for Top Safety Pick, a vehicle must earn a good or acceptable rating for small overlap protection and a good rating in the other four tests.
Ford: Well equipped and reliable
The 2015 Ford Fusion may not offer a lot of new features, but that’s not to say it’s outdated. Despite having a design that has been completely carried over, the newest version of the mid-size sedan is said to be well equipped and capable of leading its competitors in fuel economy and safety. And, the 2015 Ford Fusion Hybrid, which doesn’t need to be plugged in to operate, reportedly can travel at 44 miles per gallon in the city.