eBay Advertising Survey Reveals Behavioral Shifts in Online Car Buying

BRISBANE, Calif., Feb. 16, 2017 /PRNewswire/ -- eBay Advertising today released results from its two-part consumer automotive shopping journey survey, revealing that technology is causing consumers to research and purchase cars online more than ever before and is shifting the automotive purchase journey. The survey reveals that a majority of consumers (63%) are extremely likely/ likely to purchase a car online in the future. Additionally, twice as many men as women have purchased cars online citing reasons such as convenience, low prices, variety and having access to more options. The survey results also showed that when it comes to features, both men and women care the most about price, reliability and safety.¹

The Influence of Technology
According to the survey, 87% of respondents are using the internet to research a vehicle prior to purchase, including reviewing price comparisons, ratings and current reviews.¹ This communicates the importance of the shopper journey and ensuring the consumer is receiving the right information at the right time. According to eBay Advertising's motors survey, 76% of respondents who are looking to buy a car would prefer to buy online through eBay Motors. Additionally, 71% of respondents who did not purchase their vehicles on eBay Motors bought parts and accessories on eBay in the last six months.² However, for those who prefer to purchase vehicles in person, female survey respondents say it's because they want to be able to take a test drive, while male survey respondents want to be able to check out the condition of the car.¹

"Technology continues to evolve the automotive shopping journey," said Josh Wetzel, Senior Director of Sales and Marketing at eBay Advertising. "Consumers are already executing pre-purchase activities related to online research with increased interest in online automotive experiences. As more consumers continue to embrace automotive ecommerce for vehicles; enhanced experiences and technologies like virtual reality and artificial intelligence will continue to drive a larger shift to online purchasing."

Under the Hood: Research, Men vs. Women and Face-to-Face Sharing Beats Social Media
Survey responses showed an evolution in the way people buy and communicate the good news about their auto purchases. Key findings include:

• eBay Motors buyers rely more on customer and professional reviews versus informational dealership visits²
• The average length of the purchase journey is two months, which consists of researching, reading reviews, etc. ²
• Women are more likely than men to plan to keep their vehicle until it dies¹
• 71% of respondents said they prefer to share the news of a new vehicle purchase with their friends and family in person, rather than via the phone, text, and social media¹
• Sedans and SUV/ Crossovers were the most popular vehicles purchased¹
• Men are more likely than women to purchase both convertibles and collectible cars¹

On-and-Off Road Insurance: Reality and Fantasy
Insurance proved to be an important part of the automotive purchase journey. The survey results show that two in three consumers research insurance providers during the automotive purchase process, with the majority conducting their research online¹. When respondents were asked what they would be willing to do to reduce their insurance costs, the top three responses were:

When they were given the option to insure anything in the personal lives aside from their homes, cars, etc., the top three responses were:

However, men and women didn't have the same priorities when it came to insuring their personal lives. More men said they would rather insure their physical appearance than women did. Additionally, those with incomes of more than $70K were more likely to insure their appearance while those earning less than $70K said they would insure their relationships. ¹

Science Behind the Survey
eBay Advertising executed a two-party survey consisting of a general consumer survey¹ and eBay Motors advertising data.² eBay Advertising surveyed more than 1,000 U.S. consumers between the ages of 18 and 65 who had purchased a vehicle in the last six months. The company also analyzed eBay Motors data based on approximately 1,000 consumers who had either made purchases from the 'cars & trucks' category on eBay Motors, or who had browsed through eBay Motors in 2016.

About eBay Motors

eBay Motors (www.ebay.com/motors), a part of eBay (Nasdaq: EBAY), is one of the world's largest online marketplaces for buying and selling all things automotive that couples both vehicles and parts and accessories. eBay Motors' vibrant marketplace connects millions of buyers and sellers through great value and unique selection. All consumers, from everyday drivers to enthusiasts, can discover and purchase virtually any vehicle they want, from new and used inventory, including collector cars, motorcycles and parts and accessories that they need to modify, repair, and personalize their rides.

About eBay Advertising

eBay Advertising (http://cc.ebay.com/whatsnew/) is a division of eBay Inc. (Nasdaq: EBAY), the global commerce leader. eBay Advertising is the only commerce partner that drives consideration for brands and sellers by providing unique data that delivers the deepest insights and influence throughout the consumer shopping journey. eBay Advertising works with the world's top brands to deliver advanced advertising solutions that drive market growth, with a rich consumer experience.

Media Contact:
Cameron Smead
Karbo Communications for eBay Advertising
925.785.7872
cameron@karbocom.com

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SOURCE eBay Advertising