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Cox Automotive provides the broadest, deepest, most complete view of the entire automotive ecosystem through our unique ability to integrate insights from our wholesale, financial, media and fixed operations brands. Every aspect of the industry is changing — from how cars are designed, produced and built, to how they are moving through the ecosystem — and it’s being driven by the connected consumer. The 2017 Insights Handbook identifies eight key markers that define where the retail automotive industry is today and where it needs to go in the future. These insights should help dealers, OEMs and lenders understand what they need to do to build a connected, holistic platform that will break down the barriers between their organizations and consumers.
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ATLANTA – February 12, 2012 – In the February edition of the Shopper Insights Report, Autotrader experts recommend Leading Luxury Vehicles and Hidden Gems, based on insights from the 2012 New Luxury Vehicle Loyalty Study. Among other things, the study revealed the top reasons luxury buyers stayed loyal to their brand when they purchased another new luxury vehicle. Utilizing the top five reasons that these buyers stayed loyal—Brand Affinity, Quality/Reliability, Driving Performance, Price/Finance/Value and Styling/Design—the experts at Autotrader selected 10 luxury vehicles for the list, with the Cadillac CTS sedan and Volvo S60 being chosen as the best overall picks.
“With the economy beginning to show signs of resurgence, we believe that even more shoppers will turn their attention to luxury vehicles, making now an ideal time to share the insights we have regarding this important segment,” said Rick Wainschel, vice president of automotive insights at Autotrader. “By bridging information gained from our extensive research with the vast automotive knowledge within Autotrader, we aim to facilitate deeper connections between buyers and sellers.”
The 2012 New Luxury Vehicle Loyalty Study was conducted by Polk and Autotrader with a total of 1,485 U.S. luxury buyers to gain a deeper understanding of the reasons why these buyers stay with, leave or move to a luxury brand. Loyalty is defined as a buyer who buys a luxury vehicle from the same make as the one owned previously.
Beyond the top five reasons luxury buyers remained loyal, the study also revealed that the primary drivers of loyalty differed by brand. For example, the main reason Cadillac buyers stayed loyal is not the same as the reason BMW buyers stayed loyal.
- Brand affinity was selected by a significantly higher percentage of Cadillac loyalists than any other luxury brand.
- Quality/reliability was cited more often by Mercedes-Benz and Acura loyalists as a reason for returning to that brand.
- BMW loyalists were more apt to identify driving performance as a reason for their return purchase than other luxury owners.
- Price ranked much higher as a reason for Acura owner loyalty compared to the other luxury brands in the study.
- Audi loyalists rank styling and design significantly higher than other brand loyalists as a reason to stay.
Autotrader experts leveraged these insights to select two vehicles that were good on all five criteria for their overall picks. Then, they chose two vehicles—one vehicle from the brand that was rated highest by its loyalists in each category and one hidden gem shoppers should consider—for each of the following four categories: Brand Affinity, Driving Performance, Price/Value and Styling/Design. Since quality and reliability are considered to be the cost of entry for vehicles in the luxury market, experts did not choose vehicles based on those factors independently.
The full report, brought to you by the Autotrader Trend Engine, provides in-depth analysis of these vehicles—from the reasons experts selected the vehicles to the level of interest consumers have shown these vehicles while shopping on Autotrader.
This research study, conducted by Polk on behalf of Autotrader, examines what motivates high customer loyalty among luxury brands and the reasons luxury buyers defect to other luxury brands.
Reveals Top Reasons Luxury Buyers Stay Loyal and Provides Key Insights By Brand