DealNow, a platform for private vehicle transactions, has released findings from its latest consumer vehicle transaction survey, highlighting the key frustrations consumers have in receiving a fair price for their vehicle when trading in at a dealership, or selling to a third-party service.
The online survey was commissioned during September and was presented to more than 3,000 car shoppers across the U.S.
Key Insights include:
- Low Satisfaction with Dealerships: Only 9% of respondents reported being “very satisfied” with their dealership experience, while 39.8% felt “somewhat satisfied,” highlighting a substantial need for improvement in the dealership experience.
- Concerns About Pricing Fairness: A mere 9.7% felt they “definitely” received a fair price at dealerships, compared to 39.8% who reported feeling they received only a fair price when selling independently.
- Dissatisfaction with Trade-In Values: Only 19.4% of respondents felt they “definitely” received a fair price for their trade-ins, further driving interest in private sales.
- Preference for Private Marketplaces: Over 40% of respondents believe they would “definitely” or “probably” achieve a better price as sellers through private marketplaces, emphasizing the growing appeal and preference of private marketplaces with full online transaction tools.
“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 Brad Parker, CEO of DealNow. “Those same consumers also seek value and transparency in their vehicle transaction. Private-party marketplaces empower them to find those on their own, and with the power of a secure transactional platform, they can avoid the fraud that is so rampant in the market, and close their own sale anytime, anyplace.”
For more information, visit dealnow.com.