Survey Shows Women More Confident and Satisfied Than Ever With Their Car Buying Experience

As DC Auto Show Opens, Survey Shows Women More Confident and Satisfied Than Ever With Their Car Buying Experience

MCLEAN, Va., Jan. 24 -- It is a common misperception that most women bring men to car dealer showrooms out of apprehension or a lack of confidence in buying a car. A study commissioned by Auto Retailing Today (ART), a coalition of the major automobile manufacturers and dealer organizations, and conducted by Harris Interactive(R), shows that women bring their spouses or partners to shop with them because it is a family investment requiring serious deliberation. More importantly, the study showed that customers in general continue to positively rate their car buying experience.

"ART's study confirms that car dealers continue to meet consumer demands and maintain high levels of customer satisfaction," says ART Chairman Carter Myers. "Auto shows are a great place for both men and women to learn about the newest makes and models that will be in their local dealerships soon."

"A visit to the DC Auto Show this week is a boon for people shopping for a new vehicle this year," remarks Gerry Murphy, President of the Washington Area New Automobile Dealers Association. "Consumers who educate themselves before purchasing a vehicle tend to be the happiest with their experience. And, as the research verifies, auto dealers go the extra measure to ensure that customers get the information they need to make this important decision. It doesn't surprise me that customers are reporting high satisfaction levels."

The research was conducted between July and August 2006 and surveyed 932 new car buyers, 108 shoppers, 694 non-shoppers and 101 professionals involved in automotive media. Findings include:

  -- 91 percent of new car purchasers were satisfied (extremely, very or
     somewhat) with their purchase or lease experience;
  -- Minority vs. non-minority overall shopping experiences remain positive
     (85 percent versus 84 percent);
  -- Improved satisfaction with financing, particularly among minorities;
  -- Women rate the purchase experience highly (87 percent extremely, very,
     or somewhat positive experience / 92 percent extremely, very, or
     somewhat satisfied with their overall experience) and exhibit
     confidence in buying vehicles; and
  -- Shopping multiple dealerships is a function of seeking the best price
     (46 percent) or obtaining a specific vehicle (66 percent).

  Women's Buying Experience

By gathering scientific data about customers, the study easily debunks old myths about gender differences in the auto-buying experience. Lifestyle was the most-cited reason why women said they brought a man with them to a dealership:

  -- Man was their spouse/significant other (39 percent);
  -- Man was more knowledgeable (15 percent);
  -- We share the decision-making (13 percent); and
  -- We shop/do things together (8 percent).

  Consumers Report Positive Experience

Since ART began its biennial Attitudes and Perceptions surveys in 1998, customers have consistently demonstrated satisfaction with their purchase experience.

"While satisfaction levels are high, dealers are not resting on their laurels," notes Myers. "We still strive to improve. One of the keys to this is recruiting highly-qualified employees and another is the continuing need for the customer to be well educated before visiting the dealership."

  Areas of continued concentration within the industry include:

  -- Attracting quality employees (there are approx. 105,000 available jobs
     in the auto retailing industry);
  -- Focusing on improved training and professionalism;
  -- Building communications with customers by streamlining transactions,
     providing more information on websites, education campaigns, etc.; and,
  -- Increasing transaction transparency.

  Dealers Offer Advice on Making Your Car Buying Experience Pay-Off

Separate from the survey findings, there are many excellent resources that already exist for consumers looking to buy a car. The following checklist is what dealers suggest to make the car buying experience pay-off.

  -- Do Your Homework: An informed customer increases bargaining power.
  -- Shop for Financing: Know your eligibility, shop around and seek
     pre-approval. Rates can be negotiable.
  -- Research Options: What extras do you really need? What is the
     additional cost?
  -- Educate Yourself on Rebates and Incentives: Paying attention to ads and
     factory incentives can help save money.
  -- Understand Trade-in Values:  Values of vehicles vary day-by-day and by
     dealership.
  -- Test-drive the Vehicle:  Test drive the exact type of vehicle you want
     to purchase.
  -- Set a Realistic Budget: Before you enter negotiations, set a realistic
     limit for yourself.
  -- Make Sure Everything is Agreed to in Writing: For the protection of
     both you and the dealer, put everything in writing and review
     everything before signing it.

Since 1998, Automotive Retailing Today has been measuring perceptions of the auto-retailing marketplace using a unique survey that interviews buyers, shoppers, non-shoppers and the media. For a copy of the complete survey, methodology and for past surveys, visit: www.autoretailing.org/research.