DUBLIN--(BUSINESS WIRE)--The "European New Car Online Marketplaces, 2022" report has been added to ResearchAndMarkets.com's offering.
This report reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the methodology.
New and used vehicles can be purchased in a variety of ways in Europe, whether through franchised car dealerships, OEM online channels, or third-party online marketplaces. Automakers are exploring ways to reach out directly to customers to reduce retail operating costs while new car dealers want more effective ways to market and sell their inventory in the competitive retail arena.
Automotive eCommerce had to transform during the COVID-19 pandemic because many companies selling cars did not offer fully digital services and automakers had to temporarily close physical dealerships to the public. Although marketplaces were already offering new car sales online, the pandemic accelerated the trend at the back of a confluence of factors including customer demand for more buying choices and intrabrand competition among dealerships.
Online new car marketplaces still have potential for evolution with the development of more value-added, customer-oriented digital services. Marketplace providers will have to focus on digitalizing their web portals for all aspects of the customer journey, including vehicle tour, configuration, financing, trade-in, warranty, digital signature, and the ability to facilitate transactions digitally.
As millennials and Generation Z become the largest car-buying groups, they will expect a seamless and digital purchase journey.
Companies to Action
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Laura Wood, Senior Press Manager
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