01/28/2022 | Press release | Distributed by Public on 01/28/2022 14:06
Consumers Respond to Culture Shifts by Seeking More Control in the Car-Purchase Process and Doubling Down on an Electric Future
CHICAGO (Jan. 28, 2022) - Work-from-anywhere culture, inventory shortages and expanding technology both in the car-buying process and the cars themselves - these are the forces defining the automotive landscape for 2022 according toCars.comTM(NYSE: CARS), a leading car-shopping marketplace. Despite a double-digit increase1in overall prices and a narrowing market value gap between new and used cars, consumers are using what leverage they have to get the car they want, the way they want it.
"Our relationship with our environments - work, home, commerce, vacation - they're all evolving, and personal vehicles are, quite literally, how many of us navigate those environments. So, naturally, the way car buyers shop - and what they shop for - have changed with the times," said Aaron Brangman, Cars.com's Detroit bureau chief. "More vehicles are being pre-ordered through dealerships as dealers continue to manage inventory shortages; more consumers are considering electric vehicles now that local personal use has become more of a factor than longer, daily commutes making them more appealing; and perhaps most important, consumer desire for personal transportation remains strong as health and safety are still top of mind."
1Cars.com internal data, 2021
2 Cars.com's consumer survey results Dec. 10, 2021; 1,002 responses
3Cars.com's DealerRater Survey, Dec. 8-13, 2021; 11,080 responses
4 J.D. Power, 2021 U.S. New Autoshopper Study
5 Cars.com's survey results April 2021; 1,056 responses
6Cars.com consumer data, Q4 2021,
About Cars.com
CARS is a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions that connect car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources, and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.
In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com's pure audience of in-market car shoppers, and DealerRater, a leading car dealer review and reputation management platform.
The full suite of CARS properties includesCars.com™,Dealer Inspire®,FUEL™,DealerRater®,Auto.com™,PickupTrucks.com™ CreditIQandNewCars.com®. For more information, visitwww.Cars.com.
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