AutoTrader.com: Consumer Interest in Trucks & SUVs Returns
Along with rolling out a new iPhone app, AutoTrader.com discovered because of the steady decline in gas prices throughout June, American consumers are showing signs they want to shift their focus back to trucks and SUVs.
AutoTrader.com’s June Trend Engine Report showed trucks and SUVs have gained consumer interest since May and that interest in compact cars is starting to subside.
Site analysts conceded gas prices are still far from where they were at the beginning of the year, but consumers have begun to feel some relief at the pump, which is likely a contributing factor to the rising interest in larger vehicles and the declining interest in more fuel-efficient models.
“Consumers shopping on the site started considering more fuel-efficient models when gas prices hit the $3.50 mark, and now that prices are heading back toward that threshold, they appear ready to get back to their favorites,” AutoTrader.com highlighted.
Consumer Interest in New, Used and CPO Trucks Resumed in June
AutoTrader.com found interest in big trucks is already on the upswing, especially in the new-vehicle segment.
The site said the Dodge Ram 1500, Ford F-250 and the Chevrolet Silverado 2500 all moved up on the list of most-searched vehicles in June. The largest of the full-size trucks showed the most significant gains, as the new Ford F-250 moved up five spots month-over-month to No. 13, and the new Chevrolet Silverado 2500 moved up six spots month-over-month to No. 18.
Analysts mentioned demand for both of these vehicles also showed in the increase in asking price, as the F-250’s price increased 8.2 percent and the Silverado 2500’s price increased 10.6 percent year-over-year.
AutoTrader.com pointed out trucks also made a big comeback on the list of most-searched used vehicles.
The used Ford F-150 reclaimed the No. 1 spot, and the used Chevrolet Silverado 1500 moved up one spot to No. 3 while the used Ford F-250 ticked up two spots to No. 6.
Also trending higher on AutoTrader.com’s used charts were the used Dodge Ram 2500 edging up one spot to No. 17 and the used Toyota Tundra creeping higher by two spots to No. 19.
Analysts noted the biggest mover on the list of most-searched used vehicles in the truck segment, however, was the used Chevrolet Silverado 2500, which leapt four spots to land at No. 13.
They went on to state average asking prices for the majority of used trucks dropped slightly — in fact less than 5 percent — year-over-year. One notable exception was the Toyota Tacoma, which gained 8.6 percent in average asking price year-over-year.
On the certified pre-owned front, AutoTrader.com noticed the CPO Ford F-150 moved up two spots month-over-month to land at No. 10 with an increase in average asking price of 6.1 percent.
The certified Toyota Tundra ticked up one spot to No. 4 with an average asking price increase of 5.5 percent, according to the site.
New, Used and CPO SUVs Gained Consumer Interest
Trucks weren’t the only segment on the rise in June. AutoTrader.com emphasized SUVs across the most-searched lists for new, used and CPO vehicles also garnered notable interest from consumers.
There were six SUVs on the site’s list of most-searched CPO vehicles. Of these, four held their position on the list month-over-month, one moved down one spot and the rest moved higher.
Analysts found the certified Jeep Wrangler showed the biggest month-over-month jump, moving up five spots to No. 20. The CPO Chevrolet Tahoe moved up two spots to No. 9.
As the only luxury SUV on the list, AutoTrader.com acknowledged the Acura MDX showed a slight decrease in average asking price year-over-year, but the rest of the SUVs all posted increases in this arena.
The site indicated the Toyota Highlander had the biggest average asking price increase of 11 percent, with the Toyota 4Runner coming in second for price increases with a 9-percent year-over-year jump.
The list of most-searched used units showed a similar story for SUVs with the used Jeep Wrangler moving up two spots to No. 5, the used Chevrolet Tahoe moving up four spots to No. 10 and the used Jeep Grand Cherokee moving up one spot to No. 18.
With the exception of the used Tahoe, the other two SUVs showed an increase in average asking price year-over-year, according to AutoTrader.com.
On the new list, the site said SUVs moved up in rank month-over-month with the new Jeep Wrangler moving up two spots to No. 4 and the new Ford Explorer moving up one spot to No. 11.
Both of these vehicles also showed a year-over-year increase in asking price with the new Ford Explorer showing the biggest increase of 10.6 percent.
Interest in Used and CPO Cars Declines, but Prices are on the Rise
With the precipitous rise in gas prices earlier in the year, AutoTrader.com thinks consumers held out as long as possible before turning their eyes toward the small car segments.
However, analysts believe the steady decline in gas prices through June gave used-vehicle shoppers just enough confidence to begin diverting their attention from these cars.
The site discovered compact cars, as well as small luxury cars, on the list of most-searched used cars all declined in their position on the list month-over-month. However, AutoTrader.com the year-over-year average asking prices for those vehicles rose.
The used BMW 3-Series dropped one spot month-over-month, landing at No. 2. The used Honda Civic slipped three spots to No. 8. The used Audi A4 declined three spots to No. 16. The Volkswagen Jetta dipped four spots to No. 20.
Analysts also pointed out the luxury used smaller cars on the list showed year-over-year increases in their average asking prices, with the BMW 3-Series increasing 4.6 percent and the Audi A4 increasing 1.2 percent.
Furthermore, AutoTrader.com indicated non-luxury compacts posted the biggest increases in average asking price: the Civic’s price rose 10.9 percent year-over-year, and the Jetta’s price shot up 10.3 percent year-over-year.
The site also found interest in smaller CPO cars showed slight declines.
Of the four smaller cars on the list, two remained steady month-over-month while two dropped in their position on the list.
The certified 3-Series and the certified Civic did not move on the list, but the certified A4 dropped one spot month-over-month to land at No. 5, and the certified Jetta slid three spots to land at No. 12.
Similar to the trend seen on the list of most-searched used cars, analysts determined average asking price increases for the more affordable smaller CPO units outpaced those in the luxury segment.
The asking price for the certified Civic climbed 10 percent, and the asking price for the certified Jetta ticked 7.9 percent higher year-over-year.
“The increases in average asking prices for used and CPO cars are consistent with the industry-wide trend of these cars commanding higher prices in the face of limited availability of quality pre-owned vehicles,” AutoTrader.com surmised.
Top 10 Articles on AutoTrader.com in June
AutoTrader.com revealed most-viewed stories on its site last month were:
1. Dodge Charger Updated for 2012.
2. For Sale on AutoTrader: Toyota Supra from The Last Ride.
3. Quaker State Pays You to Keep Your Old Car.
4. For Sale on AutoTrader: Globe Trotting Land Rover Discovery.
5. Cadillac Rolls Out New Showroom Design.
6. 2008-2010 Honda Accord — Used Car Review.
7. Buick Details Regal GS.
8. 2012 Mercedes-Benz CLS — A New Form.
9. Guy Fieri’s Favorite Cars.
10. For Sale on AutoTrader: Merv Griffin’s Lincoln Town Car.
AutoTrader.com Introduces iPhone App
Further catering to the mobile shopper who wants to connect with dealers quickly, AutoTrader.com recently released a free app to give iPhone users a powerful and personalized tool.
Using the iPhone app, shoppers can find vehicles and dealers near them, utilize location-based features and access everything they need to find the model that their hearts and minds can agree on — right at their fingertips.
Beyond offering a robust set of shopping features, the AutoTrader.com iPhone app can enables users to locate a dealer, access information saved in their MyAutoTrader profiles and scan vehicles’ VIN barcodes to initiate a search.
Additionally, the AutoTrader.com iPhone app has a built-in sharing feature that makes it easy for shoppers to post vehicle listings to their Facebook profiles so their friends and family can provide feedback.
Other key features of the AutoTrader.com iPhone app include:
—Find Your Car: Shoppers can create and refine searches by numerous criteria, including make/model, location, year, price, color, body style and more. They can also search for new, used, certified pre-owned or all units.
From the search results page, users can select to view details for a particular vehicle, email or call the seller, view more information about the dealer (including additional inventory), view pictures via an enhanced photo viewer and locate the car using an interactive map feature.
Shoppers can save vehicles to their MyAutoTrader profiles, so they can easily access their favorite cars on the go.
—VIN Scanner: The VIN Scanner can enable iPhone users who have an auto-focus camera to scan the barcode of a vehicle’s VIN to initiate a search for similar models.
If the actual vehicle is listed for sale on AutoTrader.com, the user can view the vehicle’s listing page and save the car to their MyAutoTrader profile.
—Find Your Dealer: The Find Your Dealer feature can help shoppers search for dealers that meet their needed criteria.
For instance, shoppers can select to locate a dealer that offers a particular make that is also located within a defined distance. Users can also search by keywords that they define.
—MyAutoTrader: Shoppers can save searches as well as individual vehicles to their MyAutoTrader profiles for quick and easy access no matter what device they’re using.
Information saved to MyAutoTrader can be accessed from any device with an Internet connection — via a computer, the AutoTrader.com mobile site on any smart phone or the AutoTrader.com iPhone app, creating a seamless experience between devices.
By saving information, users can quickly see a list of models they’re interested in or run the same search without having to re-enter their criteria.
“AutoTrader.com has nearly 3 million listings on our site, making it the No. 1 place shoppers turn to when they’re searching for a car online,” declared AutoTrader.com president and chief executive officer Chip Perry.
“With this new iPhone app, we are taking the AutoTrader.com mobile experience to the next level, creating a seamless PC-to-pocket experience where shoppers can take their searches on the road without sacrificing functionality,” Perry continued.
Perry went on to mention mobile functionality available to users of the iPhone app exceeds that of the core mobile site by offering location-based services, an enhanced photo viewer, more search options and integration with the maps feature on the iPhone.
“The AutoTrader.com mobile site attracts over a million unique visitors each month, with nearly 40 percent of those users accessing the site from an iPhone,” Perry pointed out.
“By introducing the AutoTrader.com iPhone app, we are able to create a more personalized and robust experience for the largest segment of our mobile audience,” he added.
The AutoTrader.com iPhone app can be downloaded for free from the App Store today.