cpo: the “new” used2015/12/17 · 32 few considered other cpo programs of owners actively...

CPO: The “New” Used

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Source: Manheim Consulting.

Off-lease inventory is GROWING

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 e 2016 e 2017 e 2018 e 2019 e

Millio

ns

4M

2.5M+

2

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

CPO Sales to Reach ALL TIME HIGH

® 2014 Cox Automotive Proprietary &

Confidential. For internal use only.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 e

Millio

ns

2.5M

Source: Automotive News & AutoData

CPO Sales

3

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Toyota

14%

Source: Automotive News Data Center (Share of U.S. CPO sales & CPO Sales Growth Sept 2014 vs. Sept 2015)

13% 11% 9% 7% 4% 4% 3% 3% 3%

Chevrolet Ford

Mercury Honda Nissan Hyundai Volkswagen

Dodge

Ram Kia Jeep

4% 17% 10% -2% 23% 1% 2% 30% 36% 28%

YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth

TOP 10 – Non-Luxury CPO Sales Distribution & Growth

4

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

BMW

5% 5% 3% 2% 1% 1% 1%

Mercedes

Benz Lexus Audi Infiniti Cadillac Porsche

15% 2% 11% 6% 27% 25% 23%

YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth YOY Growth

Source: Automotive News Data Center (Share of U.S. CPO sales & CPO Sales Growth Sept 2014 vs. Sept 2015)

Luxury CPO Sales Distribution & Growth

5

PURPOSE:

To trend shopper familiarity,

opinion, and consideration

of CPO vehicles.

About The CPO Shopper Study

6

METHODOLOGY

Autotrader conducted a quantitative

online survey in August 2015.

A total of 445 interviews were

completed, split evenly among new,

used and CPO considerers.

To qualify, respondents must have

been planning to purchase a vehicle

in the next 6 months.

About The CPO Shopper Study

7

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Will Demand

for CPO

KEEP UP ? 8

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Continued GROWTH in the Forecast



0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 e 2016 e 2017 e

Millio

ns

3M

Source: Manheim Consulting.

CPO Sales

9

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

10

69% 71%

64% 63%

75% 77%

45% 47%

41% 40%

45% 49%

2010 2011 2012 2013 2014 2015

The Potential Could Be HIGHER

Higher / Lower than Previous Year. Letter indicates a significantly higher rating than subgroup at the 95% confidence interval.

A1. On a scale from 5 to 1, where 5 is Very Familiar and 1 is Not At All Familiar, how familiar are you with the concept of Certified Pre-Owned (CPO) vehicles?

Less than half of

USED car shoppers

are familiar with

CPO vehicles.

% Familiar With CPO

NEW Shoppers

USED Shoppers

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

11

Lack Of CPO ADVERTISING

A2. Where did you first learn about Certified Pre-Owned (CPO) vehicles?

32%

20% 19%

14%

6% 4%

29%

23% 20%

23%

2% 0%

Television Internet Friend or Family Dealership Newspaper Radio

Source Of Initial CPO Awareness For USED Shoppers Flat

2014 2015

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

12

New Shoppers: n=150

Used Shoppers: n=144

CPO Shoppers: n=151

DEALERSHIP MANUFACTURER

63% 43%

51% 25%

55% 40%

Still Less Aware of OEM’s Role In CPO

Who Certifies the Vehicle?

A7. Which party or parties certify a Certified Pre-Owned (CPO) vehicle?

74% in 2014

66% in 2014

65% in 2014

50% in 2014

30% in 2014

40% in 2014

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.



CPO Perceptions

ARE ON THE RISE 13

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

14

Shoppers More POSITIVE About CPO

89% in 2015

88% in 2014

NEW Shoppers

82% in 2015

73% in 2014

USED Shoppers


A4. How would you rate your overall opinion of Certified Pre-Owned (CPO) vehicles?

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

15

CPO CONSIDERATION Is Growing

70% in 2015

59% in 2014

NEW Shoppers

68% in 2015

50% in 2014

USED Shoppers


S2. Thinking about your next vehicle, how likely are you to consider a CPO vehicle?

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

S10. What is your likelihood, under the right conditions, you could be moved into a Certified Pre-Owned (CPO) vehicle?

of USED shoppers are

open to

‘MOVING UP’

to a CPO vehicle

82%

16

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

17

ECONOMY Contributing To CPO Consideration

79% in 2015

73% in 2014

NEW Shoppers

59% in 2015

43% in 2014

USED Shoppers


E2. Using the scale below, please rate the impact of the economy on your likelihood to purchase a CPO vehicle?

% More Likely To Consider CPO Due To The Economy

81% in 2015

73% in 2014

CPO Shoppers

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Education Needed To

DRIVE GROWTH 18

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

19

NEW Shoppers Likelihood to Consider CPO

Likely (4-5)

USED Shoppers Likelihood to Consider CPO

Likely (4-5)

Not Exposed to CPO

Definition

(n=150)

Not Exposed to CPO

Definition

(n=144)

Exposed to CPO

Definition

(n=144)

Exposed to CPO

Definition

(n=150)

S2B. Thinking about your next vehicle, how likely are you to consider…?

C1. Now that you have seen the definition of CPO vehicles, how likely would you be to consider a CPO vehicle for your next vehicle purchase?

70% 87%

68% 83%

Exposing

shoppers to the

definition

SIGNIFICANTLY

increases their

likelihood to

consider CPO

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

20

Have passed a detailed

inspection

NEW Shoppers

51%

INSPECTION and WARRANTY Most Important MOST Important CPO Program Features

Important (1-2)

R4. Please rank the following CPO program features from 1 to 5, where 1 is ‘Most Important’ and 5 is ‘Least Important’.

Come with a warranty

Have lower mileage than typical

used vehicles

Are in better condition than typical

used vehicles

Are usually newer models

50%

35%

32%

32%

USED Shoppers

52%

56%

36%

38%

18%

CPO Shoppers

48%

54%

34%

42%

23%

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

21

CPO Vehicles Provide PEACE OF MIND

R1. Why would you consider purchasing a Certified Pre-Owned (CPO) vehicle?

The Certification Inspection Process and Warranty Gives Me

Peace of Mind

63%

NEW Shoppers

64%

63%

CPO Shoppers

USED Shoppers

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

23

Shoppers Willing To Pay For PEACE OF MIND

65%

USED Shoppers

C3. Also, now that you have seen the definition of Certified Pre-Owned (CPO) vehicles, would you be willing to pay more for a CPO vehicle compared to a used, non-

certified vehicle?

78%

CPO Shoppers

% Willing To Pay More For A CPO Vehicle

81%

NEW Shoppers

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

24

P2a. How much extra would you be willing to pay for a Certified Pre-Owned (CPO) ?

Shoppers Prepared To Pay Roughly

$2,000 More For CPO

$2,737

NEW Shoppers

$2,770

USED Shoppers

$2,806

CPO Shoppers

$2,174 $2,006 $1,930

LUXURY VEHICLE

NON-LUXURY VEHICLE

(n=63) (n=72) (n=77)

(n=56) (n=63) (n=63)

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

25

What Can We Learn From CPO OWNERS?

1,358 Completed Surveys with CPO Owners

388 Male; 967 Female

Objectives were to understand:

Familiarity with CPO Program Prior to Purchase

Satisfaction with CPO Ownership Experience

Likelihood to Repurchase Brand (CPO and New)

Loyalty to Dealership

Online Survey Fielded In August 2015

26

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Education Needed…

Even For OWNERS

27

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

28

CPO Owners Who Needed to

Learn More at the Start of the

Shopping Process*

82% 82% in 2014

*Somewhat Familiar/Not at all Familiar **Not at all Familiar

Q16. How familiar were you with Certified Pre-Owned (CPO) programs prior to purchasing/leasing your vehicle ?

Knew Nothing About CPO

Program at the Beginning**

29% 27% in 2014

Knowledge About CPO Remains SLIGHT

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

29

n=176 n=175 n=175 n=175 n=180

82% 87% 86% 87% 88% 88%

n=150

CPO Owners Who Were Not Very Familiar with CPO at the

Start of the Shopping Process*

Owners Need More INFORMATION

*Somewhat Familiar/Not at all Familiar

Q16. How familiar were you with Certified Pre-Owned (CPO) programs prior to purchasing/leasing your vehicle ?

82% in 2014 88% in 2014 86% in 2014 85% in 2014 84% in 2014

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

30

CPO Owners Who ONLY

Considered CPO

19% 40%

CPO Owners Who

Considered NEW

50% in 2014

59%

CPO Owners Who

Considered USED

64% in 2014

CPO COMPETES With New And Used

15% in 2014


Q18. What other types of vehicles did you consider before purchasing/leasing your CPO vehicle?

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

31

40% 40% 41% 41% 44%

47%

61% 63%

58% 58%

63% 61%

18% 15%

21% 18%

13% 9%

n=176 n=175 n=175 n=175 n=180 n=150

Only CPO Used Non-Certified Vehicles New Vehicles

Q18. What other types of vehicles did you consider before purchasing/leasing your CPO vehicle?

Most Owners Considered ALTERNATIVES

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

32

Few Considered OTHER CPO Programs

of Owners actively

shopped across

CPO Programs

40% 40% in 2014

Q25. When shopping for your vehicle, did you consider Certified Pre-Owned (CPO) vehicles from other automotive manufacturers?

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

33

n=176 n=175 n=175 n=175 n=180

36% 41% 43% 37% 39% 44%

n=150

CPO Cross-Program Consideration Is Consistent

Across Brands

35% in 2014 41% in 2014 34% in 2014 38% in 2014 44% in 2014


Few Considered OTHER CPO Programs

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

34

CPO Benefits Are TANGIBLE and INTANGIBLE

Warranty 62%

Vehicle History

Report 58%

Multi-Point

Inspection 51%

Service Plan/Free

Maintenance 33%

Good Vehicle

Condition 85%

Good Value

Low Vehicle

Mileage 69%

75%

Q9. Please share any elements of the Certified Pre-Owned (CPO) process you recall that impacted your decision to purchase/lease a CPO?

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

35

88% 88% 86% 85% 87%

73% 78%

74% 77%

74% 73%

64%

72%

63%

78%

68% 72%

66%

n=176 n=175 n=175 n=175 n=180 n=150

Low Vehicle Mileage Good Value Good Vehicle Condition

Vehicle Condition Key CPO Component


2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

36

67%

60% 62% 62% 59%

68%

56% 54%

65%

58% 60%

41%

56%

49% 54%

50% 51% 47%

n=176 n=175 n=175 n=175 n=180 n=150

Multi-Point Inspection Vehicle History Report Warranty

WARRANTY Most Important For CPO

Purchase Consideration


2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

37

Q25b. What made you pick your CPO vehicle over other CPO vehicles?

Better Price/Deal Offered 64%

Vehicle Fit My Needs Better

Choosing Between Two CPO Programs

Liked The Brand (Manufacturer)

Better Vehicle Features Offered

Just Wanted That Particular Vehicle

Better Dealership Experience

Vehicle Had Better Reviews

CPO Program Benefits Were Better

49%

39%

31%

29%

26%

26%

18%

TOTAL

N=549

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

CPO Vehicles

Generally Live Up To

EXPECTATIONS

38

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

39

3-in-4 Owners Are Very

Satisfied With Their CPO

Experiences

76% 75% in 2014

Q5. How would you rate your overall satisfaction with your Certified Pre-Owned (CPO) vehicle?

Q15. Have you had any issues with your vehicle since you purchased/leased it?

Experienced Issues Or

Problems With Their Vehicles

23% 28% in 2014

CPO Vehicles Live Up To EXPECTATIONS

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

40

n=175 n=180 n=176 n=175 n=175

85% 79% 78% 76% 72% 71%

n=150

Three-of-Four Owners Are Satisfied With Their

Experiences

79% in 2014 76% in 2014 73% in 2014 83% in 2014 75% in 2014

CPO Vehicles Live Up To EXPECTATIONS

Q5. How would you rate your overall satisfaction with your Certified Pre-Owned (CPO) vehicle?

% VERY SATISFIED

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

41

Q6. Please tell us why you are satisfied with your CPO vehicle? (n=1,329)

Reliable/Dependable/No Problems 28%

Runs Well/Good Performance

RELIABILITY Key Driver Of CPO Satisfaction

Good Condition/Well Maintained

Good Car/Good Quality

Satisfied/Like It/Nice Car

16%

15%

12%

12%

2015 TOTAL

2014 TOTAL

25%

15%

19%

14%

11%

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

44

Q11. How satisfied are you with each of the following benefits that are provided with your Certified Pre-Owned (CPO) vehicle? [‘Does not apply to my CPO vehicle’ was

removed from base here.]

CPO BENEFIT Satisfaction

Vehicle History Report 87%

Comprehensive Limited Warranty

Manufacturer Powertrain Warranty Extension

Emergency Roadside Assistance

Transferable Warranty

Towing Coverage

Rental Car Assistance

Buy Back Guarantee

78%

77%

74%

70%

70%

66%

61%

% TOP 2 BOX (SATISFIED)

Trip Interruption Benefits 58%

n=1,358

Satisfaction is high

among the various

elements a CPO

vehicle offers with

Vehicle History

Report holding the

top spot.

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Switching A Customer

From CPO TO NEW Is

The Goal

45

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

46

Q27. How likely are you to purchase another vehicle?

Q31. If the dealership from which you purchased/leased your next vehicle has your next vehicle available, how likely are you to purchase from that dealership again?

CPO Is A GATEWAY To The Brand

Likely To Return To Brand

74% 77% in 2014

Likely To Return To Dealer

80% 85% in 2014

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

47

Q27. How likely are you to purchase another vehicle?

Likely To RETURN To Brand

n=180 n=175 n=175 n=175 n=180

84% 73% 78% 87% 76% 66%

n=150

Most CPO Owners Are Likely To Purchase A Vehicle From

The Same Brand As Their Current CPO Vehicle

80% in 2014 84% in 2014 83% in 2014 83% in 2014 72% in 2014

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

48

Q29. If you were to purchase another vehicle, how likely are you to purchase a NEW vehicle?

CPO Is A Gateway To NEW

45% 49% in 2014

Just under HALF of

CPO Owners are

likely to buy a NEW

vehicle from the

same brand.

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

49


49% 46% 46% 44% 43% 49%

Likelihood To Buy New Vehicle From Same Brand

44% in 2014 49% in 2014 53% in 2014 48% in 2014 51% in 2014

CPO Is A Gateway To NEW

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

FIRST TIME CPO Owners Are

More Likely To Switch To

NEW Of The Same Brand;

REPEAT Owners Become

More LOYAL To CPO And

Entrenched.


48%

FIRST TIME CPO Owners

38%

REPEAT CPO Owners

50

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

MILLENNIALS

are a key target

audience for CPO

51

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

CPO Consideration is HIGHER AMONG MILLENNIALS

%

Millennials 77 %

Non-Millennials

61

S2: Thinking about your next vehicle, how likely are you to consider a Certified Pre-Owned (CPO) vehicle?

52

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

MILLENNIALS ARE MORE OPEN

to Moving up to CPO %

Millennials

90 %

Non-millennials

76

S10: What is your likelihood, under the right conditions, you could be moved into a Certified Pre-Owned (CPO) vehicle?

53

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

HIGHER WILLINGNESS

to Pay for CPO

%

Millennials 73 %

Non-Millennials 59

C3. Now that you have seen the definition of CPO, would you be willing to pay more for a CPO vehicle compared to a used, non- certified vehicle?

54

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

Headroom for GROWTH

ONLY

% Millennials

Used Shoppers 53 Familiar with CPO

55

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

CPO Consideration

increases SIGNIFICANTLY

once shoppers

understand it 77%

90%

AFTER exposure to CPO

definition

BEFORE exposure to CPO

definition

C1: Now that you have seen the definition of a CPO vehicles, how likely would you be to consider a CPO vehicle for

your next vehicle purchase?

56

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

What They Value MOST

Comes with a Warranty 33%

24%

16%

14%

13%

37%

14%

30%

14%

5%

MILLENNIALS NON-MILLENNIALS

Usually Newer Models

Are in Better Condition

Passed Detailed Inspection

Have Lower Mileage

R4. Please rank the following CPO program features from 1 to 5, where 1 is ‘Most Important’ and 5 is ‘Least Important’.

57

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

MILLENNIALS ARE

“BRAND HOPPERS”

%

Millennials

48 %

Non-Millennials

34


58

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

ONCE they become

CPO OWNERS,…

…77% are likely

to buy the same MAKE Q27. How likely are you to purchase another vehicle?

59

2015 C

PO

Researc

h S

tudy

® 2

015 C

ox A

uto

motive P

roprie

tary

& C

onfid

entia

l. F

or

inte

rnal use o

nly

.

AND… 52% are likely to

MOVE UP to a NEW car


60

cpo: the “new” used2015/12/17 · 32 few considered other cpo programs of owners actively...

Documents