Black Friday Delivers Strong Car-Shopper Demand With Potential Savings of Up to 20% on New Cars
CHICAGO, Nov. 20, 2020 /PRNewswire/ -- The latest research from Cars.com (NYSE: CARS), a leading digital automotive marketplace and solutions provider, shows Americans continue to prioritize car ownership as a safe mode of transportation during the COVID-19 pandemic as they gear up to take advantage of Black Friday offers. The new study from Cars.com reveals that 83% of Cars.com shoppers plan to purchase a vehicle in the next six months, with 35% planning to buy between Black Friday and Cyber Monday.1
"The pandemic accelerated the adoption of more shop-from-home technology in automotive, a trend that will continue to grow as consumers prioritize their health, safety and convenience. And local dealerships are well positioned to meet the demand of a busy Black Friday weekend for car buying — even if it means less foot traffic on the lot and more traffic online," said Kelsey Mays, Cars.com senior editor, consumer affairs and vehicle evaluations. "As we head into the Thanksgiving holiday, we continue to see a strong used-car market, but the pendulum is swinging back toward new cars. Search activity for new cars on Cars.com grew the last three months and new-car sales are nearing pre-COVID market recovery."
Overall, 22% of searches in October were for new cars, up from 19% in August — the highest share of new-car searches since the onset of the pandemic in April.2 "This trend is driven by increased inventory on lots and an increase in used-car prices," Mays said. Still, more than 80% of in-market shoppers are considering used vehicles for Black Friday and half are only considering used vehicles.1
Cars.com Black Friday research also uncovered the following trends:
For shoppers looking to buy a new vehicle during the holiday weekend, Cars.com compiled some of the best Black Friday and Cyber Monday Car Deals:
For more information, visit Cars.com/news.
1 Cars.com Black Friday Car Shopping Survey Oct. 19-Nov. 18, 2020; 1,000 responses
In addition to Cars.com, CARS companies 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.
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SOURCE Cars.com Inc.
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