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Certified Pre-owned Cars - US - August 2014

“While CPO vehicle sales have seen tremendous growth over the past few years, they still only constitute about 14% of used car sales at franchise auto dealers. Factory-CPO vehicles suffer from poor consumer awareness and aren’t very well differentiated from dealer CPO programs.”

– Colin Bird, Automotive Analyst

Some questions answered in this report include:

  • How can dealers address the awareness issue of factory-certified pre-owned vehicles?
  • How can the CPO programs at GM, Chrysler and Ford increase market share and brand desirability?

Franchise dealers, which include over 25 certified pre-owned programs, are estimated to sell 2.2 million certified pre-owned (CPO) vehicles by the end of 2014. Most mainstream, mass-marketbrands now have healthy CPO programs, with fast growing brands at Kia, Subaru, Mazda, Ford, Chevrolet and GMC, helping to buoy sales. This will mark the fifth consecutive year of growth in CPO sales and marks the longest such run since the CPO market declined sharply during the recession.

Over the five year forecast, CPO sales are expected to peak in 2016 at an all-time high. The CPO market is primarily driven by the supply of late-model used vehicles, particularly off-leased vehicles, and by consumer awareness of CPO vehicles.

This report will highlight who is buying certified pre-owned vehicles and why. In addition, this report will help the reader discover which are the most sought after brands in regards to CPO, as well as the most important features, and what consumers are willing to pay for these vehicles. Additional information covered includes consumer awareness of specifics behind CPO programs, and whether or not there is a high level of consumer awareness when it comes to the differences between factory-certified pre-owned programs, which are mainly emphasized throughout this report, and dealer-run certified pre-owned programs.

The purpose of this report is to identify the purchase behavior of people buying certified pre-owned cars - what types of vehicles they plan to purchase, which brands, and how much they expect to pay (monthly and in total), among other attributes. A certified pre-owned car is defined as any well-maintained, late-model, used vehicle which has been inspected and refurbished by its original manufacturer or dealer. Certified pre-owned vehicles typically include warranties, and other additional benefits typically available only on new cars, but this isn’t necessarily required. While this report covers some elements of dealer-certified programs, such as those offered by CarMax, the majority of the report focuses on factory-certified pre-owned programs offered by major auto manufacturers.

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Sales data
            • Consumer survey data
              • Abbreviations and terms
                • Terms
                • Executive Summary

                    • The market
                      • Figure 1: Total US volume sales and forecast of certified pre-owned cars, 2009-19
                    • Market factors
                      • An increase in late-model used vehicle supply to aid CPO sales growth
                        • Figure 2: Vehicles in operation in US, by vehicle age, 2013-18
                      • New car sales drive supply of CPO vehicles
                        • Figure 3: Total US unit sales and forecast of new light vehicles vs. CPO vehicle sales, 2008-18
                      • Off-leases affect supply of CPO vehicles
                        • Figure 4: New lease share of new vehicle financing, 2009-13
                      • Key players
                        • Toyota, GM, Honda control half the CPO market
                          • Figure 5: Total US unit sales of certified pre-owned vehicles, 2013
                        • The consumer
                          • More than one in 10 expectant car buyers plan to purchase CPO
                            • Figure 6: Car buyers who expect to purchase a New, Used, or CPO vehicle, May 2014
                          • CPO intenders will purchase a regular used car if they cannot find what they want
                            • Figure 7: Alternatives to a CPO vehicle for CPO intenders, May 2014
                          • Toyota, Honda top considered automakers for CPO vehicles
                            • Figure 8: Automakers or retailers considered for CPO purchase, May 2014
                          • Most important features for CPO intenders include bumper-to-bumper and powertrain warranties and vehicle history check
                            • Figure 9: Most important features when selecting a CPO vehicle, May 2014
                          • What we think
                          • Issues and Insights

                              • How can dealers address the awareness issue of factory-certified pre-owned vehicles?
                                • The issues
                                  • The implications
                                    • How can the CPO programs at GM, Chrysler and Ford increase market share and brand desirability?
                                      • The issues
                                        • The implications
                                        • Trend Application

                                            • Trend: Prove It
                                              • Trend: Prepare for the Worst
                                                • Trend: Click and Connect
                                                • Market Size and Forecast

                                                  • Key points
                                                    • Certified pre-owned car sales to peak at 2.5 million sales per annum in 2016
                                                      • Figure 10: Total US volume sales and forecast of certified pre-owned cars, 2009-19
                                                    • CPO vehicles comprise 5% of all used car sales; 14% of all franchise used car sales
                                                      • Figure 11: Total US volume sales and forecast of all pre-owned cars and certified pre-owned cars, 2009-19
                                                      • Figure 12: certified pre-owned cars sales as a share of all franchise dealer used car sales, 2009-19
                                                    • A note regarding CNW Research
                                                    • Market Drivers

                                                      • Key points
                                                        • An increase in late-model used vehicle supply to aid CPO sales growth
                                                          • Figure 13: Vehicles in operation in US, by vehicle age, 2013-18
                                                          • Figure 14: Average age of cars, light trucks, and total light vehicles, 2002-13
                                                        • New car sales drive supply of CPO vehicles
                                                          • Figure 15: Total US unit sales and forecast of new light vehicles vs. cpo vehicle sales, 2008-18
                                                        • Off-leases affect supply of CPO vehicles
                                                          • Figure 16: New lease share of new vehicle financing, 2009-13
                                                        • High fuel prices help shift consumer purchasing preferences away from SUV CPO vehicles toward midsize cars and crossovers
                                                          • Figure 17: All grades all formulations retail gasoline prices, dollars per gallon, 2000-14
                                                          • Figure 18: Gasoline regular grade retail price including taxes, US average dollars per gallon, 2014-15 (forecast)
                                                        • CPO sales linked to consumer desire to shop at franchise auto dealers
                                                          • Figure 19: Total franchise car sales, by percentage of total used car market, 2002-19
                                                      • Leading Manufacturers

                                                        • Key points
                                                          • Manufacturer overview
                                                            • Toyota, GM, Honda control half the CPO market
                                                              • Figure 20: Total US unit sales of certified pre-owned vehicles, 2013
                                                            • A note on the manufacturer and dealers’ relationship
                                                              • Manufacturer profiles
                                                                • Toyota Motor Sales USA, Inc
                                                                  • Overview
                                                                    • Sales and market share
                                                                      • CPO program details
                                                                        • Figure 21: Toyota, Scion, and Lexus certified pre-owned programs
                                                                      • Retail sales, service, and parts
                                                                        • Captive financing
                                                                          • General Motors
                                                                            • Overview
                                                                              • Sales and market share
                                                                                • CPO program details
                                                                                  • Figure 22: GM certified pre-owned programs
                                                                                • Retail sales, service, and parts
                                                                                  • Captive lending
                                                                                    • American Honda Motor Co Inc
                                                                                      • Overview
                                                                                        • Sales and market share
                                                                                          • CPO programs details
                                                                                            • Figure 23: Honda certified pre-owned programs
                                                                                          • Retail sales, service, and parts
                                                                                            • Captive lending
                                                                                              • Ford Motor Company
                                                                                                • Overview
                                                                                                  • Sales and market share
                                                                                                    • CPO programs details
                                                                                                      • Figure 24: Ford certified pre-owned programs
                                                                                                    • Retail sales, service, and parts
                                                                                                      • Captive lending
                                                                                                        • Volkswagen Group of America
                                                                                                          • Overview
                                                                                                            • Sales and market share
                                                                                                              • CPO programs details
                                                                                                                • Figure 25: Volkswagen certified pre-owned programs
                                                                                                              • Retail sales, service, and parts
                                                                                                                • Captive lending
                                                                                                                  • Chrysler Group, LLC
                                                                                                                    • Overview
                                                                                                                      • Sales and market share
                                                                                                                        • CPO programs details
                                                                                                                          • Figure 26: Chrysler certified pre-owned programs
                                                                                                                        • Retail sales, service, and parts
                                                                                                                          • Captive lending
                                                                                                                            • Nissan North America Inc
                                                                                                                              • Overview
                                                                                                                                • Sales, service and market share
                                                                                                                                  • CPO programs details
                                                                                                                                    • Figure 27: Nissan certified pre-owned programs
                                                                                                                                  • Captive lending
                                                                                                                                  • Car Dealerships

                                                                                                                                    • Key points
                                                                                                                                      • Dealership overview
                                                                                                                                        • Auto retailing is a highly competitive and fragmented space
                                                                                                                                          • Figure 28: Top 10 dealership groups in the US, by total number of used vehicle retail sales, 2013
                                                                                                                                        • Total US franchise network levels out at around 18,000 locations
                                                                                                                                          • Figure 29: Number of dealerships selling new cars, 2003-14
                                                                                                                                        • Major dealerships
                                                                                                                                          • CarMax
                                                                                                                                            • AutoNation
                                                                                                                                              • Penske Automotive Group
                                                                                                                                                • Sonic Automotive
                                                                                                                                                • Innovations and Innovators

                                                                                                                                                  • Rental car agencies now offer option to rent or buy
                                                                                                                                                    • Figure 30: Hertz Rent2Buy landing page, August 2014
                                                                                                                                                  • Carvana.com allows buyers to purchase used car from vending machine
                                                                                                                                                    • Figure 31: Carvana.com, 2014
                                                                                                                                                  • Beepi brings certified pre-owned cars to direct online community
                                                                                                                                                    • Figure 32: Beepi.com, August 2014
                                                                                                                                                • Marketing Strategies

                                                                                                                                                  • Overview of the brand landscape
                                                                                                                                                    • Strategy: Raise awareness through compare and contrast
                                                                                                                                                      • Figure 33: Ford Peace of Mind, July 2013
                                                                                                                                                      • Figure 34: Toyota Best New, Best Used, July 2014
                                                                                                                                                      • Figure 35: Honda Why Shop Certified, July 2014
                                                                                                                                                      • Figure 36: Cadillac Certified Pre-owned, July 2014
                                                                                                                                                    • Strategy: Focus on the aspirational nature of the brand
                                                                                                                                                      • Figure 37: Mercedes-Benz Stands Out from the Rest, July 2013
                                                                                                                                                    • Strategy: Paint risk of buying noncertified pre-owned vehicles
                                                                                                                                                      • Figure 38: Ford Relax It’s Covered, July 2013
                                                                                                                                                      • Figure 39: Toyota Zombie Drive, July 2014
                                                                                                                                                    • Strategy: Market CPO as being no different than new car
                                                                                                                                                      • Figure 40: Cadillac First Miles Warm-up, October 2013
                                                                                                                                                      • Figure 41: Mercedes-Benz Find the One, May 2014
                                                                                                                                                  • Car Buyers who Expect to Purchase a CPO Vehicle

                                                                                                                                                    • Key points
                                                                                                                                                      • 13% of expectant car buyers plan to purchase CPO
                                                                                                                                                        • Figure 42: Car buyers who expect to purchase a New, Used, CPO vehicle, May 2014
                                                                                                                                                      • Women more likely to say they’ll purchase used vehicles
                                                                                                                                                        • Figure 43: Car buyers who expect to purchase a New, Used, CPO vehicle, by gender, May 2014
                                                                                                                                                      • 18-34s more likely to say they’ll purchase used
                                                                                                                                                        • Figure 44: Car buyers who expect to purchase a New, Used, CPO vehicle, by age, May 2014
                                                                                                                                                      • Households with incomes of less than $75K more likely to purchase used cars
                                                                                                                                                        • Figure 45: Car buyers who expect to purchase a CPO vehicle, by household income, May 2014
                                                                                                                                                      • Those who expect to purchase CPO more likely to also select used
                                                                                                                                                        • Figure 46: Car buyers who expect to purchase a CPO vehicle, May 2014
                                                                                                                                                    • CPO Intenders Second Option: Pre-owned, or New?

                                                                                                                                                      • Key points
                                                                                                                                                        • CPO intenders will purchase a regular used car if they cannot find what they want
                                                                                                                                                          • Figure 47: Alternatives to a CPO vehicle for CPO intenders, May 2014
                                                                                                                                                        • Women more likely to say they’ll purchase used, while men are evenly split
                                                                                                                                                          • Figure 48: Alternatives to a CPO vehicle for CPO intenders, by gender, May 2014
                                                                                                                                                        • CPO intenders with higher household incomes more likely to see new cars as the alternative
                                                                                                                                                          • Figure 49: Alternatives to a CPO vehicle for CPO intenders, by household income, May 2014
                                                                                                                                                        • Millennial and Generation X CPO intenders more likely to opt for new car as backup
                                                                                                                                                          • Figure 50: Alternatives to a CPO vehicle for CPO intenders, by generations, May 2014
                                                                                                                                                      • Characteristics of Certified Pre-owned Car Purchase Intenders

                                                                                                                                                        • Key points
                                                                                                                                                          • Nearly one in five households say their most recent car purchase was a CPO vehicle
                                                                                                                                                            • Figure 51: New, Used or CPO vehicles already in household, May 2014
                                                                                                                                                          • CPO intenders more likely to own more than one vehicle
                                                                                                                                                            • Figure 52: Number of household vehicles owned, May 2014
                                                                                                                                                          • CPO intenders more likely to say they’ll buy in the next year
                                                                                                                                                            • Figure 53: Approximately when will the next CPO vehicle purchase occur, May 2014
                                                                                                                                                          • Vehicles most likely to be owned by CPO intenders include compact and midsize cars
                                                                                                                                                            • Figure 54: Vehicle types already owned by CPO intenders, May 2014
                                                                                                                                                          • Majority of CPO intenders spent less than $30K on their last car purchase
                                                                                                                                                            • Figure 55: Price of recently purchased vehicle, by CPO intenders, May 2014
                                                                                                                                                          • CPO intenders slightly more likely to be jointly responsible for vehicle purchase
                                                                                                                                                            • Figure 56: Who will purchase the next CPO vehicle, May 2014
                                                                                                                                                          • Men more likely than women to be solely responsible for their CPO purchase
                                                                                                                                                            • Figure 57: Who will purchase the next CPO vehicle, by gender, May 2014
                                                                                                                                                          • CPO intenders more likely to say they want a new vehicle to get better fuel economy
                                                                                                                                                            • Figure 58: Reasons for wanting a new vehicle, by CPO intenders, May 2014
                                                                                                                                                          • CPO intenders more likely to consider sedans, family cars, and hatchbacks
                                                                                                                                                            • Figure 59: CPO purchase intenders by vehicle type, May 2014
                                                                                                                                                          • Millennial CPO intenders more interested in alternatively fueled vehicles
                                                                                                                                                            • Figure 60: CPO purchase intenders by vehicle type, by generations, May 2014
                                                                                                                                                          • Alternative fuel vehicle intenders, by CPO intenders
                                                                                                                                                            • Figure 61: Alternative fueled vehicle considerations by CPO intenders, May 2014
                                                                                                                                                          • CPO intenders show more interest in crossovers/SUVs and compact cars
                                                                                                                                                            • Figure 62: CPO purchase intenders by vehicle body style consideration, May 2014
                                                                                                                                                        • Average Expected Payment for Next Car

                                                                                                                                                          • Key points
                                                                                                                                                            • Plurality of CPO intenders care about the total price of the vehicle
                                                                                                                                                              • Figure 63: Monthly payment or total price, May 2014
                                                                                                                                                            • Monthly payment more important to Millennials compared to other generations
                                                                                                                                                              • Figure 64: Monthly payment or total price, by generations, May 2014
                                                                                                                                                            • CPO car intenders expect to spend approximately $21K on their next vehicle
                                                                                                                                                              • Figure 65: Expected total price of next new car, May 2014
                                                                                                                                                            • Men expect to pay more for their CPO vehicle than women do
                                                                                                                                                              • Figure 66: Expected total price of next CPO car, by gender, May 2014
                                                                                                                                                            • $75K+ households expect to pay $10K more on their next CPO vehicle
                                                                                                                                                              • Figure 67: Expected total price of next CPO car, by household income, May 2014
                                                                                                                                                            • CPO intenders expect to pay 20% less on their monthly payments when compared to new car intenders
                                                                                                                                                              • Figure 68: Expected monthly payment of next new car, May 2014
                                                                                                                                                          • Words Associated with CPO Vehicles

                                                                                                                                                            • Key points
                                                                                                                                                              • Buyers associate certified pre-owned more so with dealer certifications than manufacturer certified
                                                                                                                                                                • Figure 69: Words associated with CPO vehicles, May 2014
                                                                                                                                                              • $50K+ households more likely to associate CPO with warranty
                                                                                                                                                                • Figure 70: Words associated with CPO vehicles, by household income, May 2014
                                                                                                                                                              • Baby Boomers associate CPO with point inspections and dealer certifications more so than Millennials
                                                                                                                                                                • Figure 71: Words associated with CPO vehicles, by generations, May 2014
                                                                                                                                                              • Suburban and rural more strongly associate CPO with vehicle history reports, dealer certification
                                                                                                                                                                • Figure 72: Words associated with CPO vehicles, by area, May 2014
                                                                                                                                                            • Automakers or Retailers Considered for CPO Purchase

                                                                                                                                                              • Key points
                                                                                                                                                                • Toyota, Honda top considered automakers for CPO vehicles
                                                                                                                                                                  • Figure 73: Automakers or retailers considered for CPO purchase, May 2014
                                                                                                                                                                • CPO intenders from the western US prefer Hondas and Toyotas
                                                                                                                                                                  • Figure 74: Automakers or retailers considered for CPO purchase, by region, May 2014
                                                                                                                                                                • Millennials show higher consideration for Hyundai, Volkswagen and BMW in comparison to Baby Boomers
                                                                                                                                                                  • Figure 75: Automakers or retailers considered for CPO purchase, by generations, May 2014
                                                                                                                                                                • Urban areas show higher consideration toward Honda, Volkswagen and BMW CPO vehicles
                                                                                                                                                                  • Figure 76: Automakers or retailers considered for CPO purchase, by area, May 2014
                                                                                                                                                              • Biggest Concerns when Selecting CPO Vehicle

                                                                                                                                                                • Key points
                                                                                                                                                                  • Chief concerns regarding a CPO purchase include price and reliability
                                                                                                                                                                    • Figure 77: Biggest concerns when selecting CPO vehicle, May 2014
                                                                                                                                                                  • Price more a concern for lower income households
                                                                                                                                                                    • Figure 78: Biggest concerns when selecting CPO vehicle, by household income, May 2014
                                                                                                                                                                  • No stark differences between concerns about CPO vehicles and generation
                                                                                                                                                                    • Figure 79: Biggest concerns when selecting CPO vehicle, by generations, May 2014
                                                                                                                                                                • Most Important CPO Program Attributes when Selecting Vehicle

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Most important features for CPO intenders includes a bumper-to-bumper and powertrain warranties and vehicle history check
                                                                                                                                                                      • Figure 80: Most important features when selecting a CPO vehicle, May 2014
                                                                                                                                                                    • Roadside assistance more important to households with children
                                                                                                                                                                      • Figure 81: Most important features when selecting a CPO vehicle, by presence of children in household, May 2014
                                                                                                                                                                    • Baby Boomer, Generation X more interested in CPO warranties
                                                                                                                                                                      • Figure 82: Most important features when selecting a CPO vehicle, by generations, May 2014
                                                                                                                                                                    • Special financing terms more sought after by urban CPO intenders
                                                                                                                                                                      • Figure 83: Most important features when selecting a CPO vehicle, by area, May 2014
                                                                                                                                                                  • Most Influential Features When Considering a CPO Vehicle

                                                                                                                                                                    • Key points
                                                                                                                                                                      • CPO intenders say they’re more influenced by color and upholstery
                                                                                                                                                                        • Figure 84: Styling and comfort features important to CPO vehicle intenders, May 2014
                                                                                                                                                                      • CPO intenders want a vehicle with smartphone integration
                                                                                                                                                                        • Figure 85: Tech and audio features important to CPO vehicle intenders, May 2014
                                                                                                                                                                      • Millennials more interested in smartphone integration
                                                                                                                                                                        • Figure 86: Tech and audio features important to CPO vehicle intenders, by generations, May 2014
                                                                                                                                                                      • CPO intenders show a higher degree of interest for blind spot warning and mirrors
                                                                                                                                                                        • Figure 87: Safety features important to CPO vehicle intenders, May 2014
                                                                                                                                                                    • Race and Hispanic Origin

                                                                                                                                                                      • Key points
                                                                                                                                                                        • One in five Black car buying intenders interested in a CPO vehicle
                                                                                                                                                                          • Figure 88: Car buyers who expect to purchase a CPO vehicle, by race/Hispanic origin, May 2014
                                                                                                                                                                        • Black household intent to buy another CPO vehicle, matched by those who’ve already purchased a CPO
                                                                                                                                                                          • Figure 89: New, Used or CPO vehicles already in household, by race/Hispanic origin, May 2014
                                                                                                                                                                        • Hispanic CPO intenders significantly more interested in compact cars
                                                                                                                                                                          • Figure 90: CPO purchase intenders by vehicle body style consideration, by race/Hispanic origin, May 2014
                                                                                                                                                                        • Hispanic and Black car purchase intenders care significantly more about monthly payment
                                                                                                                                                                          • Figure 91: Monthly payment or total price, by race/Hispanic origin, May 2014
                                                                                                                                                                        • Non-Hispanics more concerned with specific aspects of CPO program
                                                                                                                                                                          • Figure 92: Words associated with CPO vehicles, by race/Hispanic origin, May 2014
                                                                                                                                                                        • Hispanics far less interested in CPO vehicles from Ford, GM and Chrysler
                                                                                                                                                                          • Figure 93: Automakers or retailers considered for CPO purchase, by race/Hispanic origin, May 2014
                                                                                                                                                                        • Hispanics more concerned with previous owner and title record of their CPO vehicle
                                                                                                                                                                          • Figure 94: Biggest concerns when selecting CPO vehicle, by race/Hispanic origin, May 2014
                                                                                                                                                                        • Hispanics less interested in importance of warranty on their CPO vehicle
                                                                                                                                                                          • Figure 95: Most important features when selecting a CPO vehicle, by race/Hispanic origin, May 2014
                                                                                                                                                                      • Appendix – Other Useful Consumer Tables

                                                                                                                                                                        • Websites and apps visited by CPO intenders
                                                                                                                                                                          • Figure 96: Websites and apps visited by CPO intenders, May 2014
                                                                                                                                                                        • Social media websites or apps visited by CPO intenders
                                                                                                                                                                          • Figure 97: Social media websites or apps visited by CPO intenders, May 2014
                                                                                                                                                                        • Car buyers who expect to purchase a CPO vehicle
                                                                                                                                                                          • Figure 98: Car buyers who expect to purchase a CPO vehicle, by gender, May 2014
                                                                                                                                                                        • CPO intenders second option: Pre-owned, or new?
                                                                                                                                                                          • Figure 99: Alternatives to a CPO vehicle for CPO intenders, by marital status, May 2014
                                                                                                                                                                          • Figure 100: Alternatives to a CPO vehicle for CPO intenders, by presence of children in household, May 2014
                                                                                                                                                                        • Characteristics of CPO purchase intenders
                                                                                                                                                                          • Figure 101: Who will purchase the next CPO vehicle, by household income, May 2014
                                                                                                                                                                          • Figure 102: New, used or CPO vehicles already in household, by generations, May 2014
                                                                                                                                                                          • Figure 103: New, used or CPO vehicles already in household, by region, May 2014
                                                                                                                                                                          • Figure 104: Approximately when will the next CPO vehicle purchase occur, by generations, May 2014
                                                                                                                                                                          • Figure 105: Who will purchase the next CPO vehicle, by marital status, May 2014
                                                                                                                                                                          • Figure 106: CPO purchase intenders by vehicle type, by household income, May 2014
                                                                                                                                                                          • Figure 107: CPO purchase intenders by vehicle type, by presence of children in household, May 2014
                                                                                                                                                                          • Figure 108: CPO purchase intenders by vehicle body style consideration, by generations, May 2014
                                                                                                                                                                          • Figure 109: CPO purchase intenders by vehicle body style consideration, by area, May 2014
                                                                                                                                                                        • Average expected payment for next car
                                                                                                                                                                          • Figure 110: Monthly payment or total price, by presence of children in household, May 2014
                                                                                                                                                                          • Figure 111: Monthly payment or total price, by residence, May 2014
                                                                                                                                                                          • Figure 112: Expected total price of next CPO car, by generations, May 2014
                                                                                                                                                                          • Figure 113: Expected total price of next CPO car, by marital status, May 2014
                                                                                                                                                                          • Figure 114: Expected total price of next CPO car, by household size, May 2014
                                                                                                                                                                          • Figure 115: Expected total price of next CPO car, by presence of children in household, May 2014
                                                                                                                                                                          • Figure 116: Expected monthly payment and total price of next CPO car, May 2014
                                                                                                                                                                        • Words associated with CPO vehicles
                                                                                                                                                                          • Figure 117: Words associated with CPO vehicles, by marital status, May 2014
                                                                                                                                                                          • Figure 118: Words associated with CPO vehicles, by gender, May 2014
                                                                                                                                                                        • Automakers or retailers considered for CPO purchase
                                                                                                                                                                          • Figure 119: Automakers or retailers considered for CPO purchase, by gender and age, May 2014
                                                                                                                                                                          • Figure 120: Automakers or retailers considered for CPO purchase, by household income, May 2014
                                                                                                                                                                        • Biggest concerns when selecting CPO vehicle
                                                                                                                                                                          • Figure 121: Biggest concerns when selecting CPO vehicle, by marital status, May 2014
                                                                                                                                                                          • Figure 122: Biggest concerns when selecting CPO vehicle, by presence of children in household, May 2014
                                                                                                                                                                          • Figure 123: Biggest concerns when selecting CPO vehicle, by region, May 2014
                                                                                                                                                                        • Most important CPO program attributes when selecting vehicle
                                                                                                                                                                          • Figure 124: Most important features when selecting a CPO vehicle, by household income, May 2014
                                                                                                                                                                        • Most influential features when considering a CPO vehicle
                                                                                                                                                                          • Figure 125: Styling and comfort features important to CPO vehicle intenders, by household income, May 2014
                                                                                                                                                                          • Figure 126: Styling and comfort features important to CPO vehicle intenders, by marital status, May 2014
                                                                                                                                                                          • Figure 127: Styling and comfort features important to CPO vehicle intenders, by presence of children in household, May 2014
                                                                                                                                                                          • Figure 128: Styling and comfort features important to CPO vehicle intenders, by generations, May 2014
                                                                                                                                                                          • Figure 129: Styling and comfort features important to CPO vehicle intenders, by area, May 2014
                                                                                                                                                                          • Figure 130: Tech and audio features important to CPO vehicle intenders, by household income, May 2014
                                                                                                                                                                          • Figure 131: Tech and audio features important to CPO vehicle intenders, by marital status, May 2014
                                                                                                                                                                          • Figure 132: Tech and audio features important to CPO vehicle intenders, by presence of children in household, May 2014
                                                                                                                                                                          • Figure 133: Tech and audio features important to CPO vehicle intenders, by area, May 2014
                                                                                                                                                                          • Figure 134: Safety features important to CPO vehicle intenders, by gender, May 2014
                                                                                                                                                                          • Figure 135: Safety features important to CPO vehicle intenders, by presence of children in household, May 2014
                                                                                                                                                                        • Race and Hispanic origin
                                                                                                                                                                          • Figure 136: Car buyers who expect to purchase a CPO vehicle, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 137: Who will purchase the next CPO vehicle, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 138: Approximately when will the next CPO vehicle purchase occur, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 139: Expected total price of next CPO car, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 140: Styling and comfort features important to CPO vehicle intenders, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 141: Alternatives to a CPO vehicle for CPO intenders, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 142: CPO purchase intenders by vehicle type, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 143: Tech and audio features important to CPO vehicle intenders, by race/Hispanic origin, May 2014
                                                                                                                                                                          • Figure 144: Safety features important to CPO vehicle intenders, by race/Hispanic origin, May 2014
                                                                                                                                                                      • Appendix – Trade Associations

                                                                                                                                                                        Companies Covered

                                                                                                                                                                        • Alliance Of Automobile Manufacturers, Inc.
                                                                                                                                                                        • American Honda Motor Co., Inc.
                                                                                                                                                                        • Aston Martin Lagonda Limited
                                                                                                                                                                        • Automobili Lamborghini Holding S.p.A.
                                                                                                                                                                        • Automotive Aftermarket Industry Association
                                                                                                                                                                        • Automotive Industry Action Group (AIAG)
                                                                                                                                                                        • Automotive Trade Association Executives (ATAE)
                                                                                                                                                                        • Bayerische Motoren Werke AG (BMW)
                                                                                                                                                                        • Bentley Motors Limited
                                                                                                                                                                        • Chrysler LLC
                                                                                                                                                                        • Ducati
                                                                                                                                                                        • Fiat Auto
                                                                                                                                                                        • Ford Motor Company (USA)
                                                                                                                                                                        • General Motors Corporation
                                                                                                                                                                        • Grupo Santander Central Hispano S.A.
                                                                                                                                                                        • Hyundai Motor America
                                                                                                                                                                        • Jaguar Cars North America
                                                                                                                                                                        • Land Rover North America, Inc.
                                                                                                                                                                        • Lincoln Mercury
                                                                                                                                                                        • Mazda North American Operations
                                                                                                                                                                        • Mercedes-Benz USA
                                                                                                                                                                        • Mitsubishi Motors North America, Inc.
                                                                                                                                                                        • Nissan North America, Inc.
                                                                                                                                                                        • Porsche Cars North America, Inc.
                                                                                                                                                                        • Renault S.A.
                                                                                                                                                                        • Subaru of America, Inc.
                                                                                                                                                                        • Toyota Motor Corporation USA
                                                                                                                                                                        • Volkswagen AG
                                                                                                                                                                        • Volkswagen of America, Inc.

                                                                                                                                                                        Certified Pre-owned Cars - US - August 2014

                                                                                                                                                                        £3,174.67 (Excl.Tax)